It is possible to find properties selling for 50% of their potential fixed-up value, most people will find it easier, and more efficient, to focus on properties selling in the 65% to 80% of value range. Some of the value seasoned investors seek when buying these homes can come from the normal terms of the loan, such as very old loans that have been paid upon for many years. Some can come from price appreciation in a “seller’s market” where homes are appreciating rapidly in price. Some can come from the lender not wanting to deal with the property due to damage or necessary repairs, where the lender will accept less than they are owed on the property. So, how do you find these properties and what steps do you take.
Real Estate Terms
It can be very valuable if you are looking for distressed property and homes in loan default. Picking an agent is something you should spend some time thinking about though, rather than just walk into a Realty office and start talking to the first agent you find. Some agents and offices work closely with lenders and asset managers to sell properties the lenders have taken back. There is a page on this site with a list of free on-line Foreclosures. Spend some time going through the lenders, and write down the names and numbers of agents in your area that have properties listed. That should give you a decent start on finding an area real estate agent familiar with foreclosures.
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