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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 Avoid out of date infomercials on TV. 6.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: 'Nepo homebuying' isn't as popular as it used to be. That's actually a bad sign for the US real estate market. Business Insider The ‘Most Colorful Home in Queens’ Has a Dark Secret The New York Times Homes for Sale in New Jersey and New York The New York Times Homes for Sale in Manhattan and Brooklyn The New York Times Exclusive | NYC Real-Estate Firm Nears Deal to Buy Troubled Office Landlord Paramount The Wall Street Journal How the East Baton Rouge commercial real estate market is performing Baton Rouge Business Report Bezalel Smotrich says settling Gaza could offset war costs The Jerusalem Post Salisbury’s August real estate sales The Lakeville Journal Smotrich: Gaza a potential real estate ‘bonanza,’ Israel talking with US about dividing it up The Times of Israel Big gains for Real in DC; a Coldwell Banker M&A in NJ Real Estate News by RealEstateNews.com Take a photo tour of a colorful condo listed at $1.475M on the South End of Palm Beach Palm Beach Daily News Don Giesler Sr. remembered for four decades in real estate Perryville Republic Monitor Top residential real estate sales for September 1-5 in Sarasota, Siesta Key, Palmer Ranch, Osprey, Nokomis Your Observer Smotrich says Israel sitting on a 'real estate bonanza' in Gaza, talking to the US about dividing it up The Times of Israel Opendoor to expand nationally after stock bull run, C-suite shakeup Real Estate News by RealEstateNews.com Shoring Up Your Agent Force: Recruiting and Retention in the Changing Real Estate Landscape RISMedia Mortgage rates approach 6% as Fed makes first rate cut this year Real Estate News by RealEstateNews.com Deal With Real-Estate Investment Trust Helps Bring Down Another U.S. Hospital Operator Organized Crime and Corruption Reporting Project | OCCRP This $1.6 billion deal is a sign that the worst of the crisis in office real estate is in the past MarketWatch Rays' top leadership steps down ahead of team sale as real estate developer readies takeover CBS Sports Sugar Pine Village honored as 2025 Best Real Estate Project of the Year by Sacramento Business Journal TahoeDailyTribune.com How AI will transform commercial real estate Fast Company Grab Your Home Energy Tax Credits While You Still Can The New York Times Private-equity exec on buyer's side in deal for longtime Maurer townhome in Palm Beach Palm Beach Daily News M&T Bank: Continually Reallocating Away From Commercial Real Estate and Toward Consumer Lending Morningstar Gale Associates, Inc. Appoints Alan Craigo to Lead Florida Office Boston Real Estate Times Bess Freedman on Real Estate as Rates Fall Yahoo Finance This Pennsylvania Home Experienced the Most Absurd Renovations in the History of Real Estate CandysDirt.com Calvin Harris accuses financial adviser of stealing $22.5M for 'boondoggle' real estate project NBC News CREF Roundup | Week 38, 2025 Frost Brown Todd World Property Ventures to Launch Digital Real Estate Bank Banking Exchange Zillow Gone Wild featured a Connecticut mansion with a glass ceiling atrium 'to die for' Norwich Bulletin RNR People in Real Estate – Texas & more Realty News Report New Castle $5.5M home is top sale as Seacoast inventory surges to pandemic levels Foster's Daily Democrat Best Real Estate Projects 2025: California Firefighters Memorial Expansion The Business Journals Fall '25 Real Estate Guide The Timberjay Greenwich's luxury housing market is hot, but even multimillion-dollar cuts can’t move some mansions CT Insider Rice Real Estate, Lincoln Property Co. announce plans for The Arc, significant expansion of Ion District Rice University Do you find that real estate buyers on the South Shore are more decisive in the fall, aiming to close before the holidays? fireislandnews.com How Stacey Caito Combines Innovation and Heart to Transform Real Estate in Northern Virginia International Business Times S. Korea’s NPS takes minority stake in Nordics real estate firm Pensions & Investments Real Estate Transfers Messenger-Inquirer Ardmore’s long-awaited Piazza development is set to break ground this fall. Here are the details. Inquirer.com DHHL Delays ʻEwa Real Estate Swap To Make Sure Donation Isn’t ‘Dirty Land’ Honolulu Civil Beat Two firms make first local investment with Austin apartment purchase The Business Journals Post Real Estate Group buys affordable housing property Rancho Cordova Apartments The Business Journals Dogecoin Gains Momentum, While Avalon Gains Attention In Crypto Real Estate Sector BlockchainReporter Where Does Gordon Ramsay Live? Exploring the Chef’s International Real Estate Portfolio Architectural Digest Naver fined $144,000 for boxing Kakao out of real estate market Korea JoongAng Daily Central Pacific Bank hires longtime First Hawaiian Bank exec to lead real estate and credit division The Business Journals Security Properties acquires 903-unit portfolio in Seattle's largest deal this year The Business Journals Real estate experts launch AI-powered consulting firm The Business Journals |
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