Purchasing a distressed property can be a lot different than buying a home the traditional way. In a recent article for The Washington Post, two experts shared their thoughts on the importance of working with a real-estate agent and, where appropriate, a real-estate attorney, when purchasing a short sale or bank-owned property:
1. Start with a good realtor. Begin by researching short-sale and bank-owned properties with the help of a real-estate agent. A real estate agent is an invaluable partner in any real estate transaction. That’s especially the case with buying distressed properties, which can be more complex than a standard home purchase. A real estate agent can help you work with the bank that is either selling the property or involved in the sale. Your agent also can help you figure out whether the bank’s asking price makes sense given the property’s condition and the neighborhood.
2. Hire a real estate attorney, if necessary. In most cases, your real-estate agent can handle all the necessary paperwork involved in purchasing a distressed property. However, there may be times that your agent will recommend a real estate attorney be involved as well. Talk to your agent early on in the process to see what he or she recommends.