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How to Buy a Bargain 'Doghouse:' 18 Tips on Buying Distressed Real Estate
Copyright 2004, Jeanette Fisher
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What is a "distressed" property? What is "bargain" real estate?
A distressed property is one with a distressed seller. Job loss
or transfer, divorce, death, pending foreclosure, and lack of
money cause sellers to sell fast for less. Discovering the
seller's problem and finding a solution is the key to buying
a bargain property. A distressed property may also be a
"doghouse," a dump, or a fixer. Owners of "doghouses" are
not always distressed sellers.
18 Easy Steps to Buy a Bargain House
1. Get good advice from successful investors. Ask friends and
real estate agents for referrals to investors.
2. Create your personal "Investment Journal," like Doghouse to
Dollars Workbook: Turn Yucks into Bucks Investor's Guide.
3. Define investment goals: Do you want to buy a home to live
in, to fix and sell, or to hold for your future?
4. Get credit reports & scores. Create a file for each credit
reporting agency. Take care of any credit issues.
5. Read Real Estate investing books and articles. Attend
workshops and seminars. Avoid out of date infomercials
on TV.
6. Get good advice from lenders. Choose a lender with great
service, good closing record, and fair costs. Arrange
financing.
7. Define your target locations: Is your desired property near
home or job, vacation or second home?
8. Learn your target market. Study real estate newspaper
sections. Pick up homes for sale flyers. Watch sales and
note prices, amenities, and conditions. Follow HUD sales
in your area.
9. Interview Real Estate agents and learn from them. Do not
sign any agreements with agents limiting your search for
bargain property. (These contracts make you pay the agent
a commission even if you purchase by owner.)
10. Use agents who know local market customs and guarantee to
make many offers for you.
11. Find a good escrow officer for buying "for sale by owners."
12. Study home remodeling, design magazines and books. Learn the
costs of materials, supplies, and trades. Visit home
improvement warehouses. Note costs of building materials.
13. Be ready to know a bargain property when you see it.
14. Make many offers. Bid on HUD repos.
15. Buy only bargain property. Get great terms or concessions
from seller.
16. Plan house transformation during escrow. This speeds your
work time -- saving you money in holding expenses.
17. Monitor real estate escrow closing. Do not jeopardize your
financing by charging up credit cards or making unnecessary
purchases.
18. Celebrate buying your "doghouse" with an open house!
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