When shopping for Laurel, Md. real estate or any Maryland real estate, there is something every buyer needs to know. Those great prices you see out there, the ones that are real low……the lowest of the low….are not move-in ready.
Thats right! A house for sale at $200,000 in a neighborhood that normally sells for $300,000 is probably not going to be in good shape. You will probably need to put some money into it before you move in. Sometimes you wont even get the loan because the lender feels the house needs to much work.
The fantasy of the foreclosure/short-sale immaculate home at a rock bottom price that the seller has to sell, is just that, a fantasy. In addition, this foreclosure/short-sale home transaction is gonna have a few bumps along the way to settlement. You, the buyer, need to have the ability to hang in there while your agent negotiates you through the bumps.
There are still great deals out there. It is a buyers market. However be aware what a certain price point in a certain neighborhood might get you. You can still get a great move-in home at a great price, but it probably is not the lowest priced home in the area.