|Real Estate Information|
10 Tips for Investing in Distressed or Foreclosed Properties
1. Search on the world wide web for distressed or foreclosed properties as a starting point. Use a professional REALTOR to identify great foreclosure deals for you. You may be successful at searching the web on your own, but keep in mind some of the information is outdated, some may be incorrect, and some of the available properties are not even listed. A REALTOR subscribes to updated MLS listings and can offer you the most current information available.
2. If you search yourself for distressed properties and purchase from the selling agent, you are paying a commission to someone with a vested interest. Obtain objectivity in the sale by working with your own REALTOR. You won't pay any more. Technically, everyone works for the seller, since they pay the commission.
3. With distressed or foreclosed properties, time is of the essence. Purchasers must close on the date specified by the agency, and cannot close after this without penalties of $25-200 per day.
4. It takes 1-3 weeks to qualify a loan. If you are approved for a loan, make sure you are qualified by your lender as soon as possible. If you are paying by cash, make certain funds are available. If finances are in order, the REALTOR will then submit an offer. When the offer is accepted by both seller and buyer, the REALTOR will submit the ratified contract to the lender and closing agent. These steps will begin the process of a successful real estate transaction.
5. When purchasing a distressed property, always obtain 3-4 bids from different contractors to estimate costs of repairs, if you do not plan on doing the work yourself.
6. If you are going to sell the property after rehabilitating it, ask your REALTOR to research similar properties in the neighborhood to ascertain market price.
7. Keep copious records for tax deductions. Any expenses related to the purchase, repair, or maintenance of the property may qualify. Meticulous records are key to a profitable real estate venture.
8. The title you receive after purchasing a distressed or foreclosed property is a special warranty deed rather than a general warranty deed. Some buyers are alarmed by this, but there is no need to worry. The purchase of title insurance protects the buyer. Each lender purchases insurance to protect the loan as well. Titling insurance should be obtained by the property purchaser. It is always offered by the closing agent. Consider using an attorney instead of a titling company as your closing agent. An attorney is only $50-75 more than a titling company. A real estate attorney can remedy any situation that may arise. Therefore, they are more efficient representatives on time sensitive foreclosure properties.
9. Foreclosure properties require special addendums and special contracts by the individual bank and HUD office (where applicable).
10. Foreclosure properties are potentially the most profitable, but require the most attention to detail. A REALTOR experienced in foreclosure deals is highly desirable because the paperwork must be in order to submit a proper bid, and timeliness is critical.
About The Author
Elaine VonCannon is a REALTOR with RE/Max Capital in Williamsburg, Virginia, and she manages investment property as part of her business. Her husband Joe is a contractor who collaborates with her on rehabilitation of properties. She has helped numerous clients invest in and make money on property investments in Southeastern Virginia. email@example.com
CIP Real Estate Secures $300M in Growth Capital GlobeSt.com
Private equity bets on health care real estate Fox Business
Real estate agents reveal the hottest markets for the next 10 years Business Insider
Real estate firm hands out $10M in holiday bonuses The Columbian
November 2019 Real Estate Transactions Cape Cod Today
Black Woman Real Estate Developer Felt Unwelcome In the Community So She Built Her Own - Black Enterprise
Black Woman Real Estate Developer Felt Unwelcome In the Community So She Built Her Own Black Enterprise
Boston real estate tax gets closer to becoming reality Boston Herald
Restaurants struggle to find good real estate Restaurant Business Online
EU GDPR Violation: German Residential Real Estate Company Fined The National Law Review
Lever Capital Partners Amended Law Which Will Positively Impact Commercial Real Estate Lending in Nevada in 2020 - PRNewswire
Lever Capital Partners Amended Law Which Will Positively Impact Commercial Real Estate Lending in Nevada in 2020 PRNewswire
Ask a real estate pro: Do I have to take support animal off property when she’s just gotta go? - Sun Sentinel
Ask a real estate pro: Do I have to take support animal off property when she’s just gotta go? Sun Sentinel
Los Angeles Times printing plant sold to Atlas Capital Group Los Angeles Times
Lachlan Murdoch buys 'Beverly Hillbillies' house for record price Los Angeles Times
Recent Commercial Real Estate Transactions The New York Times
Seattle DJC.com local business news and data - Real Estate - Kamiak now Kamiak Real Estate Partners - Seattle Daily Journal of Commerce
Seattle DJC.com local business news and data - Real Estate - Kamiak now Kamiak Real Estate Partners Seattle Daily Journal of Commerce
Real estate’s nemesis may now be its best hope in Albany The Real Deal
