Buyers Looking for Great Deals

The past several months have been a roller coaster ride for the real estate industry. There have been ups and downs — highs and lows — and everything in between. But regardless of the market conditions, most buyers are still looking for a great deal.

Luckily, for most there are a lot of great deals to be had. 47% of the homes sold in Charlotte in 2010 were in the $100,000 to $250,000 price range. It’s a matter of finding the house that fits all of your needs and qualifications at the right price. For some, purchasing a corporate or REO home has been a way to make this all come together.

Corporate Homes are generally executive homes where the seller has been transferred and has received a corporate buyout. REO (Real Estate Owned) properties are bank owned foreclosed properties.

In both cases the sellers are corporate entities which are often more realistic when it comes to pricing the property to sell it in a timely manner. Some things to consider if you decide to go down this road:

• Corporate homes have often been pre-inspected and neutralized.

• Because the corporate entities have never lived in the home, they are able to remove emotion from pricing decisions and price according to market demands.

• REO properties face enormous competition with the glut of foreclosures currently on the market and are usually priced to sell.

• And don’t be fooled into thinking that all these properties will be in questionable condition. Some are sold “as is”, but others have been refurbished and many of these corporate sellers will make reasonable repairs when needed.

So for many buyers, the way to getting that great deal is by checking out the corporate and REO homes in their area. Remember, a corporate home or REO is a commodity to the sellers and it is all business. Therefore, approach buying the home as a business decision when submitting your offer to purchase. Personally, I would offer at least 20% lower than the sales price as a start.