Now Is The Time To Invest In Foreclosures
Even with our economy as a whole still in despair
, for the real estate investor, now is the time to invest in foreclosures. The interest rates have hit all time lows and many small investors have turned away from the stock market and begun putting money into something they know will never die -- real estate. Although the market may have its ups and downs just like any other market, real estate is a necessity. People will always buy and sell property no matter what the economic conditions are.
Bargain Shopping for Real Estate
If you are in the market for some investment property, residential real estate is where you want to be. It's unfortunate that many people are losing their homes, but for the real estate investor, this is a perfect opportunity to pick up foreclosure property as cheap as 30% to 40% below market value. Whether you are searching for a new residence for yourself or you wish to buy, sell or rent, all kinds of homes are going into foreclosure.
Misconceptions of Foreclosures
Many people have the misconception that foreclosures are only in "bad" neighborhoods, and this is far from the truth. The fact that middle to upper management positions are being eliminated means that those who once had six-figure incomes can no longer afford to reside in their pricy homes. This can include beachfront properties, upscale condominiums, and even properties in gated-communities.
Bring Your Game to the Table
If you are considering investing in a pre-foreclosure home, you'd better be ready to negotiate if you're dealing directly with the seller. Of course, no one wants to part with something they've invested a significant amount of money into -- who would-- but they're not going to just hand it over to you, you have to work for it. If you are buying a foreclosure from a lender who holds the mortgage on a property that is in default, all they really want to do is break even. They don't want to own the home. The lender might be willing to offer you a lower down payment, and waive some or all of the closing costs. You have to know what your options are. They certainly aren't going to volunteer the information. If you are new to investing, gather a team of individuals who have experience in bargaining and bring them on board to help you close the deal. Do Your Homework There has never been a better time to invest in real estate foreclosures. Do your research and see what's available. Check into bank-owned properties, and there are many to peruse. Check with real estate attorneys who work with investors. Check into pre-foreclosures. Check the public records for properties in foreclosure. Many opportunities exist with investing in foreclosures, but this can backfire on an inexperienced investor. Because foreclosures require a different skill set, you want to invest in the proper training to be able to deal with this type of investing so you can take full advantage of these great opportunities.
by: Tasha Gill
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