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Watertown Homes For Sale - How to Get a Deal on Watertown Homes for Sale

hire a realtor look for foreclosures

If you live in the Watertown, MA area, you have probably seen a number of homes for sale. While it is possible to simply call and ask to view any of these homes, this method of searching will not necessarily result in the best deal. However, there are a number of tricks to get great deals on homes for sale in the Watertown area.

Hire a Realtor

You have likely already found the realty sites that provide free housing searches on their websites. However, the free results found on these websites do not provide the necessary information for getting great deals on houses. In order to get the most search options, it will be necessary to gain access to the MLS search that realtors use. Unfortunately, a valid real estate agent license is required for access to these searches. If you have a close family member or friend that is a real estate agent, that is one way to gain access to this search. Otherwise, it will be necessary to hire a real estate who will be able to look up this information for you.

Look for Foreclosures

Either use the MLS search or ask your realtor to provide a list of houses in the Watertown area which are for sale by a bank or other financial institution. Houses sold by banks are typically for sale because the owners have gone through foreclosure. Rather than trying to make a lot of money, the bank or financial institutions is simply trying to re-coup some of the costs lost as a result of the loan default. These are typically cheap and quick sales, and are a great option for people looking for a deal on a house.

Purchase “As-is”

For the best deals, take a look at houses that are being sold “as-is.” Many of these homes are those that were damaged by the previous owners when the bank foreclosed on their house. Due to the damage caused by these previous owners, many banks are unwilling to offer loans to their customers. Because there is a smaller market for these houses, the purchase price is much lower, sometimes as little as a 10-20% of the previous appraised value. While purchasing an “as-is” house can be a great deal, it is important to keep in mind that you will need to buy the home in cash. Additionally, you will want to make sure you have enough additional cash to make the necessary repairs to the home. Before purchasing the house, it is wise to make a list of the repairs and their costs to ensure that you have enough funds. Once you have fixed the most important problems, it may be possible to get a home equity loan to cover the cost of additional repairs.

Look at Homes with Accept Offers

When homes have an accepted offer, most buyers stay away as they think the house is already sold. Despite common misconceptions, it is possible that these deals will fall through and, if they do, you may be able to get a great deal. However, houses that have had an accepted offer for a long time are likely in that status because the potential buyer is having difficulty getting financing. Once the closing date passes, the bank’s property manager will be forced to sell the home to someone else. The house will be placed back on the market at a lower cost. You can take advantage of this process by putting in a low bid on houses that have an accepted offer but are still for sale. To increase your chances on the deal, make sure you get pre-approved for a mortgage and do not make the offer contingent on other things, such as selling your current house. The bank is most likely to accept offers that will result in the quickest sales.

While the price on houses for sale in the Watertown area may be intimidating for homebuyers, there are a number of tricks to get better deals on houses. With a little patience and creativity, it is possible to find the right house at a great price.

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