The time is now to get in on year end deals from banks and
mortgage companies who are carrying foreclosure properties (REO
real estate owned). Foreclosures - REO's are an on going problem
for the mortgage industry at a 52 year high, banks and mortgage
companies are overloaded with homes.
To get your best deals in foreclosure properties follow these
tips:
Work with a Real Estate Agent - agents are ready and
willing to work with investors, remember that agents expect to
do business now don't drag them all over town wasting their time
and your time.
Be ready to buy. Some commissions are as
low as 1.5% that's $375.00 to an agent on a $50,000 property
which is normally $750.00 not much income after all the hoops
the mortgage companies will make them jump through.
Top Agents - In today's real estate world the top agents
can put you into a VIP or email program where you will receive
daily emails' with complete property descriptions and photos.
You go check out the properties you are interest in and call the
agent when you want to go inside.
This comes with a price the
agent will expect you to sign a Buyer Agent agreement for this
service. Agents will bend over backwards for you if you
treat them fairly and don't expect them to work for nothing.
MLS and REO Services - Access to property information is
pretty easy today if you know where to look. You can get access
to the public side of the MLS and find most properties for sale
you will not be able to do the fine tuned search that your agent
can. Banks and mortgage companies all have web sites you can
access to hunt for properties; again your agent can get more
detailed information and be on an email list as a registered
licensed agent.
You can do all the work yourself with out an
agent, but you will need an agent to make an offer.
HUD - VA - Government Owned - The only access you will
have to these properties is through an agent who is registered
with the agency.
Some properties have special keyed locks and
only registered agents have the keys. The process is more
detailed and closing by year end is not as important, this is
the government they don't have share holders to answer to.
Be Ready To Buy - Have your financing in place line up your
hard money lenders, self-directed IRA's, private lenders,
partners, credit cards, and cash, 2nd mortgage your home. What
ever you plan on using to buy an investment property be ready
and able to close before year end to get the best discounts.
About the author:
Bill Carey offers insights to the buying and selling process of
residential real estate for F*R*E*E information and reports see
http://www.BillCareyRealto
r.com. "Insider Real Estate Secrets Revealed" ...a must-read
for Home-Owners and Renters! It's a FREE 12-lesson e-course
covering more than 20 topics exposing the realities behind
buying and selling a ho
