» Main » Auctions Inspections And Food For Thought

Auctions Inspections And Food For Thought

The good news in the real estate market is that there are thousands upon thousands of affordable properties out there. The bad news is that they’re very difficult to find if you don’t know where to look. In this article, you will learn some great tips about finding affordable, quality real estate.

Inspections

However, let’s say you did your initial inspection of the house, you didn’t see a lot of problems and you make your offer. During the formal inspection with the home inspector, you learn the home has $10,000 in roof damage. Your lender tells you the roof needs to be repaired before you close escrow. The bank refuses to pay for it as it wasn’t in the original offer. Don’t plan on the bank giving you access to the home during escrow to fix this, Dan says. The liability and the risk are too high for the bank.

Photo by Seth Kane on Unsplash

Auctions

When you attend an auction it is common for a foreclosure sale to do a closed bidding system. The auctioneer will not shout out the prices but have sealed bids. The highest bidder will win the home. The highest bidder will be required to have a 10% down payment right then and there in the form of cash, cashier’s check, or a banking account check. If you do not have the down payment then you cannot bid on the home. Some auctions require you to show the down payment prior to bidding. Some auctions require you to prove that you have been approved to buy or you do have the cash to buy a home before you are allowed to bid. It is usually best to get pre-qualified before you go to an auction to buy a home.

Knowing what to look for here are some ideas

The second of the three how to buy a home you need to know is having a ready list of buyers. Whether you’re a rehabber, wholesaler, short sale investor, it does not matter. Your real estate investments will be sold faster if you already have a ready list of buyers. In any business, it will help if your product has a ready destination.

A client of mine, who specializes in fixer-uppers, has had some success renegotiating on bank-owned properties by presenting a detailed list of the damage he sees to the bank before he makes an offer. After the formal inspection, he does a new list.

When preparing a home to sell, consider some basic landscaping. Lush green grass and flowering plants can be put in at low cost and will greatly add to the curb appeal of the home. The increased curb appeal of your property will translate into more interest and even a higher selling price.

Commercial option
Commercial real estate is a multi-billion dollar per year industry, and if you know what you are doing, you can make some serious money in this market. If you put the tips in this article to use, you can also reduce the amount of stress involved in buying or selling commercial property for your business.