I am not seeing any shortage of buyers willing to purchase homes that are in need of renovations. We have been doing FHA 203K loan for years. Most of the time, buying a property that needs renovation can be purchased at below market prices.
What becomes frustrating, some Realtors don’t understand the process. I recently had a realtor recommend to my client, that they shouldn’t do a home inspection. The reason given was, the purchase agreement indicated that the house was being sold “as is.” It also was subject to an FHA 203K loan. After a short conversation, I explained it wasn’t the best way to represent the buyer.
I never have a problem with a sophisticated buyer having a willingness to purchase without inspections, but never a homebuyer that is buying for their own use, especially for a first time home buyer.
It is extremely important for a homebuyer to be working with a knowledgeable realtor when looking for a home that needs work.
Buyers Willing to Forego Foreclosed Property Repairs
By: Amilda Dymi
Forget asking the Realtor, they are salespeople, not experts in construction and or repairs.
the casual ways that brokers use to make their living are no different from the street vendors pushing poor quality products onto excited crowds of eager customers. wise up, protect yourself, real estate brokers can and do lie.