You may think that finding that prefect home to turn a profit means spending all your life savings. However, that’s not necessarily true. That perfect money maker may very well be a real bargain. Once you decide you’re willing to look for that special deal on a home you have to know how to spot the bargains that other people miss.
The first thing you must know when trying to spot the real deals is to know that some areas will have better bargains than others. These may be the ones to reward you more in the future. It is all about timing and timing is key when looking for a deal because you must be ready when the opportunity arises. Checking out auctions is one of the best places to spot a bargain because many times there are circumstances involved which eliminate the long process of wheeling and dealing to obtain a good deal on the property. They need to sell quickly and there isn’t as much competition.
Another tip is to look for the properties which have been on the market the longest. In most cases that means houses that have been out there for more than 5 months. But always keep in mind that if it looks too good to be true than more than likely it is and that’s when you want to pay attention and look into the matter more closely. If you’re really interested in the property then it would pay you to hire an inspector to use his professional eye to check things out for you. Other than a flat market, there is usually a very good reason why a property isn’t selling or is being offered at a really low price.
So use all the tools available to you, whether it’s the media, your family and friends, a real estate agent or your own research to help you house hunt and you’ll be sure to spot the bargains that other people miss. Put the word out to all the people you know that you are looking to buy a house. Many times that might know someone that is thinking of selling. That type of deal many times will allow you to buy it at a lot lower price. For one thing, the seller will not have to pay a commission to a Realtor so they will be willing to accept a lower price or pay some of your closing costs. Look for opportunities in areas that not everyone is looking for, yet!
Topics: Bargains, Foreclosures, Investment Property, Short Sale
If you don’t have any money are there any lenders out there that will loan you the money to get started?