When the time comes to purchase a property, there are a lot of options on the market. But how do you know the kind of property you are searching for? If you have narrowed your search down to the style of the home, what types of property should you be looking for? There are many different types of homes for sale in Saskatoon. But which one are you looking for and is right for you? In this article, we’ll help you understand the different types of Saskatoon homes for sale.
This is the most popular type of home for sale people are familiar with. These types of properties are usually in demand and have the highest price possible for the home. These types of homes are in high demand because you and/or your real estate agent deal directly with the homeowner. Oftentimes, the home sellers invest extra time to make sure the property they put out for sale is well-maintained and is in good condition. If you are looking to make a home purchase that will consider the sale of your current property, this is the only home seller that may be willing to agree to a contract that is reliant on the home sale.
Bank Owned Home
This is also known as real estate owned (REO) properties or foreclosures. Since the bank now owns the home, the original owners are out of the picture, and they are now listing it for sale. These foreclosure homes are generally the highest in demand for home buyers looking for a good deal. After an offer is placed on the property, you will usually hear back from the financial institution within a week. And if they accept your offer, you’ll be given a defined timeline to close.
These properties are usually sold “as is,” and the home buyer won’t get much history on the home condition. The only exception for this is when a little repair is needed by your lender. Banks may also make small home repairs if they are required.
With short sales, the original homeowner still holds the home title for less than what they owe to the lender. The homeowner is usually behind on their mortgage and is experiencing huge financial hardships that make it difficult to pay their home mortgage payments. Due to this, they must sell the home for less than the remaining balance of the loan.
In order to sell, all the parties involved (buyer, seller, and lender) must agree on the shortage and approve of the price. All the transactions must be approved by the lenders, and this could lengthen and complicate the home sales. Most of the time, short sales listed are below the home market value, and they usually take the longest period to close.
If you need to buy houses in Saskatoon, Shawn Johnson Real Estate is dedicated to providing you with the best possible home buying experience. Check out our Saskatoon 9real estate listings or contact our experienced real estate agents to discuss your Saskatoon real estate needs.
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