What to expect when buying a home that is undervalued

August 19, 2015
in Category: Business
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What to expect when buying a home that is undervalued

According to the Than Merrill from FortuneBuilder, there are a ton of things to consider when purchasing a home, however one thing to be very weary of is a home that is undervalued. Although it may seem on the outside that you are getting a great deal, the home owners may be withholding some details about the house that have led them to list it at a low price. This may spell disaster for you in the long run if you do happen to purchase the home and come to find out that there are additional problems that you had not factored into your asking price. On the other side, the seller may simply want to get rid of the house as soon as possible for whatever reason and may be willing to take a loss on the house in order to obtain the convenience of a quick sell. The reality is that selling a home can be a long and drawn out process, which can truly take years in some cases. A lot of people do not want to deal with this type of stress and hassle and will settle for a much lower price, putting their house up for an asking price that is well below the market value. This can also happen when a person is moving and simply wants to get rid of the home as fast as possible.

There also may be other contributing factors to the undervalued home, such as excessive work that needs to be done around the property, which does not actually affect the current value of the home. This can involve a ton of overgrown plants and foliage, or anything else that may be on the property and will need to be removed or will take some time to fix. The bottom line is, there are so many factors that can lead to a home being undervalued and you really cannot go into this type of deal expecting anything. The only thing that you can expect in this situation is the unexpected, as cliché as that does sound, because there is absolutely a reason that the home is being offered at a lower price than market value and you will have to decipher that for yourself. The housing market has been hot in the San Diego area over since the housing market crash in 2008 and there are currently thousands of homes that are undervalued and being sold for a great bargain.