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For free foreclosure & Distressed Property listings e-mail me at with your search area: Jgomes@pru-nw.com
When getting into either of these types of sales as either an investment, or for your own person use, you must first carefully put together a budget. The most costly mistake that I see people make is not knowing how much money they’re going to spend, and how much they can afford to spend. Sitting down to create a comprehensive budget AND timeline for expenses will serve to help you throughout. Lean search: For both foreclosures & distressed homes a lean search is crucial, there may be thousands of dollars in leans against the property aside from the mortgage. Contact your local title company, and have them run the address to get the lean info for you. Contractors: This seems like this would be the easy part if you’re hiring someone else to do all the work. If you don’t know the contractor personally (and knowing someone doesn’t mean you can trust them) then get a referral. This is a costly mistake to hire a contract that does not do the job correctly, costing you time, resources, and materials that would otherwise be avoidable cost. Doing the work yourself doesn’t always cost less. If you’re carrying a mortgage on the property, the extra time that it would take you over a trained professional could cost you thousands. Real Estate agent: One of the things that you have to factor in is the cost of hiring a real estate agent. If you’re wondering why, it’s simple, with the help of a real estate agent, you can have a better price on the front end. Putting together a well documented offer, as well as having a realistic end price (after remodel) is critical when purchasing. Probably more important then anything is, the longer you hold onto a fixer, or investment property the more money you pay for that property, even if you pay cash, you lose 5% opportunity cost by lost investment. 1. Work with a real estate agent you trust. 2. Lean Search 3. Hire your contractor 4. Get your home listed to sell quickly
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503-214-4148
