Are you planning to sell your home anytime now? The real estate market is certainly looking up these days and you are sure to have met lots of prospective buyers for your property. However, you do have to be forewarned that this doesn’t necessarily mean that you’ll make a sale.
The government is also looking for ways to phase out Fanny and Freddie. These two private for-profit government backed entities have made some huge mistakes costing the US taxpayer a lot of money. Although it is going to take a long time to close them out, I can also see rates rising because there will be less competition.
The benefits with this type of purchase are great. The price that you pay for the house or property will be greatly reduced from comparable properties in the area. Most individuals that find themselves faced with foreclosure have no way to get out of the situation, and would rather sell and not make a profit, then to face the repercussions that can result in foreclosure. You also will have the ability to discuss price and negotiate directly with them. There isn’t a Real Estate Agent, just you and the owner. When making an offer on a property in foreclosure it is less likely the owner will turn it down, verses when dealing with a Real Estate Agent and having to go back and forth until a good deal is made.
When you find similar properties, note the names and numbers of the agents which might be selling them. The idea the following is to find an agent that has experience along with your type of house. An agent that has all the mil dollar homes might not be the best to sell your mobile property, for example. You want agents which have sold or are available several properties like yours.
If you do not have access to a private lender and you don’t want to lose the deal, then seriously consider partnering with another investor. After all, half the profits are better than no profits. Your local REIA is an excellent place to find other investors with the financial resources to partner with you.
The second way to get the value of a house is to ask an experienced realtor. Make sure the person has sold a home in your neighborhood before and knows the market well. I would ask several agents their opinion. Keep in mind that most agents will do this for free, but also remember that some will over estimate. Tell them you want a quick sale and this will get them to price the home properly.
Buying a property could provide stability for your future and give great advantages. After paying off your mortgage, you will not be paying a rent payment anymore. Build equity over time and you own more of your property.