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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 Avoid out of date infomercials on TV. 6.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: NYC election fears drive $100M+ Florida real estate surge as 'nervous' New Yorkers flee south Fox Business Mamdani Won. South Florida Expects a Real Estate Bump. The New York Times I bought 3 rental properties in my hometown. They help me afford living in a more expensive city. Business Insider More bad news for home buyers: Real-estate investors are seizing an opening and ramping up purchases MarketWatch Koch Real Estate Boosts Stake in Rental Investor Amherst Bloomberg.com A scary Halloween for SF home buyers The San Francisco Standard Queens family heartbroken after shady real estate agent scammed them out of their home — and received no jail time New York Post Millennial first-time homebuyers are disappearing. Welcome to the age of the geriatric homebuyer. Business Insider Median age of first-time US home buyer hits shocking new high — as dire state of real estate market is laid bare New York Post The next real estate boom will be on high ground Fast Company Real estate agents bait buyers to auction by underquoting prices Australian Broadcasting Corporation Nexus and State Registration Considerations for Real Estate Partnerships CLA (CliftonLarsonAllen) Real Estate Transactions: Nov. 7, 2025 Greenfield Recorder Election Results Include Wins for Real Estate National Association of REALTORS® Current Real Estate Roundup - November 6th, 2025 Nantucket Current Off-MLS transactions cost sellers thousands, new report finds RealEstateNews.com PwC and ULI Report Reveals the 2026 Real Estate Trends Transforming Where We Live, Work and Invest Urban Land Magazine Key Takeaways Affecting Real Estate From EXPO REAL 2025 Forvis Mazars US Real Estate Partners Dollar Tree Expert’s Corner: Challenges and optimism — Assessing CT’s commercial real estate market Hartford Business Journal Iowa Municipal Fire & Police hikes private credit, infrastructure targets and lowers real estate, real assets Pensions & Investments Frost Brown Todd Named to the 2026 Best Law Firms© List Frost Brown Todd Michael Benison, Associate, Tax akingump.com Real Estate Roundup: October update Chain Store Age Venture One Real Estate acquires 67,565-square-foot freezer/cooler building in Glendale Heights REJournals Macro uncertainty fuels doubt over real estate’s competitiveness - Private Equity Real Estate | PERE Macro uncertainty fuels doubt over real estate’s competitiveness Private Equity Real Estate | PERE Real Estate Transfers: Nov. 6, 2025 The Suffolk Times Vesta Real Estate stock hits 52-week high at $30.74 Investing.com Court papers show luxury real estate brothers hope to prove witnesses lie at sex trafficking trial Spectrum News Owners Council Q&A: Mark Shearer Real Estate NJ Amenta Emma Architects Expands Boston Office Boston Real Estate Times Record $6.5 Million Land Sale Closes in Little Compton, RI Boston Real Estate Times Charlotte real estate broker launches boutique firm focused on retail sector - The Business Journals Charlotte real estate broker launches boutique firm focused on retail sector The Business Journals Four local apartment communities sold in $66.5M deal The Business Journals Lot Lines: A snapshot of commercial real estate in OKC 2025 The Journal Record Stoughton home with 'awe-inspiring' entryway and chef’s dream kitchen sells for $1.2M Enterprise News Bridgemarq Real Estate Services® to Host Quarterly Conference Call Friday, November 14, 2025 at 10:00 A.M. ET Yahoo Finance 56K-sf grocery-anchored retail center slated for Celina Texas Real Estate Research Center $49M transit station breaks ground in Austin Texas Real Estate Research Center The Junction entertainment district coming to Georgetown Texas Real Estate Research Center Frank Aazami Joins Compass in Landmark Move for Arizona Luxury Real Estate Arizona Digital Free Press Small Landlords Still Dominate the Investor Market—Here's Where They're Snapping Up Homes for a Bargain Realtor.com Best of the Boro 2025 - ERA Hirsch Real Estate Team Statesboro Herald Learn Everything, Be Curious And Show Up To Succeed In Real Estate Inman Real Estate News Richland County property transfers Oct. 27-31 Mansfield News Journal People to Know in Commercial Real Estate & Construction: Nick Jones The Business Journals Real Estate Digest chronicleonline.com 7 things real estate brokers should do before the end of the year Inman Real Estate News Your Dream House Might Be a Fantasy The Nation Moved Acquires Paylode to Advance Ancillary Revenue Automation in Residential Real Estate and Beyond PR Newswire A Beverly Hills Estate Renovated by Diane Keaton Is on the Market for $25 Million - Galerie Magazine International home shoppers are interested in Houston real estate Houston Agent Magazine Real Estate Unraveled: How to Buy a Home with James Bunyan & Dr. Carolyn Edwards Miami's Community News Last Call: La Salle County Real Estate Taxes Due Wednesday Or Else Face Tax Sale - starvedrock.media Home Prices Keep Rising: 10 Markets Seeing the Sharpest Increases National Association of REALTORS® People to Know in Commercial Real Estate & Construction: Katy Klaproth The Business Journals Buncombe, Asheville property transfers for Oct. 20-26 The Asheville Citizen Times Celebrity real estate brokerage launches in Las Vegas Las Vegas Review-Journal October 2025's Median Price of Wake County Real Estate increased by $5,000 to $465,000 Wake County Government (.gov) Autumn Appeal: The Home Amenities Buyers Can’t Resist Behind The Hedges Golden Entertainment To Sell Operations To Blake Sartini And Real Estate To VICI; Stock Surge Nasdaq Homes for Sale in New York and New Jersey The New York Times |
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