Buying, Selling and Flipping Foreclosures Part I
It seems that the next trend in Real Estate, at least for the next couple years, will be in foreclosure sales and investment. Now don't get me wrong, I'm not saying this is a new trend, but given the current market conditions, the rising unemployment rate, and the growing number of people unable to make their mortgage payments, it's inevitable that we'll see an even greater increase in the number of homes available for short sale or foreclosure.
The process is not easy by any means, but for the prepared individual willing to put forth the effort and take a little risk, the gains (or savings) can be substantial. It starts with identifying which properties are available for short sale or foreclosure. There are a large number of resources available for someone searching, but very few of them are free. One website that will provide you with a small number of available foreclosures is http://www.hud.com/ . Of course this site only shows you HUD owned homes, but it's a start. You can also visit the county courthouse at the beginning of the month for a list of homes to be auctioned. For more accessible, including online and hardcopy sources, please don't hesitate to contact me as I personally subscribe to several of them.
The next step is to determine the condition and market value of the home. This is usually best left to the professionals as we have resources making information readily available to us, allowing us to look at and compare recent sales. We are also very familiar with market conditions. This helps us form an educated opinion on the potential appreciation for the property and at what price you need to stay below in order to make the effort worthwhile.
I will continue this article on Monday November 10th, 2008. For immediate help please contact Mike Iosue at 704.467.0669.
Did you know that you can get FREE buyers representation just by calling 704.467.0669. My commission is paid by the Seller! What does that mean? That means you have someone fighting on your side, someone who already knows and has great relationships with the inspectors, attorneys, surveyors, handymen, and property managers needed to make transaction happen, all for FREE! It's as easy as a phone call.
