The Russell Company
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In today’s market if you have a good credit score or have lots of cash available to you, you may be considering purchasing a foreclosed home. This can be a very good opportunity to make some money, but if you have ever tried to get information on a specific foreclosure you have probably found that the process is not so easy. Most real estate agents do not have the knowledge to complete this kind of sale and lenders give little, if any, information on these properties.
What this boils down to is that you will have to do most of the research on your own. Make the process easier on yourself by choosing one neighborhood and sticking to it. Research the neighborhood’s property values and make sure there are not too many foreclosures there. Make sure that there is potential for job growth down the line in this particular neighborhood. Drive the neighborhood and focus on finding a home that may need some work.
Another way to learn about the property you are interested in is to go to the local assessor’s office. They will be able to tell you the property owner’s name, the home’s tax information, it’s assessed value, it’s square footage and even what the current owner paid for the home. Once you know what the seller wants, you are one step closer to being able to negotiate a deal. If at all possible, try to find an agent that has some qualifications with this type of transaction. They will undoubtedly make the whole process easier for you and the seller, as they will better understand the complexities of this kind of transaction.
Even in this day and age of marketing your home on the Internet, Open Houses are still a must in the current market. There are many ways to make your Open House a success. For starters, you have to be diligent about getting news of your open house out ahead of time. Your Real Estate Agent will do this through inter-office e-mail and the Multiple Listing Service (MLS). In addition to this, the general public must be informed not only through websites such as Zillow and Trulia, but through your agent/broker’s website, ads on Craiglist, ads in local papers and notices posted at your local market.
Listing flyers reach people, but you will get most of your traffic through Internet Marketing, as its mapping and directions help people find your home. Do not underestimate how important it is that you make it easy for prospective buyers to find your home. Pre- Open House marketing that includes excellent signage, maps and directions are extremely important for the success of your Open House. If buyers have trouble finding you, they may not come at all. Make the most of your Open House, as this is the only opportunity for prospective buyers to view listed properties at their convenience, on their own time. In turn, you will also have the wonderful opportunity to receive feedback from your Agent on ways to improve your listing, which can only improve your home in print and on the Internet!
Many first-time homebuyers are so excited to realize their dreams of home ownership, that they often overlook the many small details of owning their home. These details can at times be costly, especially if you have not familiarized yourself with all of the things in your home that will need replacing at some point. The following is an estimated guide of how many years each appliance or home system will perform for you in your home.
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