The first step is to find a good real estate agent in the area that you are looking to invest in. Look for a local real estate agent where you are now and ask them if they know anyone in the area you are thinking of moving to. If that fails, contact the better business bureau or the local convention and visitors bureau. They may be able to guide you. Once you have located a real estate agent that you want to work with, take the time to meet them in person. Don’t be afraid to ask for references and if you are considering purchasing a foreclosure ask what kind of experience they have in dealing with these types of purchases. If you do not like the answers you receive or are in any way uncomfortable, keep looking. Finding the right real estate agent to help you invest in real estate is essential.
Find an agent that is on top of the real estate foreclosure market
No matter how much real estate training the agent has invested in if they do not stay up to date on the latest trends, laws and information they may not be the best real estate agent to help you. The real estate market is changing. Foreclosures are at record levels and house prices are plummeting. Savvy investors are looking for real estate agents who know the foreclosure market inside and out to help them make good decisions that they can profit on. Look for an agent who specializes in foreclosures. Ask them how they can help you purchase a foreclosed property and then ask them why that may or may not be to your best advantage. Do some homework on your own to make sure their knowledge is up to date, keep your skills sharpened and put your real estate agent to work for you. After all, that is what they are being paid to do.
Make sure your chosen real estate agent is licensed
Each state has their own requirements for obtaining a real estate license. Before choosing a real estate agent it is imperative that you make sure their license is up to date and able to be used in the state you will be purchasing property in. Most states require that real estate agents pass a state licensing exam periodically to keep their real estate license endorsement. Choosing an agent that is licensed will tell you that they are interested enough in the job they do and in keeping their clients satisfied to stay up to date on their training as well as fulfill their state’s licensing requirements.
Finding real estate for sale is easier today than ever before. Obtaining listings from websites means you no longer have to drive around town looking at homes with for sale signs or wait for an appointment with a real estate agent. With this in mind, if investing is your strategy, remember that simply purchasing a property to resell or rent to tenants is not the end of the story. Smart real estate investors look for properties that are below market value. A good way to find these is to look at foreclosures. Some homes that have been foreclosed on will be ready to rent or resell at a profit. Other buildings may need renovations or updates in order to sell them. Working with a trusted real estate agent who specializes in foreclosures, knowing what you are investing in ahead of time by carefully looking the property over and making the best deal you can will help insure that you come out ahead of the game.
Getting your hands on foreclosure listings
Obtaining and reading a listing of properties that have been foreclosed on can have its advantages. Ideally a listing will have a photo of the property as well as any pertinent information about the property. You will know ahead of time what features and amenities the property has. If you are planning to purchase the property strictly as an investment, these features can be strong selling points. Other pertinent information will include the asking price, which usually can be negotiated even on a property that has been foreclosed on. The lot features such as lot size, sewer and utilities should be listed as well as building interior and exterior features. If appliances are going to stay they will be listed as well. Homes that have been foreclosed on will not have a tenant or homeowner there so the real estate listing will be your main source of information. This also generally means possession after closing is immediate so there is no wait for the current tenants to move out. This is the best way to make a quick turn around on your investment. It is also imperative that you do get a listing of foreclosed properties, either from a bank, credit union, mortgage company, real estate agent or online. Most of these properties will not have a real estate for sale sign in front of them until after they have been put on the market which could mean less negotiating power for you. Many times the companies that have repossessed the properties will send someone around to do repairs or other updates to the property before they are listed with a real estate agent. Making an offer on these properties before that happens can lead to a win-win situation for everyone involved.
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