Real estate can be exceedingly expensive, especially during a seller’s market. Even when prices are high in desirable areas, you don’t have to compromise; you just have to know where to look. Whether you want to buy a home for your family or invest in a rental property, you can always find a great deal. Use the leads below to help guide you through the process of finding the best deal to suit your property needs.
When a home or other property is repossessed by a lender, they will typically list the property for sale on the market. These prices are usually some of the least expensive homes on the market as banks are in the business of lending money, not managing properties. The foreclosure process can take years and the properties are more often than not in need of major repairs, so further discounts may be available to compensate buyers for the extra effort required to get the house in good condition.
Get Offers in Early
There’s a reason real estate agents tell their clients to put an offer in as quickly as possible. Oftentimes, it’s not the highest offer that gets accepted, but the first. To prevent missing out on a great deal, get pre-approved for a loan by your bank so you can put an offer in immediately on a property you love without having to wait for approval from the bank. Without the pre-approval, most sellers will discard your offer.
Approach Absentee Owners Privately
If a house isn’t on the market right now, that doesn’t mean it can’t be purchased. When market conditions are right, some homeowners will sell for the right offer, especially if they don’t use the property. Sometimes the best approach is contacting homeowners yourself instead of competing for a listing that already has a dozen offers. Absentee owners are your best bet as they own the property but don’t live in it. Look for vacant homes or contact landlords listing apartments for rent. You never know who may be willing to sell without trying.