Types of Properties On The Market Today: Part III

This is the last in our series on the types of homes commonly found for sale on the Land O' Lakes market.

Traditional homes sales involve sellers that need to move for normal reasons - downsizing (empty nesters), relocating because of family, a job opportunity, or up-sizing (growing family).

Let's take a look at this buying option in more depth.

Seller Owned Properties/Traditional Sales:  

Price:  While not usually the least expensive of what is on the market, they are usually fairly priced – just not priced as low as a distress sale might be.

Condition: The majority of these houses are in excellent condition and show well, as these sellers are competing with properties that are distress sales and priced under market value.

Your Offer: While these sellers usually have their houses priced according to the market, they are not in a position to play major league negotiating games. This is particularly true if they are priced fairly for the location and condition. These sellers may request a pre-approval letter with your offer.  The seller wants to verify that you can qualify to purchase their house.  You can receive an answer back in as little as a few hours, but usually it will take a couple of days. Keep in mind if you make an extremely low offer the seller may be offended and may choose not to respond to your offer. Some of these houses are sold “As-Is,” but many sellers are willing to make some repairs that the buyer feels are important. Those items should be covered by an agreement.

Closings: If you have a specific need to close quickly and on time, these properties are more likely to fit what you’re looking for. Since there is not a bank/lender to approve the sale, sellers are more able to work with buyers schedule versus a Short Sale or REO.