A house is your biggest investment and it’s important to make the right choice. Therefore, when working with your real estate agent, you might reject homes that have been on the market for a while.
Even if the house offers everything you want and more, you may question whether there are problems with the property. However, the fact that a house has been on the market for months (or years) does not always suggest a hidden defect. Actually, these homes might be an excellent bargain. For that matter, here are four reasons to consider buying a non-selling house.
1. More Leeway to Negotiate Price
Sellers are eager to sell when their home has been on the market for months or years. They’ll happily entertain any offer that comes their way — even an offer that’s much lower than the asking price. If there aren’t any other bids on the table, there’s a good chance that the seller will accept your bid.
2. Seller May Add Extra Incentives
Buying a house that isn’t selling can also reduce your out-of-pocket costs.
Buyers are responsible for paying their own closing costs when purchasing a home; and if buying an older home, they may need to make improvements after moving in, such as updating the kitchen and bathrooms, installing new flooring, or replacing the appliances.
Given that some home sellers are motivated to unload a non-selling home, this is an excellent time to ask for incentives with your bid, such as paid closing costs. If your offer is the only one, the seller might comply with your request to keep you happy and interested in the property.
3. You Can Ask for a Faster Closing
After a seller accepts your offer, it can and get the keys to your new place. However, if the house has been on the real estate market for a while, the seller might be willing to close sooner — within 2 to 3 weeks. For this to happen, you’ll need to be pre-approved for a mortgage, and ready to move in.
4. The Location Is Ideal for Your Family
The fact that a house has been on the market for several months might have nothing to do with the actual property, but rather the property’s location.
If a house is located on the outskirts of town, and away from local attractions and retail areas, some buyers will pass on the property because it’s too far from work, friends or family. However, the home might be located in the perfect place for your family — offering the solitude you need.
There is no reason to fear a house that has been sitting on the market for a while. In most cases, these properties are in good condition, but have fallen through the cracks due to a saturated housing market. Still, to ensure that you do not get stuck with a money pit, conduct a thorough walkthrough of the house before submitting an offer, and make sure that your offer is subject to a satisfactory home inspection.
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