Be Ready to Close Quickly on Fixer-Uppers

IRVINE, CA-In this UPDATE to an earlier story, bargain-hunter home buyers should be prepared to face stiff competition and act quickly, say experts.

By Carrie Rossenfeld | Updated on June 12, 2013

IRVINE, CA-Buying and rehabbing a fixer-upper home comes with a unique set of challenges. According to RealtyTrac, a locally based source of real estate data, both the financing and the construction portions of owning a fixer-upper require readiness and wise decision-making on the part of buyers.

As GlobeSt.com reported earlier today, Daren Blomquist, VP of RealtyTrac, said in a prepared statement, “Low-priced homes are still plentiful in many markets, particularly in the form of foreclosures. While these homes may be in need of more work than a typical home and are certainly harder to find now than in previous years, buyers and investors willing to put in a little extra legwork and sweat equity can often find the best deals in their markets on these foreclosure fixer-uppers.”

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