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18 Easy Steps to Buy a Bargain House
What is a "distressed" property? What is "bargain" real estate? A distressed property is one with a distressed seller. Job loss or transfer, divorce, death, pending foreclosure, and lack of money cause sellers to sell fast for less. Discovering the seller's problem and finding a solution is the key to buying a bargain property. A distressed property may also be a "doghouse," a dump, or a fixer. Owners of "doghouses" are not always distressed sellers. 18 Easy Steps to Buy a Bargain House 1. Get good advice from successful investors. Ask friends and real estate agents for referrals to investors. 2. Create your personal "Investment Journal," like Doghouse to Dollars Workbook: Turn Yucks into Bucks Investor's Guide. 3. Define investment goals: Do you want to buy a home to live in, to fix and sell, or to hold for your future? 4. Get credit reports & scores. Create a file for each credit reporting agency. Take care of any credit issues. 5. Read Real Estate investing books and articles. Attend workshops and seminars. Avoid out of date infomercials on TV. 6. Get good advice from lenders. Choose a lender with great service, good closing record, and fair costs. Arrange financing. 7. Define your target locations: Is your desired property near home or job, vacation or second home? 8. Learn your target market. Study real estate newspaper sections. Pick up homes for sale flyers. Watch sales and note prices, amenities, and conditions. Follow HUD sales in your area. 9. Interview Real Estate agents and learn from them. Do not sign any agreements with agents limiting your search for bargain property. (These contracts make you pay the agent a commission even if you purchase by owner.) 10. Use agents who know local market customs and guarantee to make many offers for you. 11. Find a good escrow officer for buying "for sale by owners." 12. Study home remodeling, design magazines and books. Learn the costs of materials, supplies, and trades. Visit home improvement warehouses. Note costs of building materials. 13. Be ready to know a bargain property when you see it. 14. Make many offers. Bid on HUD repos. 15. Buy only bargain property. Get great terms or concessions from seller. 16. Plan house transformation during escrow. This speeds your work time -- saving you money in holding expenses. 17. Monitor real estate escrow closing. Do not jeopardize your financing by charging up credit cards or making unnecessary purchases. 18. Celebrate buying your "doghouse" with an open house! (c) Copyright 2004, Jeanette J. Fisher. All rights reserved. Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see http://www.doghousetodollhousefordollars.com/pages/5/index.htm
MORE RESOURCES: How Jordon Hudson, 24, amassed $8 million real estate portfolio within months of meeting Bill Belichick New York Post Hyderabad blues: Real estate sales in city see biggest drop The Financial Express Real estate transfers in Adams County from April 21-25, 2025 Muddy River News Real estate report: Three key factors are behind Louisiana’s surge in investment Baton Rouge Business Report Exclusive: Trump's first real estate project in Qatar to be announced by Qatari Diar, Dar Global Reuters Graham Norton’s Manhattan Carriage House Is Listed for $5.595 Million The New York Times ArchCrest opens new real estate division Northern Nevada Business Weekly Advocacy Scoop: New NAR Poll Unveiled—Tax Reform, Real Estate Policy and Voter Opinion National Association of REALTORS® Two key real estate bills take aim at industry regulations Real Estate News by RealEstateNews.com Cattaraugus County: Ellicottville home, Machias property lead March real estate sales Olean Times Herald Licking County real estate transfers for April 14-18 reach $1.4 million in Newark The Newark Advocate Richland County property transfers recorded April 21-25 Mansfield News Journal Fond du Lac County property sold for $530K in latest real estate transfers for April 21-25 fdlreporter.com Ranking Arizona: Top real estate law firms for 2025 AZ Big Media Mid-America Real Estate closes sale of 34,431-square-foot shopping center in Midtown Detroit REJournals People on the Move: New execs at HomeServices, RE/MAX Real Estate News by RealEstateNews.com Property transfers: Nursing facility, rental complex sell for more than $1 million Canton Repository Alexandria Real Estate Equities Looks Juicy But Uncertainty Keeps Me Sidelined (NYSE:ARE) Seeking Alpha The Pipeline: Commercial real estate roundup for 5.2.25 Richmond BizSense Raith seeks to raise $700m for non-core US real estate fund IPE Real Assets Blackstream opens luxury office near Lake Keowee GSA Business Report April real estate transactions CraigDailyPress.com Franklin Real Estate Development finds inspiration in Greenville’s history upstate business journal 'Slow and steady': How a couple retired early by buying one rental property a year with 5% down payments Business Insider Solano Real Estate Scene: Slow down, buy a house Daily Republic Secluded estate near Ann Arbor is Washtenaw County's most expensive home. Price: $8.99M Detroit Free Press Job Market Defies Tariff Fears to Remain Strong in April, Offering Jolt of Confidence to Homebuyers Realtor.com Solano Real Estate Transactions: May 2, 2025 Daily Republic How the Dallas Commercial Real Estate Industry Could Fare in the New Tariff Environment - D Magazine Berkshire region real estate sales – May 2, 2025 The Berkshire Edge Here's what local experts say the Baton Rouge real estate market will look like in 2025 The Advocate Real estate performance in Quarter 1, and some perspective Garden City News CENTURY 21 Real Estate and Institute for Luxury Home Marketing Launch Collaboration With New Q1 2025 Luxury Market Report Franchising.com SDSU: SDSU Imperial Valley alumnus finds new meaning in real estate career Imperial Valley Press Online Abundant listings and stable prices not enough to drive April sales in the Fraser Valley GlobeNewswire What's the most expensive property sold in Rhode Island? May 2 real estate transactions The Providence Journal Tarek El Moussa Calls for 'Real Reform' in Real Estate Industry: 'I Saw Families Lose Everything' House Beautiful Report: Health care real estate gains greater favor in Twin Cities Finance & Commerce US Commercial Real Estate Leader Peachtree Group Launches 114-Room Residence Inn in Ocean Township, Tapping into Jersey Shore’s Expanding Hospitality Market Travel And Tour World Real Estate Magnolia Reporter Costar Group (CSGP): “Bloomberg Of Commercial Real Estate” Insider Monkey Real estate transactions: Week of May 2, 2025 Inside Tucson Business Status update: 7 Upstate commercial real estate projects upstate business journal When Donald Trump mocked a real estate icon for having a 'Trophy Wife' The Economic Times Real Estate: Market Pulse (April 2025) Seyfarth Shaw LLP Compass goes retro with launch of ‘Private Exclusives Book’ - Real Estate News by RealEstateNews.com Compass goes retro with launch of ‘Private Exclusives Book’ Real Estate News by RealEstateNews.com How to Choose the Right Real Estate Broker Investopedia Real estate report: Industrial market remains ‘chronically underbuilt’ - Baton Rouge Business Report Real estate report: Industrial market remains ‘chronically underbuilt’ Baton Rouge Business Report Allied Properties Real Estate Investment Trust (APYRF) Q1 2025 Earnings Call Highlights: ... - Yahoo Inside the Family Office Advantage in Private Real Estate WealthManagement.com Windermere ‘confused’ about Compass’ claims of collusion Real Estate News by RealEstateNews.com NexPoint Real Estate Finance, Inc. 2025 Q1 - Results - Earnings Call Presentation (NYSE:NREF) Seeking Alpha Woman Arrested Again on Real Estate Forgery Charges Rural Radio Network 'We Are Going Into Winter': Boston Universities Brace For Real Estate Impacts Of Federal Cuts Bisnow This Week’s Premier Real Estate Listings TysonsToday House for Sale by Owner RiverBender.com |
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