In this article, we discuss things you should look out for when you want to buy a distressed sale home.
There are a number of reasons why home owners decide to sell their homes, including relocation and migration plans, in a bid to raise funds for certain projects, or because they are moving into a new home. In some cases, the sale of an existing home sale can be a “distress or distressed sale,” as the owner intends to sell it quickly, and with such a sale, it is likely that you would be getting the home at a favorable price.
However, you should keep an eye out for any significant problems that could cost you money and cause you a lot of trouble in the future when buying a home being sold as a distressed sale. When looking to buy an existing home or any home you may be considering, it is a good idea to do your research.
Do you want to know what you should be on the lookout for? Consider the following ideas and information when looking for an existing home:
1. A home inspection is crucial before you buy a house listed as a distressed sale. Having a home inspected is a great way to learn more about the property’s condition. It could save you a lot of trouble in the long run! Make the house inspection a condition of the prospective purchase agreement for the home you’re interested in.
2. Consider the property’s selling price. In most cases, you can get a better deal on an existing home than on a new one. The current home is usually in a well-established community. Furthermore, the property will most likely have been upgraded. If you have children, schools in the neighborhood where you want to live are usually already established.
3. Try to stay away from homes that have structural or roof damage that was there before you bought them. If you don’t, it could end up costing you a lot of money in the long run.
4. If you decide to buy a distressed sale home or an existing home, you might want to set up a maintenance account in case you need to make repairs in the future.
5. Take a careful look at the home’s landscaping, which includes the lawn, plants, flowers, bushes, and trees. If you think there might be a problem with the landscaping, you can put in your contingency agreement that the seller must fix it before you buy the home. In the long run, this could save you money.
6. Find out about any easements on the “distressed sale” property you want to buy. You want to make sure that if there are easements, they won’t cause you trouble in the long run.
7. Think about purchasing title insurance! This will protect you from any issues that might come up with the legal ownership of the property you bought.
Here are links to two amazing distressed sales homes in Lagos, Nigeria, that you can buy right now. They are both in top-notch condition and ready for inspection.
1. Massive 6 bedroom fully detached duplex for sale
SOLD
This beautiful, massive, 6-bedroom fully detached duplex is currently on sale and might be off the market soon. It is a distress sale, only selling for N162m, with the potential to rake in massive profits if you decide to resell or lease it. And even if you decide to make it your place of residence, you are guaranteed that the value of the property will continue to appreciate over time.
2. Exclusive 5 Bedroom Detached Duplex with BQ
SOLD
Exclusive 5 Bedroom Detached Duplex with BQ with Television sets, 30 KVA Mikano generator, double door refrigerator, glasses, imported frames, etc.
The purchase of an existing or distressed sale home can be a good thing if you do your homework before and during your prospective purchase. There are some great deals on existing homes if you do your research. Just keep in mind some of the tips and information that we have shared with you today. You will be glad that you did.
