Last week we covered whether it was a fact or myth that you could find a deal on a short sale or foreclosure. This week we cover the types of properties you can get a short sale deal and foreclosure deal on when buying.
The first type of sale you can achieve a short sale deal on is purchasing a home on the courtroom steps at a foreclosure auction. Typically this requires a cash buyer since most courts require a payment in full when buying. The second type of property you can obtain a deal on is a rehab property or a fixer upper property. The reason these offer a great deal is because most buyers do not want to put in the work necessary to bring a property back to habitable condition. However, this is a great opportunity for a deal for anyone who is handy around the home because these repairs are typically cheap when compared to the types of deals you can obtain when purchasing a rehab property.