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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 Avoid out of date infomercials on TV. 6.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
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Here’s How to Take Over. The New York Times SF billionaire buys downtown skyscrapers for $177M, will add pickleball courts, rock wall The San Francisco Standard NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME FUND ANNOUNCES DECLARATION OF REGULAR MONTHLY DISTRIBUTION PR Newswire As Google retreats from real estate, will it still build the 15,000 homes it promised? - Tech Xplore Market Basket real estate could come into play Eagle-Tribune Clemson's Nieri Family Challenge to Elevate Construction and Real Estate Development Education GroundBreak Carolinas For sale: Charming estate on 10 acres in Stevenson The Baltimore Banner Today’s Mortgage Rates – May 31, 2025: Rates Go Down for Homebuyers - Norada Real Estate Investments Today’s Mortgage Rates – May 31, 2025: Rates Go Down for Homebuyers Norada Real Estate Investments Here are businesses on the move in Marin, Napa, Solano and Sonoma counties The North Bay Business Journal Redfin declares metro Denver a homebuyers’ market The Denver Post Opendoor could drop off NASDAQ if stock doesn’t rebound Real Estate News by RealEstateNews.com People on the Move: NAR adds 2 comms veterans to shape its story Real Estate News by RealEstateNews.com South Carolina ranks as one of the top 10 states for this real estate reason - Myrtle Beach Sun News South Carolina ranks as one of the top 10 states for this real estate reason Myrtle Beach Sun News Berkshire Access Realty Merges with Bishop West Real Estate iBerkshires.com Hanna: Mission is a sound and secure location for commercial real estate investment Rio Grande Guardian Real Estate 101: What Makes a Good Private Money Lender? The Rome News-Tribune EG Real Estate: 15 New Listings & 7 Sold East Greenwich News Contrarian Commercial Real Estate Investors Can’t Get Enough of the Uncertainty Commercial Observer Wealthy Americans are making a surprising decision when they set up home in California city Daily Mail News | British Columbia rejects real estate industry's call to ease short-term rental clampdown CoStar Brockton home on Benham Street that sold for $827K boasts six bedrooms, five baths - Enterprise News We're seeing a bifurcation of commercial real estate, says Fortress Investment Group Vice Chairman MSN As Google retreats from real estate, will it still build the 15,000 homes it promised? The Mercury News Berkshire County Real Estate Transactions for May 12-16 The Berkshire Eagle San Antonio real estate veteran Mona Mitchell honored with Lifetime Achievement Award The Business Journals Holding Steady: Intown’s real estate market chugs along despite economic shockwaves Rough Draft Atlanta House Passes Tax Reform Package with Key Wins for Real Estate National Association of REALTORS® |
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