Tips to Finding Good Real Estate Deals
Be Proactive and Look for Off-Market Properties
Instead of simply relying on the MLS where a single family property is likely to draw in many potential buyers within the first day, increase your chances of nabbing a property by quietly contacting owners themselves directly and ask them if they will consider selling. Truth be told, a good percentage of homeowners have had that thought cross their minds at one time or another, so why not be the first to reach out to them before they even list their homes? Besides door knocking on properties that you would like to purchase, the best kinds of people to target when it comes to looking for off-market properties are i) absentee owners, ii) landlords who dislike their tenants iii) inherited property owners.
Consider Purchasing a Bank-Foreclosed Property
For those of you who aren’t too familiar with bank-foreclosed properties, this is when the owner is unable to pay a mortgage payment for a long period of time, which in turn results in the lender repossessing the home and removing its occupants. Once the occupants move out, the lender will usually end up listing the home for sale on the market.
While the situation of a foreclosure is quite sad (nobody will celebrate when a person loses their home), once the lender lists it for sale, these properties can seriously become some of the most amazing deals that you’ll find on the market. The thing is, banks aren’t really that interested in getting the top deal, because they aren’t in the real estate market. They are just interested in the exchange of money, hence they don’t really mind offering a good deal just to get out of having to manage the property. Translation: You’ll be able to get an awesome deal on foreclosed properties if you know how to buy them.
Be the First… or the Last
Have you heard of the saying, “the early bird gets the worm”? Well, in the world of real estate, this holds some truth. A lot of the time, it actually isn’t the highest bid that seals the deal, it is simply the first. Hence, if you are seeking an amazing deal, then don’t be too slow about it. Get your pre-approval paperwork in order, so that you will be able to leap on any property at any time, and make sure that you’ve got a range of resources ready that will notify you of any new properties that hit the market.
Conversely, another great way to nab yourself an amazing deal is to seek out properties that have been on the market for an extremely long period of time. These owners will be getting rather anxious and impatient, thus making them far more likely to sell for a discount due to the fact that they are tired of waiting. A lot of the time, they would have been making two mortgage payments for several months and are likely to think about, or even accept any offer.