As the Des Moines real estate market continues to pick up steam, one of the questions that gets asked frequently is “Where are the best buys?”. Typically when most people think of bargains, they think short sales and foreclosures. While there are a lot of these properties available ( and will continue to be for the foreseeable future ) there is another overlooked area – unfinished new construction properties. I have seen a number of these over the past few weeks that are being offered at well below the cost to build a similar home.
Most of these homes are technically foreclosures or short sales and in most 
cases you end up negotiating with a lending institution. However unlike traditional foreclosures you have an opportunity to purchase a home in new condition.
In the Des Moines metro area most of these homes are priced in the $300,000+ price range and are in various stages of construction. In almost every case the homes are enclosed and secured with the exteriors completely to partially finished. On the interior they could be just through framing stage all the way to almost completed and just require floor coverings, counter-tops etc.
The options for completing construction vary depending on the specific property. On some homes the builder is willing to complete construction and close just like any other transaction. In other cases the buyer would be responsible for getting a construction loan and hiring a contractor to finish the project. In this case there is additional effort required by any potential buyer to secure financing, get estimates and hire a contractor.
If you are interested in receiving more information or exploring the possibilities, please let me know.
Iowa Realty 
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