Buying real estate is quite an undertaking, especially for first timers. It can, however, make you lots of money over time, as well as enable you to live a better life right away. Keep reading for some tips that should prove invaluable to novices and experienced buyers alike.
Keep an eye out for pre-foreclosure properties. If time is not a major consideration, and you are willing to put forward some personal effort, purchasing a pre-foreclosure property might be advantageous for you. Properties in pre-foreclosure have owners who may go into foreclosure proceedings due to delinquent payments. You can get a lender’s list of pre-foreclosures, or place advertisements stating that you will pay cash to buy homes. Once you have gathered a list of potential properties, contact the owners to see if they are interested in getting out from under their debt. Discuss with them what their payoff is and let them know you are willing to pay the property off and give them some money over top of the amount they owe. If there is a good bit of equity already, you can do well this way.
Don’t hire a real estate appraiser who has less than five years of … [Read More]