Foreclosures…
You’ve heard it on the news, read it on all of the blogspots: the best deals are bank-owned properties that have already been foreclosed. True? Somewhat. But there are things you need to know before you go shopping the county websites for court house step auctions. In my professional experience, you’re better off looking at post-foreclosures. These have already gone through the auction/eviction process and the banks have priced them to move. At this point they are correctly called lender owned homes since foreclosure has already happened.
Two other great investment areas to pursue are company relocations and estate sales. These are also owned by companies or familes that have no desire to hold them longterm. That eagerness to move the property equates to better pricing and more equity, i.e. more wiggle room on the price. For an area specific list, give me a call. Otherwise, click the link below to see all of these REAL DEALS.
All of these homes are being sold as post-foreclosures, estate sales and/or corporate owned homes. That means that they are priced more aggressively than other homes. These are the REAL DEALS.
Things to know before you look:
1. These homes usually need a lot of TLC, sometimes even structural repairs.
2. They are usually sold within 45 days because they are priced to move!!!
3. Buyers are usually responsible to pay for all inspections and sometimes some of the closing costs usually paid by the seller. This doesn’t cost that much, about $500-$1000 more on average, but it’s worth knowing up front.