With so many homes for sale in Springfield, MO, it isn’t uncommon to see a variety of sale titles online and in the papers. For a first time home buyer, these labels can get confusing, which is why we, at Southwest Missouri Realty, wanted to break them down for you.
A traditional home sale occurs when a homeowner decides to sell a house and follows the traditional steps of having it inspected and listed through a realty company. The cost of any traditional homes for sale in Springfield, MO, is based on market value in the area, as well as the size and quality of the house being sold. Traditional home sales are fairly straightforward.
Buildings being sold in this type of transaction offer more freedom to the seller. The seller has the option to remove the listing, lower the price of the home, or bargain with a buyer directly. In a short sale or foreclosure, the seller doesn’t have these options.
The deceptively named, short sale, occurs when a homeowner sells their property for less than the balance remaining on a mortgage. Unlike a traditional sale, short sales can present a lengthy process to the buyer, during negotiations and the wait for approval. If a buyer is patient, however, a short sale can be very rewarding.
When homes for sale in Springfield, MO are listed as a short sale, it is usually due to financial troubles on the part of the seller. The house is listed for less than the original mortgage in the hopes of paying off the debt fast and avoiding a loan default and eventual foreclosure.
A foreclosure sale is the sale of a house which has been repossessed by the bank due to defaults on mortgage payments, or other reasons. These houses are then listed again in the hopes of obtaining some of the money lost in the loan default. For home buyers, a foreclosure can be both a blessing and a curse, in terms of finance. Properties which have been foreclosed upon can be purchased for far less than the market value.
Homes for sale in Springfield, MO, which have been foreclosed upon, often have some hidden costs associated with them. Especially if the previous tenant left damage to the property. If you are considering this type of purchase, speak to your realtor, and learn as much as you can about the property in question and any hidden fees, before buying.
For more information on homes for sale in Springfield, MO, and the process involved in different types of sales, we invite you to contact us today. A friendly member of our staff is always standing by and happy to speak to new and existing clients.