When most people think of real estate, they think of a traditional purchase, with a home for sale on the Multiple Listing Service (MLS). But did you know there are actually several home types you can choose from? In these very competitive days it is important to know your options. Some I can help with, and some I can’t.
New Construction / PUD
Other than purchasing land and building a home (I can help you purchase the land), there are two main types of new construction: Tract homes and Spec homes, both of which are in Planned Urban Developments (PUD).
A Tract home is part of a new development, A.K.K. cookie cutter homes in developed subdivisions. Advantages? You know what you’re getting because you see the plan, and it is also quite affordable. Disadvantages include set plans and no customizations. And the home isn’t ready yet so you’ll have to wait. Planned developments are efficient, fast construction and they don’t want modifications to slow them down.
A Spec home is completed and ready for move-in. The advantages? The new home smell and turnkey. Disadvantages are similar to Tract homes – you can customize after the fact but it’ll cost you.
Can I help you with this type of purchase? Sometimes, depending on the development. Certain developments have their own buyer agents.
Everyone wants to save money when they buy a home, and the first thing most think of is a home auction. Usually being auctioned due to foreclosure, these tend to be a long process so you had better have time and be patient. Advantage is they’re easy to find through local government sites and RealtyTrac.com and Auction.com, and they’re great for those who love research. The down side? There are no home inspections or showings, you make a bid sight-unseen. You also have to be diligent in checking claims, liens and even occupants or squatters…because you can’t access the property until you own it.
Ouch. If it sounds like a headache, it is because it is! Unfortunately I can’t help you with this type of transaction.
There are four main types of foreclosures: pre-foreclosure, short sale, sheriff sale, and real estate owned (REO). Gone are the days of “getting a deal” with these types of sales because lenders have realized these homes will still sell for market value. Some advantages are they’re easy to find with so many online resources and there are government resources like HUD to help with affordability. Potential disadvantages are homes in bad condition (angry owners who destroy or remove doors or lights or worse), the length of the buying process and competition from professional flippers.
Yes, I can help you.
And finally my favorite category: Standard purchase. You know the process – engage a lender to find out what you qualify for, talk to me about your list of threes (contact me if you don’t know what that is), our home search together, contract submission, home inspections and reports review, and closing day – in short.
Why is this my favorite category? Several reasons:
-formal contract process
-inspections, clear “walk away” option
-transaction protected by agency
The only disadvantages of this home type is how competitive it currently is, along with the type of experience you’ll have: buyer experience varies by agent knowledge, agent experience and agent communication style.
I want you to have the best experience possible! I’ll ensure you are kept updated every step of the way, and also ensure you’re part of the decision making process!