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Looking Beyond Foreclosures: Deals from Home Builders

  • February 27th 2009

by Will Smith

Looking Beyond Foreclosures: Deals from Home Builders: Figure 1

Agent Julie Emery says that home buyers should expand the scope of their property search beyond foreclosures and short sales to include new homes from builders. While such properties are not as plentiful as foreclosures and short sales, they can offer a number of advantages including comparably low pricing, a smoother and faster purchase process, and deal-sweeteners like upgrades and modifications.

“These homes can be tremendous deals. Builders don’t want and, usually, can’t afford to sit on inventory. It ties up cash they need to pay off loans and move forward with other projects. So they’re typically priced attractively to start and an even better deal can be negotiated.

Unlike typical new construction, these homes may have the basement already finished. And you’re likely to see a fair number of upgrades already included. And, if you don’t like exactly what you see, don’t be afraid to ask for what you want. While they’re not going to gut the house and redo it to suit your taste, there is probably room for some changes.”

Also recall our post of a few weeks ago about builders offering below-market interest rates, yet another reason to widen your search.

This article originally published at https://dc.urbanturf.com/articles/blog/looking_beyond_foreclosures_deals_from_home_builders/594.

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