In today’s real estate market the foreclosure rate is through the roof. Everyone is trying to buy foreclosure homes being that there are so many. Some may say that this foreclosure market offers some of the best investment opportunities. This is true, but how do you find these foreclosure homes if you are a newbie? What do you need to do before buying a foreclosed property?
Find the money: The first thing you may want to do is get your financing options in order. If you have cash, the deal will be much easier to get. If you don’t have cash then you should consider finding a private money investor or a hard money lender. These types of lenders can provide you with the ability to buy homes with cash.
Finding foreclosure homes: Finding foreclosure homes is not as complicated as you think. Nowadays, a lot of banks like to sell their properties through realtors. Try to find a realtor that specializes in finding foreclosure homes. This will make it easier for you to find these properties. Go to some of your local real estate offices and ask for the foreclosure specialist.
Viewing the property: After you have found the foreclosure properties, then you would want to inspect them. If you are a newbie then you may want to bring an inspector along. The expense of the inspection will be your responsibility so make sure that the property will be something that you’re definitely interested in. Ask the inspector a lot of questions. Find out what to look for when buying houses. After a short while, you will be able to inspect the properties on your own and save the inspection fee.
Make the offer: If you want to get the property you will have to move quickly. Don’t stall in making an offer. I like to make offers on the spot. But, if you are a newbie you may want to go and run your numbers properly. Make sure you call your agent the same day with your offer. If you can get the property at a 50 percent discount then you have yourself a deal.