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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 Avoid out of date infomercials on TV. 6.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: This real estate company trapped nearly 700 Oregon families in 40-year contracts that even affected their chi OregonLive.com These bungalow owners turned a dark 1970s kitchen into a light-filled award-winner Crain's Chicago Business Cook County has a new home price tracker. Here's how it stacks up. Crain's Chicago Business Real Estate Transactions, Nov. 17 edition Hopkinton Independent Real Estate Transfers: Oct. 31, 2025 The Bedford Citizen Sustainability meets investment at these Mexican real estate projects Mexico News Daily Martin Selig Real Estate secures lease renewal with state agency The Business Journals Dean Weidner makes $10M gift to establish Weidner Business and Real Estate Center at OSU Oklahoma State University Top 2026 Commercial Real Estate Issues to Watch | Florida Realtors Is $200 Million the New $100 Million in Luxury Real Estate? The Wall Street Journal In the News: Andy Babula on the Risks of Real Estate Consolidation in St. Paul Newsroom | University of St. Thomas Industry still vulnerable post-settlement, researcher warns RealEstateNews.com AI real estate, mortgage scams proliferate The Voice of San Francisco Fed Cuts Fail to Revive Commercial Real Estate Market wealthmanagement.com CPP’s van Oosterom on taking ‘the broadest view’ in real estate Private Equity Real Estate | PERE Building a brand clients trust in real estate RealEstateNews.com Artisan Partners to acquire real estate firm Grandview Property Partners Pensions & Investments ‘Timeless’ estate with water views for sale in western WA. See the ‘masterpiece’ Tacoma News Tribune Pa. Department of State begins offering real estate license exams in Spanish NorthcentralPA.com How real estate intelligence is redefining retail growth Chain Store Age Owning versus Renting, and Other Questions Nonprofits Should Ask About Real Estate: A Conversation with Rudy Espinoza and Allison Wagstrom Nonprofit Quarterly Miami Real Estate with Solid Fundamentals, No Bubbles Funds Society REAL ESTATE BRIEFS NOV. 18 Las Vegas Business Press Weidner funds new business and real estate center at OSU with $10M donation The Journal Record Sagard Real Estate Expands Industrial Portfolio with Acquisition in Charlotte, North Carolina Yahoo Finance PSERS commits $190 million to private real estate and private equity funds Alternatives Watch Radio Real Estate 11/15/25 My Bellingham Now NAR Clarifies Disclosure Requirements Under Article 7 When REALTORS® Are Compensated by Multiple Parties National Association of REALTORS® Detroit's real estate investment potential continues to rise in national ranking Crain's Detroit Business Mid-America Real Estate Corporation brokers sale of 255,704-square-foot retail center in Batavia REJournals MacDonald Highlands mansion tops October sales at $13.4M | Real Estate Millions | Business Las Vegas Review-Journal The Strategy Shift Agents Need to Win More Listings Right Now National Association of REALTORS® Gahanna's $100 million Creekside District redevelopment moving forward after council OK The Columbus Dispatch Inside the Weintraub estate at BIGHORN Golf Club The Desert Sun Uzbekistan Emerges as Key Market for China’s Real Estate Giants The Times Of Central Asia RioCan Real Estate Investment Trust Announces Strategic Outlook at 2025 Investor Day: Strength in Retail, Durable Growth Ahead Business Wire Amplify your brand with a real estate podcast Inman Real Estate News Son wants $40K from parents to buy property tax lien. Is it a good investment? azcentral.com and The Arizona Republic HPI starts construction on luxury living community in north Fort Worth The Business Journals Commercial real estate brokerage files for bankruptcy The Business Journals What's the most expensive property sold in Rhode Island? Nov. 14 real estate transactions. The Providence Journal Decay, Abandonment, and . . . Profits? An Unlikely Combination in Real Estate Markets Federal Reserve Bank of Philadelphia The Trump Organization eyes real estate deal in Saudi government development: Report Middle East Eye Local firm pays $44M for Deerfield shopping center Crain's Chicago Business Trump Project in Maldives Opens More Doors for Cryptocurrency Investors The New York Times Atlanta Braves: Unique Investment With Valuable Real Estate Assets And Strong Fan Appeal Seeking Alpha Eric Trump Shrugs Off Crypto Rout, Eyes Real-Estate Tokenization The Wall Street Journal Billionaire Ken Griffin seeks approval for Florida's tallest office tower The Business Journals The National Observer: Government reopening doesn't mean things are back to normal The Business Journals Real estate transactions sungazette.com Membership Rules Are Changing for Real Estate Agents. What It Means for the Housing Industry. Barron's Mall pioneer Taubman to close Bloomfield Hills headquarters, cut 105 jobs - Crain's Detroit Business Mall pioneer Taubman to close Bloomfield Hills headquarters, cut 105 jobs Crain's Detroit Business Columbia County Real Estate: Six residential sales in past two weeks Magnolia Reporter |
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