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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 Avoid out of date infomercials on TV. 6.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 http://www.doghousetodollhousefordollars.com/pages/5/index.htm
MORE RESOURCES: Richland County real estate transfers June 25 to July 1 Mansfield News Journal Real Estate News | Business Charleston Post Courier Congressman pitching high-risk lifeline for CRE The Real Deal Coshocton County Real Estate Transfers Coshocton Tribune KC real estate firms tapped PPP loans for as much as $116M - Kansas City Kansas City Business Journal REAL ESTATE BRIEFS: Murray Homes wins Silver Aurora Award Sarasota Herald-Tribune Bowes Real Estate transfers ownership to Gibson Sotheby YourArlington.com All Things Real Estate: Property line dispute probably not worth going to court Fairfield Daily Republic On Real Estate Special Issues | archive , opinions , letter to the editor The National Herald COVID damages Chicago commercial real estate sectors except for industrial Crain's Chicago Business REAL ESTATE TRANSFERS | News, Sports, Jobs SalemNews.net Coles County real estate transactions | Local | jg-tc.com Journal Gazette and Times-Courier Smaller U.S. Cities Have Become Real Estate Hot Spots, and Interested Buyers Should Act Quickly Mansion Global Evaluate your changing real estate needs during the pandemic Knoxville News Sentinel Real Estate Transactions: July 11, 2020 Fairfield Daily Republic Cape Fear seeing real estate boom, experts say homes selling quickly WWAY NewsChannel 3 Spain’s richest man owns $17B in real estate The Real Deal Shifting sports landscape will see real estate ripples Colorado Springs Business Journal Sydney McManamy joins United Real Estate Solutions team Sioux City Journal Here’s What the Trouble in Commercial Real Estate Means for You New York Magazine DATA: 2018-2020 McKinney real estate market at a glance Community Impact Newspaper Amazon, Saverglass warehouse deals suggest North Bay industrial real estate is hardly 'idle' North Bay Business Journal 'We were fortunate': D-FW real estate companies discuss landing millions in federal pandemic incentives The Dallas Morning News For Pensions, Valuing Real Estate Is Tough. Covid-19 Brings New Hurdles The Wall Street Journal Greater Boston real estate organization grows grant program to $25 million Boston Real Estate Times JLL research points to further COVID-19-industrial real estate gains Logistics Management Real estate in the days of coronavirus: lots of precautions and lots of buyers Long Beach Business Journal - Long Beach News Why Manhattan real estate and office space will recover from COVID-19 - Business Insider Business Insider Real estate: A wild first half amid pandemic Tahoe Daily Tribune Real Estate Technology Company Torii, Inc. Announces Release of "Swiper" Search for Home Buying PRNewswire Here's the latest real estate market data for Lewisville, Flower Mound and Highland Village Community Impact Newspaper Register discusses Norfolk County real estate activity Wicked Local Marblehead Real Estate | News, Sports, Jobs Morning Journal News Bay Area real estate markets see bright spots in June San Francisco Business Times Zara Founder Unveils $17.2 Billion Global Real Estate Empire Crain's Chicago Business Recent Commercial Real Estate Transactions The New York Times See how Jacksonville's residential real estate value compares to other US cities Jacksonville Business Journal SEC's Disclosure for Real Estate Acquisitions - Guide for REITs The National Law Review Banks to report 'shocking' results as real estate problems pile up Crain's New York Business Ranch Mart redevelopment may include 230-unit senior-living complex Kansas City Business Journal EPC Real Estate proposing 230-unit 'active adult community' at Ranch Mart South Shawnee Mission Post SoftBank-Backed Chinese Real-Estate Broker Aims to Raise $3 Billion in U.S. IPO The Wall Street Journal Verilla Real Estate moves to 6-1 | Sports | huntingdondailynews.com huntingdondailynews.com What Are the Quarantine Rules for Returning New Yorkers? The New York Times Banking On Uptick in Commercial Real Estate Market, McGuireWoods Adds Former REIT GC | Texas Lawyer Law.com San Antonio real estate agent uses Tik Tok, Instagram to show off city’s homes while maintaining social distance KSAT San Antonio Real-estate transactions: July 10, 2020 - News Peoria Journal Star COVID-19, oil price slump rattle Bellaire-Meyerland-West University Place real estate market Community Impact Newspaper ‘Risk tolerance’ is key in lake-less Sanford Lake real estate world Midland Daily News North County real estate update: Sales decline reflects shelter-in-place policies Paso Robles Daily News Doubts Loom Over U.K. Real-Estate Prices The Wall Street Journal New York City industrial real estate has solid second quarter despite pandemic Crain's New York Business These real estate companies got fat PPP loans The Real Deal Two Port Washington real estate advisors top $20M in sales volume - Community News Port Washington Times How to buy real estate for just $50 Yahoo Finance Australia Real estate lead generation overload HousingWire Investment Firms and Real-Estate Developers Took Stimulus Loans Too The Wall Street Journal Real Estate – July 11 Greenfield Daily Reporter UH Researchers, Houston real estate CEO team up to design COVID19 killing air filter fbindependent.com Flashback: A Chicago family defied a racist real estate covenant. The backlash and legal fight inspired ‘A Rai Chicago Tribune Real Estate Insider: Former Packard Plant property hits market for nearly $7 million Crain's Detroit Business Real Estate Prices Fall Sharply in New York The New York Times Cleveland is hot-spot for real estate investors, house flipping News 5 Cleveland |
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