[Surprise] Not all foreclosures are good deals
It's been said that you can get a good deal in today's market by buying a foreclosure from 20 to 40 percent below market value. And while there are many lender owned homes available for sale in Charleston that can offer you that opportunity, not all are necessarily good deals.
Take this new listing that I just noticed this morning in today's hotlist from the Charleston MLS. Except that it really isn't a new listing, it's been on the market for 6 months. It didn't sell and like many sellers, the owner (the bank) is now changing Charleston real estate agents and relisting the property.
But the price is the same as it was on the previous listing and you all know that when a home sits on the market and doesn't sell, the price is generally the problem. So it doesn't matter what the property may have appraised for or how many Broker Price Opinions (BPO's) might support that offering price, the buyers out there in the market have not thought highly enough of the home in order to make an offer.
So it's just my opinion but it probably is overpriced.
Now if you happen to be a do it yourself buyer, you might not have all this information available to you and if you happen to stroll into this home and like it, you might (but not necessarily) overpay and not get as good a deal as you may think or is possible. And while there isn't anything wrong with trying to go it alone in buying (or selling) a home in Charleston, the help of an experienced Realtor can oftentimes make a significant difference.
You can get started searching lender owned homes for sale in Charleston and when you're ready, please contact me for assistance.