It’s no secret how the local real estate market has been skyrocketing. This is why many buyers are searching for great deals on homes. Looking for foreclosures in Charleston SC can be a good option for great deals. However, there are also some downsides to consider. Charleston Home Team Real Estate is here to offer tips you can use before making your final decision.
The longer a foreclosed house stay on the market, the costlier it can be for the owner. This is why you can find motivated sellers who want to sell them quick. The extra costs include paying property taxes, maintenance fees, and more. Check out the pros and cons to buying foreclosures in Charleston SC.
The Pros of Buying Foreclosures in Charleston SC
There are many benefits to buying foreclosures in Charleston SC. However, one of the biggest benefits is purchasing them below market price. Foreclosed properties are either owned by real-estate companies or the original homeowner. Many sellers of foreclosed properties are looking to sell them quick. They will consider reducing the price to avoid the extra cost of possessing a vacant property
Buying a brand-new home means you will have to consider the market rate. Foreclosed homes give the buyer the option to make a few upgrades to the house to boost the value. The better in shape they are the easier it will be to see a quicker return on your investment. Plus, you can find all types of homes including starter and luxury homes.
The Cons to Buying Foreclosures in Charleston SC
There are also a few things to consider when searching for foreclosures in Charleston SC. For starters, the home may have been vacant for a while. This means there may be pests and/or rodents spread throughout the home. You may need to hire a professional exterminator to clear them away from the house. Expect to pay roughly $300-$500 for a one-time elimination of bugs, insects and rodents.
There may be extensive repair work that needs to be done. Most of the foreclosures in Charleston SC are listed “as-is.” This means you may not be able to request repairs to be done to the home before purchase. Some of them may have a lien against the property. Some lenders don’t offer loans for them. Plus, there may be multiple offers on the home that results in a bidding war.
Contact Us Before Searching for Foreclosures in Charleston SC
Searching for foreclosures in Charleston SC is a great way to find good deals on a home. Let us help you decide if it’s the right choice for you. At Charleston Home Team Real Estate, we strive to make sure your home buying experience is pleasant and stress-free. Contact us at (843) 628-3960 before you start searching for foreclosures in Charleston SC today!