on Jun 17th, 2010Indianapolis Distressed Properties Myths Dispelled!
Indianapolis short sales and foreclosures present both an exciting opportunity and a unique challenge to home buyers. Like many buyers, you may be wary of pursuing these distressed properties, assuming that the time and uncertainty involved is not worth the potential gain. However, in our Indianapolis housing market, where no neighborhood is immune to short sales and foreclosures, distressed properties are almost impossible for buyers to avoid.
As scary as they might seem, distressed properties can offer buyers the deal of a lifetime. And, according to research conducted by Keller Williams Realty, many of the myths and misconceptions associated with distressed properties are just that: myths and misconceptions. Here are the findings of the KW research, based on the responses of more than 2,500 KW associates who have worked with distressed properties:
Buyer Concern: It will take forever to find the property I want.
Research Results: 3 out of 5 REO buyers and 1 in every 2 short sale buyers spent less than one month searching for a home before writing an offer.
Buyer Concern: I may have to write dozens of offers before one gets accepted.
Research Results: 7 out of 10 distressed property buyers wrote three or fewer offers before one was accepted.
Buyer Concern: I know I am getting a good deal, but will the cost of repairs eat up the savings
Research Results: Half of REO buyers and almost one-third of short sale buyers spent less than $5,000 in repairs.
So there you have it! Distressed property myths put to rest! If you are in the market for a new home, don’t disregard distressed properties just because you think the hassle is too great. Instead, seek out an experienced real estate agent, preferably one with the CDPE (Certified Distressed Property Expert) designation to help guide you through the process. After all, a good deal and a relatively easy real estate transaction don’t have to be mutually exclusive!
