Tag Archives: foreclosures

What Should You Know About Buying an Abandoned Home?

29 Monday May 2023

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Buying an abandoned home can be an exciting opportunity to purchase a property at a potentially lower cost, but it can also come with unique challenges. Here are some tips to consider before buying an abandoned home:

  1. Research the property: Before making an offer on an abandoned home, research the property to understand its condition, the ownership status, and any potential legal issues. You can check with the local government to find out if the property has any outstanding taxes or liens.
  2. Inspect the property: Abandoned homes may have been left vacant for a long time, which can lead to various issues such as water damage, mold, and structural problems. Consider hiring a professional inspector to evaluate the property’s condition thoroughly.
  3. Assess renovation costs: Abandoned homes may require significant repairs and renovations to make them livable again. Before making an offer, assess the potential costs of renovation and factor them into your budget.
  4. Consider location: Abandoned homes may be located in less desirable neighborhoods or areas that are prone to natural disasters. Consider the location carefully and weigh the potential risks and benefits.
  5. Understand zoning laws: Zoning laws can impact how you can use the property and what types of renovations or construction are allowed. Check with the local government to understand the zoning laws before making an offer.
  6. Be prepared for unexpected costs: Abandoned homes may have hidden issues that can surface during the renovation process. Be prepared for unexpected costs and have a contingency plan in place.
  7. Work with a professional: Definitely work with us as we have experience in buying abandoned and foreclosed homes. We can help you navigate the process and ensure that you are making a sound investment. Kevin and Jennifer Hanley, REALTORS, SRES, Luxury The Hanley Home Team of Keller Williams Realty 904-515-2479 HanleyHomeTeam.com

Short Sale vs. Foreclosure: What’s the Difference?

16 Wednesday Nov 2022

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There are a few different scenarios for homeowners that are struggling to make their mortgage payments or are “underwater” on their homes (and owe more than what it’s worth)—including short sales and foreclosures.

But what, exactly, are short sales and foreclosures, and what’s the difference between them?

A recent article from realtor.com answered key questions people have about short sales and foreclosures, including:

  • What is a short sale? A short sale happens when a homeowner’s mortgage is higher than the market value or sale price of the home when they want to sell; in other words, they’re “short” on what they owe. In a short sale, the lender agrees to settle the debt for a lower amount than what’s due on the mortgage—and the home is then listed for sale through a real estate agent.
  • What is a foreclosure? A foreclosure happens when a homeowner is seriously past due on their mortgage payments (after three to six months of missed mortgage payments, the lender issues a Notice of Default, which begins the foreclosure process). If they’re unable to settle their loan debt, either through a short sale or by paying off the mortgage balance in full, the lender is then able to either sell the property to a third party through an auction, or take ownership of the property.
  • What’s the difference between the two? There are a few key differences between short sales and foreclosures, including time frame (short sales can take up to a year to close, while foreclosures move much more quickly) and impact on the homeowner’s ability to buy another home (after a short sale, homeowners can generally purchase a home right away—while people who went through foreclosures will have to wait five years).

Kevin and I have extensive experience in short sale, foreclosure, and investment sales, Please give us a call with your questions. Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller William Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com