Junk Removal in
2015-12-17 By Admin
Buying a foreclosure comes with an idea of getting a great deal, doing a little bit of rehab, then putting it on the market for sale or for rent. New property investors often believe they'll get a home at a discount of 20 to 40 percent under market value, then, put some work into it and sell it at true market value, or, rent it for a sustainable, passive, monthly income. The truth of the matter is only a few investors are able to pull this feat off because they have experience to guide them.
First and foremost, the auction is one of the worst places to purchase a foreclosed home. It's here where the opening bid starts quite low, but, rapidly increases. Caught in the excitement and fever of the moment, potential owners up the ante, exceeding their budgets in the hopes of making up money some time in the future. One of the best times to buy a foreclosure is well after the auction, when the property failed to sell. Those months of lingering are nothing but a drain on the bank and become less attractive to traditional buyers who want a fixer-upper.
Buying a foreclosed home is a little different from buying a typical resale. In many cases, only one real estate agent is involved. The seller wants a preapproval letter from a lender before accepting an offer. There often is little, if any, room for negotiation. The home comes as is, and it's up to the buyer to pay for repairs. On the upside, most bank-owned homes are vacant, which can speed up the process of moving in. --Bankrate.com
Other investors might also pass these types of properties over as well. The real trick is not only finding a salvageable and salable property, but knowing the true costs involved to get it in shape and ready to sell or rent. What's more, it's not only the condition of the home that's a concern, but also, things such as liens, property taxes, title defects, and so on. If you can find a property that doesn't have such encumbrances, you'll have to also expect the following when buying a foreclosure:
If you're considering buying a foreclosure and need to haul away junk or do a complete foreclosure clean out, just phone 800-737-5923 or visit Pro Junk Dispatch. We have a location near you and go where you need us, when you need us.
Filed Under: Company News
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