In the market lately, foreclosure rates have been spiking and brewing up a hot market for investors and buyers. To get the best deal possible you should follow these 5 simple steps.
1) Timing is everything, meaning when the borrowers are in their grace period of paying back the amount they owe this is the best time to strike up a deal.
2) Look in the right places, online services, such as RealtyTrac provide national information on foreclosures, broken down into such categories as bank-owned, auction, and pre-foreclosure. The Hudson & Marshall Web site has auction schedules and even lets you make bids online.
3) Know when to walk away, meaning check the property, make sure its not vandalized, plumbing work, any other problems?
4) Do your research. Before buying a foreclosed property, your clients should have the home appraised to get an accurate estimate of value.
5) Buckle your seatbelt. Foreclosure deals often move fast and require constant monitoring as properties wind their way through the process.
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