Newsroom /
Business
/
Real Estate
/
The 6 Steps to Buying a Short Sale
The 6 Steps to Buying a Short Sale
Are you interested in buying a short sale home for yourself? Maybe you’re interested in flipping it for profit?
Bellingham,
WA,
United States of America
(prbd.net)
17/01/2013
Are you interested in buying a short sale home for yourself? Maybe you're interested in flipping it for profit? This will be the most important article you read regarding short sales. An investment in short sales and foreclosed properties can be lucrative. If you know how you will be able to flip these properties for staggering profits.
One of the benefits to buying a short sale home is that you are actually helping someone who is in a distressed situation. In today's market, short sales and foreclosures are plentiful. Right now is a great time to buy them and make a substantial profit. If you are interested in Foreclosures check out our 5 Keys to buying a Bank-Owned home!
Buying a short sale is more complex than a normal real estate transaction. It involves more parties and more paperwork. With the right agent and by following the steps below you will be able to get a phenomenal deal and make yourself a good amount of money.
1. Type of Home - Determine what type of home you are looking for. If you are strictly an investor and you want to be able to flip the property quickly for a profit then you have a little more work cut out for you than if are looking for your own home. For investors you need to identify which type of homes are selling and what they are selling for compared to other types of homes. By analyzing market trends you will be able to discern which homes will be wise investments.
2. Location - After you have determined the types of homes that are selling for decent prices in today's market you need to study different neighborhoods and other aspects of the properties location to determine which home to buy. Be sure to look at both active listings as well as sold listings in the different neighborhoods so that you can put together an accurate picture of the housing prices for each area.
3. Money - Financing a short sale home can be difficult. For the purposes of investing we suggest looking to a hard money lender. A competent hard money lender will be invaluable to you in this process and may increase your buying power which will increase your profits. Since hard money lenders are in business to make money, they only make money when you make money. Therefore, they will generally give you sound advice on whether or not a property is priced right.
4. Agent - You can only do so much on your own, if you have the time to go out and search for properties great. More than likely there is a specialized realtor or two in your area that deals mainly with short sales and they will be a great asset to you. The right agent can turn a complex and arduous process into a very simple and even quick transaction.
5. Confidence - Remember the Buyer sets the price. A Seller can't tell you what to offer and in their eyes an offer will never be high enough to cover the emotional expense tied into their home. Be confident in your previous work and be strong with your offer. Use hard figures and make a calculated judgment on what the home is worth as an investment and stick to it.
6. Education - If you are in the market or wanting to get into the market of buying and selling homes for profit you need to have the right education. The more education you have the less you need other people's involvement. It is a complicated process but by working with the right people and being a discerning and confident investor there is plenty of profit to be made.
For more details please visit: http://www.bellinghamshortsales.com/
###