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Distressed property sales, while unfortunate for the homeowners, are great for buyers who are looking for a great deal. Today, we discuss how motivated sellers can benefit you, the buyer! Bob-Guest-3.31

Currently, distressed sales are a very small part of the market, because the Austin area market is so healthy right now. Only about 1% of our market is foreclosures. The great thing about these foreclosures is you can often get a great house at a discount. 
Many of these houses will need repairs or have neglected yards, so it’s important to be careful when looking at these properties. Our rule of thumb is to look for the “right things” that are wrong with the house. What does that mean?

Examples include horrible paint colors, dirt, neglected yards, and other things that are easy to fix. It’s strange but true: many buyers can’t see past things that are completely fixable. What we mean by the “right things wrong” are those little things about a home that can easily be addressed, and the costs of which can be negotiated into the purchase price.

When looking at distressed properties, keep this in mind! Don’t back away from a great deal if a home has a few defects. Decide whether the problems are the right kind of problems (ones that can be easily fixed). If you don’t, you may miss out on the deal of a lifetime!

If you have any questions about these types of homes, or if you would like our assistance for anything at all, don’t hesitate to give us a call or shoot us a quick email. We would love to assist you!

Also, check out our brand-new mobile app! This state-of-the-art tool makes it incredibly easy to search for homes!