|Real Estate Information|
18 Easy Steps to Buy a Bargain House
What is a "distressed" property? What is "bargain" real estate?
A distressed property is one with a distressed seller. Job loss or transfer, divorce, death, pending foreclosure, and lack of money cause sellers to sell fast for less. Discovering the seller's problem and finding a solution is the key to buying a bargain property. A distressed property may also be a "doghouse," a dump, or a fixer. Owners of "doghouses" are not always distressed sellers.
18 Easy Steps to Buy a Bargain House
1. Get good advice from successful investors. Ask friends and real estate agents for referrals to investors.
2. Create your personal "Investment Journal," like Doghouse to Dollars Workbook: Turn Yucks into Bucks Investor's Guide.
3. Define investment goals: Do you want to buy a home to live in, to fix and sell, or to hold for your future?
4. Get credit reports & scores. Create a file for each credit reporting agency. Take care of any credit issues.
5. Read Real Estate investing books and articles. Attend workshops and seminars. Avoid out of date infomercials on TV.
6. Get good advice from lenders. Choose a lender with great service, good closing record, and fair costs. Arrange financing.
7. Define your target locations: Is your desired property near home or job, vacation or second home?
8. Learn your target market. Study real estate newspaper sections. Pick up homes for sale flyers. Watch sales and note prices, amenities, and conditions. Follow HUD sales in your area.
9. Interview Real Estate agents and learn from them. Do not sign any agreements with agents limiting your search for bargain property. (These contracts make you pay the agent a commission even if you purchase by owner.)
10. Use agents who know local market customs and guarantee to make many offers for you.
11. Find a good escrow officer for buying "for sale by owners."
12. Study home remodeling, design magazines and books. Learn the costs of materials, supplies, and trades. Visit home improvement warehouses. Note costs of building materials.
13. Be ready to know a bargain property when you see it.
14. Make many offers. Bid on HUD repos.
15. Buy only bargain property. Get great terms or concessions from seller.
16. Plan house transformation during escrow. This speeds your work time -- saving you money in holding expenses.
17. Monitor real estate escrow closing. Do not jeopardize your financing by charging up credit cards or making unnecessary purchases.
18. Celebrate buying your "doghouse" with an open house!
(c) Copyright 2004, Jeanette J. Fisher. All rights reserved.
Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see doghousetodollhousefordollars.tk/pages/5/index.htm
Title Insurance - Examples of Problems and Advice
What is title insurance and why should any buyer get it when purchasing a home (single family, townhouse, condo, apartment, or whatever format your home purchase takes)? Doesn't the attorney or settlement company handling the closing see to it that you have a clear title? Isn't this just another way for someone to siphon a few coins off a real estate transaction?Title InsuranceTitle insurance prevents the property owner from suffering financial loss if, at any time during his ownership of the property, someone comes along who can show that they have full, or partial, ownership of the property instead. Every mortgage lender I'm aware of requires title insurance be purchased to cover the amount of the mortgage.
The Real Estate Agent Alphabet
Alphabet Letters after a person's name seem to bestow some kind of special prestige. PHD, MD, ESQ are common.
Title Insurance Protects Your Financial Investment
You purchase homeowners insurance to protect yourself financially in case something happens to your property or its contents. However homeowners insurance won't protect your financial interests if a matter arises regarding past ownership of your property.
Popping The Real Estate Bubble Myth!
If you turn on the TV, listen to the radio, or even surf the internet, you'll notice that there is a lot of people talking about the "Real Estate Bubble", and asking the question, "when is it going to burst?" They (these so-called experts) have been saying for years that the real estate market can't continue this type of growth. These "experts" remind me of chicken little, with all of their prosphesy of doom and gloom, and the "sky is falling" syndrome.
Real Estate Investing with No Cash and No Credit
Lots of folks think it can't be done.How in the world can you buy a piece of real estate property without cash or credit? How is it possible to buy a $50,000 house or a $1 million dollar house if I don't have an abundance of cash or an excellent credit rating?Nothing stops a would-be investor cold in his tracks like "no cash or credit.
Real Estate Appraisal - Do It Yourself
For single family homes, there are two basic methods used in real estate appraisal. They are replacement cost analysis, and using comparable sales.
Buying A Home - Zoning and Architectural Review Board Restrictions
When you buy a home, you need to be aware of the various things that can limit your control over the property. This is as true for finished lots and single family homes as it is for townhouses, condos, and apartments.
Make Money As A Slumlord
Be a slumlord? Okay, I got your attention, now the truth. I really don't recommend that anyone endanger their renters with unsafe housing.
Pricing your House to Sell
Most Sellers set their initial asking price at an amount somewhat higher than they are actually willing to accept, fully expecting a buyer to open the bidding with a lesser amount.While price is the most frequently negotiated item in any home sale, you may be able to creatively provide financial value to your buyer - without lowering the price alone.
How to Build Your Dream Home
Building your dream home is a process that takes some individuals a lifetime. Hardly anyone knows early in life what exactly constitutes "dream home" in her eyes.
Successful Real Estate Investing
One of the best roads to wealth in America has always been the acclimation and development of good, solid, income-producing real estate. Real estate ownership is one of the best ways to achieve financial independence for the average person.
Inspecting Your New Home - 17 Areas You Must Inspect Before Taking Possession
Congratulations! You've made your decision; you've chosen your new home and your builder. So what needs to happen next? Once you have a firm contract and you have selected the features that will go into your new home, it is time for the builder to turn your dream into reality.
Tenants in Common (TIC)
Tenants in Common is a way of sharing ownership of property among two or more people. Each tenant holds an undivided interest in the property, and each tenant may own a different size portion of the property.
Does Staging Work?
Staging can involve minimal effort on the part of a seller. Merely rearranging furniture can show a house off to advantage.
Real Estate Investments
Real estate investments come through a variety of different options. However, whether it is a vacation property, a first home, an early retirement house, or a rental property that you find appealing, real estate investments are all the rage, and are quickly becoming one of the safest investments available, especially in our less-than-perfect economy.
Landlording And Other Aggravations
Here's the gripping story..
Looking into Buying Mobile Homes?
To own a home is one of the dreams every common man cherishes, even from the childhood. With hard work and years of savings, he might be able to build or buy a dwelling for him and his family.
From Foreclosure to Forbearance - The Art of Negotiation
As an active real estate investor you probably already know that the most important phase of your investment is when you buy the property. Most of us are getting the bargains in the foreclosure market.
How to Get the Best Price for Your House
The best price to sell your home is always determined by how you compare against your competition, the house down the street. If your property looks better than the next guy's the customer will buy yours.
Real Estate Tax Incentives
Lower Your TaxesTax incentives for real estate investors can often make the difference in your tax rates. Deductions for rental property can often be used to offset wage income.
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