The Experts In Real Estate And Mortgages

The deal is usually some type of distressed property.

By distressed I mean owned by a very motivated seller that has to sell due to any one of the following reason:

1. vacant, 

2. foreclosure,

3.short sale,

4.financial problems,

5.no equity in the property,

6.major health problems,

7.inherited but don’t want it,

8.downsizing,

9. relocation,

10. death,

11.lawsuit, and many more.

Some of the ways to find these properties include, realtors. They often hear of pre-foreclosures but it is important to make sure they know what types of properties you are looking for.

HUD foreclosures can be found through a HUD approved broker and are sold to the highest bidder in as is condition so you will usually need some fix up money.

Veterans administration liquidates there foreclosed properties in much the same way as HUD, to the highest bidder during the offer period. They also offer financing to buyers with very liberal terms.

Bank Owned Properties are known as REO’s. Banks usually hire real estate agents to sell their properties. You can find out who they use by calling the bank and asking for the loss mitigation department.

FSBO, for sale by owners can be a good source for owner financing

Vacant or distressed properties with tall grass, in need of maintenance can be signs of a vacant property and when you find these you can go to the courthouse and look u the owner of record and send them a letter to see if they are interested in getting rid of this albatross.

Classified ads are also a good source for finding deals and the for rent section may be a place to create lease option deals.

We Buy Houses ads in classified sections, car door magnetic signs, ugly yellow signs placed around neighborhoods (buy a lot because the city may take them down after a while).

Real Estate investment clubs exist in most towns and cities and are composed of investors who sometimes will flip properties to each other. The are usually composed of agents, accountants, handymen, lenders, lawyers etc.

Legal Newspapers are where foreclosure notices are usually posted and can be found at the local courthouse.

The county courthouse is where a preliminary notice is posted when someone gets behind on the mortgage payments (called NOD’s or Notice of Default) Feel free to send a letter to these folks or going to the property to speak to them in person to see if you can work out  a deal with them.

Foreclosure listing services can provide you with a list of foreclosures in the areas you are interested in like this one FREE Foreclosure Listings

Property Management companies are also a great source as people that use them to rent their property also use them to sell a problem property.

Offer referral or bird dog fees on the back of your card to everyone you meet since you never know who might know someone in distress.

These are just a few of the ways to find deals and next we can discuss deal making strategies on the next post.

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Posted under Foreclosure & Real Estate & Short Sales & florida & real estate investing |