5 Ways To Earn Money In Real Estate Without A License Black Enterprise
WHO'S NEWS: HelmsleySpear, LLC, has announced the appointment Afa J. Zada as Real Estate Agent and Licensed Salesperson. - Real Estate Weekly
WHO'S NEWS: HelmsleySpear, LLC, has announced the appointment Afa J. Zada as Real Estate Agent and Licensed Salesperson. Real Estate Weekly
Chuck Wimmer joins Property West real estate sales team The Havre Daily News
Lovesac brings on new VP of real estate Furniture Today
Fighting for height: Limits hamper real estate development WPXI Pittsburgh
Toll Brothers Apartment Living® and Canyon Partners Real Estate Announce New Joint Venture to Develop 331-Unit Rental Community in West Dallas - GlobeNewswire
Toll Brothers Apartment Living® and Canyon Partners Real Estate Announce New Joint Venture to Develop 331-Unit Rental Community in West Dallas GlobeNewswire
How San Jose plans to spend funds raised by its proposed real estate property tax - The Mercury News
Martha's Vineyard News | Recent Real Estate Transactions: Week Ending Dec. 6 - The Vineyard Gazette - Martha's Vineyard News
Martha's Vineyard News | Recent Real Estate Transactions: Week Ending Dec. 6 The Vineyard Gazette - Martha's Vineyard News
Long and Foster Real Estate names top agents CapeGazette.com
Rochester lands on Realtor.com's top real estate markets for 2020 Rochester Business Journal
City may partner with real estate company to help sell old Syracuse Developmental Center - CNYcentral.com
City may partner with real estate company to help sell old Syracuse Developmental Center CNYcentral.com
Syracuse.com real estate update includes $1 million waterfront vacant land in Spafford - syracuse.com
CA 'Beverly Hillbillies' mansion sold in $150 million historic real estate deal - FOX 10 News Phoenix
CA 'Beverly Hillbillies' mansion sold in $150 million historic real estate deal FOX 10 News Phoenix
COMMUNITY ASSOCIATIONS INSTITUTE (CAI) DELIVERS WORLD-CLASS EDUCATION TO INTERNATIONAL REAL ESTATE PROFESSIONALS - GlobeNewswire
COMMUNITY ASSOCIATIONS INSTITUTE (CAI) DELIVERS WORLD-CLASS EDUCATION TO INTERNATIONAL REAL ESTATE PROFESSIONALS GlobeNewswire
MFA signs 100000 s/f lease with Akerman Real Estate Weekly
Related, Enel X install cityʼs largest battery storage system Real Estate Weekly
The latest Coles County real estate transactions | Local Journal Gazette and Times-Courier
The Silver Tsunami in Real Estate | Take Me Home | Bend The Source Weekly
Real Estate Market Trends Flathead Beacon
Real Estate Insider: Dino's, M-Brew restaurants in Ferndale for sale again for $3.45 million - Crain's Detroit Business
Real Estate Insider: Dino's, M-Brew restaurants in Ferndale for sale again for $3.45 million Crain's Detroit Business
Real estate firm reimburses state $68,000 after overcharging the Department of Corrections for years - Milwaukee Journal Sentinel
Real estate firm reimburses state $68,000 after overcharging the Department of Corrections for years Milwaukee Journal Sentinel
These Realtors didn’t like their options for finding clients. So they built an app. - Raleigh News & Observer
These Realtors didn’t like their options for finding clients. So they built an app. Raleigh News & Observer
Belize Real Estate Scam Defendant Denied Joint Defense Privilege Bloomberg Big Law Business
Salvation Army seeks big totals as Doubler Days, Badges United, Real Estate Wednesday benefit Red Kettle campaign - KVOE
Salvation Army seeks big totals as Doubler Days, Badges United, Real Estate Wednesday benefit Red Kettle campaign KVOE
Going Up? For These Real-Estate Agents, Not So Much The Wall Street Journal
REAL ESTATE TRANSACTIONS: Dec. 2 – 6 Martha's Vineyard Times
Know In Which Real Estate Market to Invest U.S. News & World Report
Family sells Chelsea gallery building Real Estate Weekly
In a Sizzling Real Estate Market, City-Owned Storefronts Have Stood Vacant for Nearly Two Years - Willamette Week
In a Sizzling Real Estate Market, City-Owned Storefronts Have Stood Vacant for Nearly Two Years Willamette Week
Real estate: 5 Minute Fix 08 Lexology
Las Vegas, Dallas and Fort Collins, Colorado, Poised to Be Real Estate Hotbeds in Coming Years - Mansion Global
Las Vegas, Dallas and Fort Collins, Colorado, Poised to Be Real Estate Hotbeds in Coming Years Mansion Global
The hatch has officially closed on Tucson's hottest real estate listing Arizona Daily Star
Bitbond Leverages Digital Asset Experience to Expand into Real Estate in Partnership with KlickOwn - Crowdfund Insider
Bitbond Leverages Digital Asset Experience to Expand into Real Estate in Partnership with KlickOwn Crowdfund Insider
One Company Just Took Holiday Bonuses to the Next Level — And Gave Out $10 Million This Year - MONEY
Christmas Pick: Schmitt Trading Below Cash And Real Estate, Plus The Business For Free - Seeking Alpha
Christmas Pick: Schmitt Trading Below Cash And Real Estate, Plus The Business For Free Seeking Alpha
What Is Passive Income in Real Estate? Motley Fool
Luzerne County Council Approves 2020 Budget with Real Estate Tax Hike WNEP Scranton/Wilkes-Barre
Erie County Real Estate Transactions Buffalo News
Boom or Bust
For those looking to invest in the real estate market?keep your eyes on the headlines. According to the Federal Deposit Insurance Corp.
