Whether you’re trying to buy a house so you can live in it, or are starting to get into the real estate field, you can surely benefit from buying cheap, fixing up, or buying things like foreclosures at discount rates then flipping the house to increase your revenue and earnings. No matter what though, it’s important that you pay attention to certain details when it comes to finding a good deal. In this guide, inspired by the experts at The Connolly Agency, we’re going to give you some awesome tips for finding great real estate deals.
Look for Foreclosures
House for sale with keys
You may be surprised, but a lot of foreclosures don’t necessarily need a lot of work in order to fix up. Many people have bought a house for about 25 thousand dollars, put in about five thousand dollars’ worth of work into it, and just by doing so, increased the property value of the home with a little love by nearly two hundred percent, if not more. You can normally get a good discount on a foreclosure however, so you need to check into every angle and never forget to barter in order to land that deal.
If You Aren’t the First, You Can Be the Last
Sometimes, you need to grab a deal as soon as you see it. There are many ways you can find a deal when you see something super cheap come up that you can nab (like foreclosure deals, repossessions, etc.), but at the same time, you can often find amazing discounted homes that have been on the real estate market too long. When a home has no owner and is listed for an extremely long period of time, these homes start to quickly depreciate in value, mainly just so they can get sold. By then, a lot of homeowners will be quick to go ahead and sell the home just to get it off of their hands.
Look into Cash Buying
Most of the time, when someone has a home on the market, you can generally expect them to say “No, I’m looking to sell for this much”. However, just like the above paragraph, if you have the majority of that in your hands at the time, you may be surprised to find that with the right “sales tactics” and up talking, you can generally get a homeowner to fold by selling you the house “as-is” and offering a cash buyout. Do keep in mind that this means they won’t have to deal with any closing costs, finalizing, or taxes, so that ball is going to be in your court, but it can be more than worth it when the taxes may not be too much, and neither will the finalizing costs.
No matter what you’re purchasing a home for, you can look in many real estate listings, check into “we buy houses” companies, and even look online for great deals. Some may even be in your local newspaper, or just available if you’re driving around your town. But the main thing is that as soon as you spot the sweetest deal to get your home, be sure you grab the deal quickly before it’s gone or someone else will pick it up!