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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 Avoid out of date infomercials on TV. 6.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: Ken Griffin invests in real estate tech firm Crain's Chicago Business 13 places in the US where it's probably not worth investing in real estate for the next decade Business Insider Recent Commercial Real Estate Transactions The New York Times Success in real estate investing requires carefully scrutinizing those rare too-good-to-be-true deals Washington Post What's The Point - REAL WOMEN IN REAL ESTATE REALLY CONNECTING - Santa Monica Daily Press New Real Estate Trust Wants Troubled Philly Community to Shape its Own Economic Development Next City Real Estate – November 19 Greenfield Daily Reporter Real-Estate Brokerage Compass Buys AI Startup Detectica Wall Street Journal Adoption of Technology Now an Imperative for the Future of Real Estate, According to IPUT's Shaping our Cities Report Business Wire Changes, challenges for Dayton's vital real estate industry Dayton Business Journal North Texas major investor USAA is selling control of its real estate business The Dallas Morning News Chicago medical real-estate groups buys two more Winston-Salem properties for combined $31.7M Winston-Salem Journal Accused Chinese Spy From Hayward Linked To Real Estate Scheme CBS San Francisco Real Estate Insider: What's up with that smell at the Hudson's site? Crain's Detroit Business Real Estate Market Spotlight: Greenwich Village Tribeca Citizen Lebanon County real estate transfers for week of Nov. 18 Lebanon Daily News Post-Car Real Estate Developer, Culdesac, Announces First Car-Free Neighborhood Built From Scratch in the U.S. Yahoo Finance Boston real estate veteran Frank Petz signs on with Colliers The Boston Globe Akron real estate firm proposes three-building development at Ohio 82 & I-77 in Broadview Heights cleveland.com M&T Insurance Agency names group practice leader for real estate & construction - Insurance Business America's priciest real estate markets HousingWire $980m Dynasty RIA sets up real estate venture Citywire USA Long Island real estate agents treated minorities unfairly: Newsday Business Insider Zephyr Real Estate Announces Third Quarter Awards GlobeNewswire ORIX USA adds multifamily business with Hunt Real Estate Capital - Products McKnight's Long Term Care News Tucson Real Estate: Regents buy site for future University of Arizona veterinary school Arizona Daily Star Deals Day: The latest North Texas real estate moves - Dallas Business Journal Dallas Business Journal Iredell County real estate transactions: Nov. 3-9 Statesville Record & Landmark MacKenzie Welcomes Grace Fennessy as Real Estate Advisor Citybizlist Real Estate Homicides hammer Baltimore, other urban real estate markets Maryland Daily Record Oprah Purchased Jeff Bridges's Montecito Estate for $6.85 Million TownandCountrymag.com Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties: Nov. 17, 2019 edition MassLive.com Morning Bulletin: Morningside Rezoning Proposal, Real Estate Choices, Rent Lawsuit - westsiderag.com 5 Newest Real Estate Listings In Douglasville Douglasville, GA Patch Hot Property Newsletter: The luxury real estate market changes with the calendar - Los Angeles Times Standing on real estate gold, Manhattan synagogues seek to double as condos The Times of Israel 2020 Real Estate Outlook: Expert Predictions For Mortgage Rates, Home Prices, Tech And More - Forbes Hoffman Estate shopping center sells for 31% below 2014 price Crain's Chicago Business Dallas real estate market tries to gauge storm impacts The Dallas Morning News Blackstone Real Estate Income Trust Completes Acquisition of Bellagio Real Estate from MGM Resorts International for $4.25 Billion in Sale-Leaseback Transaction Hotel News Resource How to Break Up With Your Real Estate Agent Motley Fool Erie County Real Estate Transactions Buffalo News ‘She Build’: Creating an All-Women Real Estate Development Team The New York Times Saratoga Springs’ Real-Estate Market Is Off to the Races Wall Street Journal A real estate association is cracking down on ‘off-market’ properties. Here’s what that means for buyers. Washington Post Amazon Loss Stings, but Long Island City Real Estate Shrugs It Off The Wall Street Journal 3 USAA Sells Controlling Interest In USAA Real Estate Subsidiary Dallas-Ft. Worth Dallas November 15 Bisnow Inked: Recent LI real estate deals Long Island Business News Routt County real estate sales total $15.5M for Nov. 8 to 14, 2019 Steamboat Pilot & Today Martha Stewart Announces Plans for Branded Real-Estate Developments Architectural Digest Real estate agent accused of lengthy fraud scheme FOX 5 San Diego Sponsored: Real Estate Confidential: What is an Island family to do? Martha's Vineyard Times |
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