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9 Sure Fire Ways To Find Bargain Properties Today
Dated: April 3 2018
8 Tips to Great Values
Everyone wants a bargain when buying a home. But one buyer's bargain can be another buyer's money pit. If "bargain" means only below-market price, then not everyone can get one. The secret is value. If you hunt for value - in addition to price - you are guaranteed to get a bargain when it's time to to buy your next home.
Not all bargains are distressed properties or fixer-uppers. Bargains can be had in the mainstream marketplace as well. Although you may pay the same price as your neighbor, your home may have upgrades and special features that make it a real value. You can also get a bargain in terms of how you buy the hoe - perhaps through "creative financing" with the seller's help. Included in this blog are nine strategies you should know before beginning your search for a value property.
There are as many ways to locate value properties as there are buyers. Foreclosures, estate sales, corporate relocations, divorce situations, are only some of the reasons below-market properties come on the market.
Here are eight ways you can find a value property:
YOUR FIRST STEP is to hire the right Realtor® who keeps a finger on the daily pulse of these specialty markets. Call us at 863-292-6895 to find out how to get started finding your value home! We can help you avoid the pitfalls of bargain shopping and ease the process at every step.
FORECLOSURE or REO SALES involve homes where a homeowner has defaulted on the loan and the bank or lender has taken possession of the property. In 2018 however, these are far apart, long are the days of 2008-2012 where these type of properties dotted the landscape. To make an offer on these properties you must be prequalified for a mortgage loan, enough money on hand to make the Earnest Money Deposit. Contact us for more details on these type of properties.
GOVERNMENT OWNED HOMES include houses that had loans backed by the federal government, through agencies such as the Department of Veterans Affairs and the Department of Housing and Urban Development, or the Department of Agriculture. Once these loans are in default, the lenders will take over the property. When the Federal Government pays off the loan, it then takes possession of the property from the lender. Generally the bidding process to purchase these homes is done through real estate professionals who are registered with the various entities and have the training and knowledge to comply with their regulations.
FIXER UPPER PROPERTIES generally are in disrepair and sold "AS/IS" - the discounted price reflects their condition. As us how to qualify for a loan that includes extra repairs through the FHA 203k loan program.
BELOW MARKET properties are available through brokers, including estate sales, builder close-outs, auctions and divorce sales. In general bargain houses sold through brokers tend to be in better condition than foreclosures/REO's. We specialize in finding value properties for our clients, both in price and value. Call or Text us @ 863-292-6895 for more information
THE LEAST EXPENSIVE HOME in the nicest neighborhood you can afford is often a great value. This type of homes puts you in the best position to benefit from improvements and price appreciation.
FINANCING WITH LOW MONEY DOWN or no money down can get you into the home of your dreams, maximizing the return on your original cash outlay
NEW HOMES being sold either out of the site trailer or when the builder is closing out the community are often a great deal. When a builder is starting out a community, pre-construction prices right out of the trailer are sometimes lower than when the homes start going up. Later, when the builder wants to close out the community and move on to another project, there may be special discounts and/or buyer incentives for buying the last of the inventory. A savvy home buyer can pick up a bargain this way. We can represent you with any builder in our area. Call or Text 863-292-6895 for more details.
Here are a few pointers you should know before beginning your search for a bargain house:
INSPECT CONDITION CAREFULLY Many bargain homes are sold "AS/IS" so you first need to discover the true condition of the home to determine what repairs are needed and how much they will cost. Generally a home inspection, survey, WDO inspection, wind-mitigation, septic and well inspections if present are sufficient.
INSURE THE TITLE some bargain homes come with a general warranty deed, which does not guarantee clear title. Without clear title, you face the possibility of losing ownership of the property as a result of existing liens and other legal actions, even after you have gone through settlement on the property.
STICK TO YOUR FINANCIAL LIMIT know the worth of the property your are considering and know what you are willing to pay, and then stick to it.
@ I Think Realty we specialize in helping buyers or buyer clients find the best home at the best price in Davenport, Haines City, Clermont, Winter Haven, Auburndale, Lakeland, Lake Alfred, Lake Hamilton,Kissimmee, Lake Wales and Bartow if you are looking to buy in any of these areas feel free to contact us at 863-292-6895.
My name is Manny Quiros, I’m a real estate professional in the “Disney Area”, I have lived in this area since 1999 and have called this area my home and place my wife and I to raise our three wo....