Taos Buyers: some information about distressed properties
Many times a buyer will want to seek out distressed properties to really get a bottom price. Buyers need to be carefull here because these types of properties offer several challenges.
With foreclosures, attention must fo to how long the property has been empty, how well it was maintained before and after eviction---as there may be several "hidden" concerns that will cost big dollars down the line to correct.
Short sale properties require comprehensive paperwork and a good deal of patience. Some short sales can take months to close which will adversely affect the buyer's tax credit. The last short sale we did took a full year to close.