Veronica Mullenix
Veronica Mullenix Real Estate Group
9550 Spring Green Blvd. #408-174, Katy, TX77494
Veronica MullenixO: 281-844-6285C: 281-844-6285

Can You Buy a Home Below Market Price?

Your home is likely the most expensive purchase you'll ever make. But with fluctuating markets and mortgage rates, many potential buyers wonder: is it possible to find a home below market price?

There's a chance, anything's possible, but do not hold your breath. Sound harsh? To find a real bargain that's not too good to be true, it will take a lot of determination, resilience and time.

If you are adamant, here are some targets to pursue:

A foreclosed property. Pay attention to foreclosures and bank-owned property auctions in your area or the area you wish to buy in. Find a real estate agent who specializes in foreclosures to help you hunt, but keep in mind these types of purchases can come with additional complications.

A fixer-upper. A home in need of a little TLC can be a great deal--if you're handy. If you can do a lot of work yourself, then a fixer-upper may be a good option for you. However, if you will need to hire a fleet of contractors to give the space an entire face-lift, you may end up spending way more than you hoped.

Either way, before buying a home that needs work, make sure you get it well inspected so you know exactly what you're in for.

Hard-to-sell new homes in a housing development. If you're in a buyer's market, you may be able to find a new, vacant home in a development that has been sitting empty for a while, and has developers itchy to get it filled.

Tenant-in-common partnerships. With these, you may be able to buy a partial interest in this form of title to property owned by two or more individuals because the partners often sell at a discount. Make sure you have a property lawyer go over the paperwork and implications with you so you know what you're getting into.

Bargains are easier to come by in a soft real estate market, when the economy is in a recession, and when homeowners, and builders and sponsors of condominium conversions, are desperate to move unsold units.

Happy hunting!

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