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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 Avoid out of date infomercials on TV. 6.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: Jake Paul Closes One Of The Largest Real Estate Deals In Georgia History With $39 Million Purchase of 5,600-Acre Ranch Yahoo Finance New Jersey tops nation’s highest property tax list at $9,413 while southern states offer relief New York Post A tale of two Floridas: Real estate industry torn over DeSantis' push to eliminate property taxes Fox Business Dave Ramsey Saves Listener With $1 Million in Her 401(k) From Becoming a ‘Victim of the Real Estate Market’ Realtor.com Hoby Hanna: Zillow is ‘overstepping,’ limiting ‘creativity’ - Real Estate News by RealEstateNews.com Hoby Hanna: Zillow is ‘overstepping,’ limiting ‘creativity’ Real Estate News by RealEstateNews.com What renters really want | Real Estate Newsletter Inquirer.com VanTrust Real Estate Columbus office founder takes new role, successor named - The Business Journals VanTrust Real Estate Columbus office founder takes new role, successor named The Business Journals Despite signs of market rebalancing, real estate in this NJ town remains hot. Here's why Bergen Record Real estate inquiries by wealthy New Yorkers into Florida properties jump 50% after Mamdani primary win Fox Business Real Estate: Immaculately Maintained & Move-In Ready Home sanangelolive.com These are the forgotten NYC nabes that became real estate hot spots in the last decade: report New York Post Real Estate Newsletter Articles this Week: Months-of-supply is higher than the previous 8 years! Calculated Risk RNR Real Estate Briefs — Texas & more Realty News Report Golfer Bryson DeChambeau's Massive Real Estate Investment Has Eaten Up Most Of The $125 Million He Got Paid To Switch Tours Yahoo Finance Buyers wary of surprise HOA costs now have a safety net Real Estate News by RealEstateNews.com Compass to share exclusives — if brokers, MLSs play by 2 rules Real Estate News by RealEstateNews.com NYC Real-Estate Execs Throw Money Behind Adams to Counter Rise of Mamdani The Wall Street Journal 'Married To Real Estate' Canceled After Four Seasons On HGTV, Say Hosts Egypt Sherrod & Mike Jackson Deadline 'The part no brochure tells you': Real estate advisor exposes legal landmines Indian buyers ignore MSN Tampa real estate investment firm under investigation for potential deceptive practices Florida Politics Senior Spotlight: The Grand Junction Daily Sentinel Real estate investors are purchasing more U.S. homes as high prices lock out would-be buyers CBS News $400 Million Family Lawsuit Involving Prominent Fullerton Real Estate Figures Part 1 Fullerton Observer Mortgage Rates Predictions for the Next 6 Months: August to December 2025 Norada Real Estate Investments 2025-2030 Five-Year Housing Market Predictions U.S. News Real Estate Department of Taxation and Finance dos.ny.gov He Built a House With Doors and Windows That You Can’t Close The New York Times Real estate sales in Peoria, Tazewell and Woodford counties for July 12, 2025 Peoria Journal Star SERHANT. hits DC; Elliman snags ‘Million Dollar Listing’ star Real Estate News by RealEstateNews.com OT Real Estate Spotlight of the Week: 1555 Graves Lane The Owensboro Times New Jersey tops nation’s highest property tax list at $9,413 while southern states offer relief New York Post The Michael Houck Real Estate Guide for July 13th Oil City News Confusing housing stats & real estate nerds Sacramento Appraisal Blog Real estate boss targeted in San Francisco with smear campaign The San Francisco Standard Top 10 most expensive homes sold in Petaluma last week The Press Democrat Real estate CEO warns of growing ‘exodus’ as people have ‘given up’ on California — but where are they going? Yahoo Finance Mortgage Rates Today – July 12, 2025: Rates Rise Across the Board for All Loan Types Norada Real Estate Investments Here are recent property transfers up to $970,000 St. Albans Messenger How downtown Natick MA has become a focal point for redevelopment MetroWest Daily News Agent Spotlight: Katie Coleman The Grand Junction Daily Sentinel Here are businesses on the move in Marin, Solano, Napa, Sonoma and Mendocino counties The North Bay Business Journal Where are home prices falling most in America? This SWFL community made top of the list Naples Daily News Top B2B Platforms Transforming Tokenized Real Estate Markets Herald Home prices in Colorado Springs hit record high, even with many homes for sale Colorado Public Radio Blackstone, PSP reportedly among consortium in talks to acquire H&R Real Estate Investment Trust Pensions & Investments Wichita Falls ISD teams with Bishop Real Estate to sell Kirby Middle School Texomashomepage.com Landmark Tax Reform Brings Major Wins for Real Estate National Association of REALTORS® Page C4 Post and Courier Page C2 Post and Courier Page C6 Post and Courier Page C5 Post and Courier Page C10 Post and Courier Page C11 Post and Courier |
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