While these properties may be appealingly priced, buyers need stomach and smarts to take proper advantage. If you’re considering a short sale purchase, focus only on those with a price pre-approved by the lender. Otherwise, you may be wasting precious time in negotiations that may still ultimately fail.

Also seek out foreclosures that are protected by the Cash For Keys program, which offers the current (or former) owners a cash incentive to prevent them from neglecting the property before vacating it. Either way, inspections are crucial, especially if the house has been vacant for some time. Talk to your agent about having the utilities temporarily reconnected for the inspection, so you’re sure all is in working order.

And finally, don’t focus on the asking price alone. Location in a declining neighborhood or extreme maintenance and repair issues will eclipse any perceived value in a low price. Great homes are here in Columbia, MO. and at bargain prices, but let an agent guide you through potential pitfalls.

There are some really, really good values for today’s homebuyer.  When you have a pre-approval letter in hand from your lender, you will be in a much better position to have your offer seriously considered.   And, first time homebuyers, do not forget about the $8,000 tax credit available to you if you close by December 1, of this year.  Time is running and interest rates are very low.  What a deal!