Setting Goals for Real Estate Success
The power of goal setting has been well documented and communicated so before you skip over this point because you've heard it all before I'd like you to consider how well you are doing it. I'm a firm believer that you don't truly understand something until you are doing it.
Selling Property - Valuing Your Property
Selling property privately has many advantages over using an estate agent. However estate agents can provide useful local information not available from the internet.
Kings Bay, Saint Marys and Kingsland Georgia Real Estate - Mortgage Lenders
When looking for a home, it is important to first get pre-qualified with a mortgage company before you search for a home. This is the first step in making buying a home a no-nonsense experience.
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.
Lease Purchasing Is The Perfect Home-Based Business
Some call it the 30 second commute. We call it wonderful.
Real Estate Investing In Mexico
Mexico is CHEAP! But its getting more expensive. As property values rise, especially in resort areas, investors wonder how they can profit from this.
Why Selling on Lease Options is Glorified Landlording
I might upset some folks with this one, but that's okay as I think it's important to get some of my experiences into the light of day. If you fully believe the hype that you won't have any landlording responsibilities by selling on a lease option, go ahead and stop here.
Real Estate Financing - Ten Ways
Do you remember when real estate financing meant you saved up enough to put 20% down on a house, and then you got a mortgage loan for the other 80%? Well, you can still do that, but there are many more options now. Here are ten of them.
Using Transformation Psychology to Sell Investment Properties
Satisfying and lucrative real estate investment depends upon your correct assessment of profit potential, of course, but your ultimate success depends on your ability to transform a doghouse into a dollhouse. The renovation process involves physical work and choosing the best supplies, in order to create maximum positive emotional effect and profits.
Real Estate for Beginners: Residential Property Taxes
Whenever you own a piece of land, you will be taxed for it. Whether it is commercial property or residential property, there is still a tax to pay, whether it is for a village, town, city, county, or state.
NAHB's Voluntary Model Green Home Building Guidelines
The voluntary Model Green Home Building Guidelines are designed to move environmentally friendly home building concepts further into the mainstream marketplace. Currently, there are approximately thirty communities throughout the U.
Why Commercial Real Estate is the Hottest Retirement Asset
For small business owners, commercial real estate investment is the hottest new retirement asset. If your mind has already jumped to "REITs" - or shares in Real Estate Investment Trusts - think again.
Odors Can Make or Break The Sale of Your Home
It's amazing how important the sense of smell is to many people. If you're selling your home, and this applies across the board to houses, townhouses, condos, apartments, or whatever, you need to be aware of the power of odors.
How to Make Money in Real Estate Without Doing the Scrunch Work
If you don't have the time to invest working on fixers or if your tired of working on fixers to make money investing in real estate, try this method.Many real estate investors make thousands of dollars on brand new homes with little work.
The Secret To Marketing Your FSBO Home For Sale
You're ready to put your home or land (house, townhouse, condo, apartment, farm, ranch, finished lot, raw land, etc.) on the market as a FSBO (for sale by owner).
Finding A Capable Agent To Meet Your Real Estate Needs
Whether you're a first-time buyer, selling your current home or relocating to a different part of the country, the support of a qualified, knowledgeable real estate agent can alleviate many of your concerns and ensure a smooth transaction. A professional agent can market your present residence, help you locate the home of your dreams and assist in making your transfer to an unfamiliar area easier.
Find Out If There Are Sexual Predators Nearby Before You Buy A Home or Property!
When looking for a new home or property, buyers ask many questions. Typical questions might be about the history of the property, property tax amounts, the school system, proximity to medical facilities, shopping malls, etc.
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.
Sell Your Income Property For More
Selling income property isn't like selling a house. You can paint a house, and get a little more because it looks nice.
|home | site map|
|© 2006 TIGER MEDIA|