For the right buyer these can make great homes or investments. There are a few things to keep in mind before you enter into a contract on one of these.

In a transaction that is a Short Sale the current homeowners are usually in the loop of negotiations and then the lender has to approve the sale. It can add days or weeks to a transaction. When you have a traditional real estate transaction the closing usually will take about 30-45 day’s for homes where a buyer will need a mortgage in order to purchase the property. With a Short Sale it can take two weeks just to get an answer on your offer from the bank. You need to be prepared for a lengthy process.

In a FORECLOSURE the transaction is all about the SELLER & their bottom line and not about you. It can also be a very long process & can mean several hoops need to be jumped through in order to purchase the house.

These homes tend to be neglected either because of the current (as in a Short Sale) owners lack of funds, loss of job etc. Or in the case of a Foreclosure the homes are typically vacant for a long period of time and can be vandalized and stripped waiting for the process to get to the point of sale. These homes will rarely be move in ready. Because of this standard FHA & VA loans are not available to the buyer’s. There are rehab loans that can be secured but this also will add time to the transaction.

As a listing agent these are the things that will make a house sell faster & generally net the seller’s more:

1. Listen to your Realtor regarding the pricing of your home. If you price you home above what the market will currently bear you will set yourselves up for disappointments. You may have many showings and no offers or no showings at all. You could also expect very low offers. Buyers today have access to all of the recent comps and they are aware of what properties are selling for in price per square foot & amenities for that price etc. The first few weeks your house is on the market are the most important. Pricing your home well is vital!

2. Go through your home with a white glove & a cleaning crew & make it squeaky clean before you put your home on the market!!! Then keep your house CLEAN!!!! Look up at the light fixtures, ceiling fans, cobwebs etc. Your potential buyers will be doing the same!!! I know that it is a major hassle to do that. Please bear in mind that even a very modest home will show so much better if it looks like the people who are selling it have loved it enough to care for it. That includes keeping the house clean. It is hard work to sell a home. But doing this will put your home ahead of all the others that are dingy and unkempt! Try to look at your home through a potential buyer’s eyes. The same way you will be when you begin the search for your next home.

3. Keep your yard work & curb appeal up!!!! Buyers will base many assumptions on the inside of a home on how the home looks from the street!!! Some buyer’s will not even look at a home if it looks disheveled from the street.

4. Before you put the house on the market go through the home and fix any minor things that need to be done. That way you will remove those negatives prior to your first showings!!!

Seller’s that are able to keep up with these 4 items are light years ahead of the competition!!!

Currently there are 21 homes in Choctaw that are under $135,000!!! They range in price from a 2/1/0 built in 1978 for $42,000 to a 3/2//2 (3 bedroom, 2 bath, 2 car garage) built in 1976 for $134,900!!!