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How to Find and Buy a Bargain House with Little or No-Money Down
Real estate investors know how to make money buying distressed houses. Investors recognize that bargain houses offer the best way to make a return quickly. Bargain houses also open up a way for first-time home buyers to buy with little or no savings for a down payment. If you want to reduce the amount of down payment needed to buy a house, get the seller to pay your closing costs. In a hot seller's market when more buyers compete for the same properties, you either need to increase the purchase price to cover your closing costs or find a distressed seller. A bargain house may be in bad shape or the seller may be distressed. Home sellers who suffer from problems such as job loss or transfer, divorce, death, pending foreclosure, and lack of funds sell fast for less. Often these sellers offer incentives to the buyer, like paying the buyer's closing costs. A distressed house may also be a "doghouse," a dump, or a fixer. Owners of fixers are not always distressed sellers, but they may still feel pressure to get rid of their problem house. How to Find a Distressed Seller Look for listings and advertisements with the words "make offer," "fixer," "must sell immediately," "handyman's special," "divorce," "owner transferred," and "owner help with closing costs." If you see two or three of these clues, you know you've found an anxious seller. Discovering the seller's problem and finding a solution is the key to buying a bargain property from a seller under pressure. Perhaps the seller needs to close quickly; in this case, a buyer ready with financing in place with a lender who acts fast can make an offer with a short escrow. Prepare yourself for quick action by getting your credit and financing in order before you go home shopping. How to Buy a Distressed House You must understand that a property also needs to qualify for financing. Extreme fixers in poor condition don't qualify for a 100% purchase loan. However, houses needing only cosmetic upgrades easily pass a lender's inspection. If you find a great bargain fixer, make sure that the house will pass health and safety codes. Sometimes home buyers will help the seller with little changes that make a house "loanable." Minor changes like covering exposed wires with switch plate covers, which cost as little as 19 cents, and repairing broken windows can make the all the difference in passing inspection. If you need help with your closing costs, find yourself a distressed seller under pressure to sell. Not only will you get help with funds needed to buy a home, you might also get a great purchase price and be on your way to making your future investing in real estate. Copyright (c) 2005 Jeanette J. Fisher-All Rights Reserved. Jeanette Fisher, author of Credit Help! Get the Credit You Need to Buy Real Estate, Doghouse to Dollhouse for Dollars, and other books teaches real estate. She loves to help first-time home buyers get into a home. For a free 30-page "Credit Tips for Mortgage Financing" report, go to http://recredithelp.com For more information for beginning real estate investors, see http://www.doghousetodollhousefordollars.com
MORE RESOURCES: Refined Real Estate: Unique Leschi home with lake views lists for $1,395,000 seattlerefined.com Erie County real estate transactions Buffalo News Real estate mogul cautions about avoidable mistake when buying a home, explains how to avoid 'drowning' Fox Business Worcester County real estate transfers, Sunday, May 19 Worcester Telegram Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties May 19, 2024 edition MassLive.com Portside Real Estate acquires Belgrade Lakes brokerage Kennebec Journal and Morning Sentinel Berks County real estate transactions for May 19 Reading Eagle The same, yet different – seniors and real estate in the Tri-Valley danvillesanramon.com Slow April real estate market among Pueblo's top business news Pueblo Chieftain REAL ESTATE | A look inside The Lofts at Cedar Lake on the campus of Cedar Community washingtoncountyinsider.com Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Agent Spotlight: Andrea Haitz Grand Junction Daily Sentinel Hawaii Real Estate Sales: March 11-15, 2024 Honolulu Star-Advertiser Luxury Homes Are Booming in These 10 Unexpected Cities in 2024 Norada Real Estate Investments REAL ESTATE | Check out Braund's Flooring & Remodeling LLC in West Bend, WI washingtoncountyinsider.com Revised Mortgage Rate Predictions Signal HIGHER Rates in 2024 Norada Real Estate Investments Letter to editor: On recent misinformation regarding upcoming changes to the real estate industry Woodland Daily Democrat Wellesley resident Peter Covo joins Conn Kavanaugh as partner in firm's real estate practice The Swellesley Report Top 10 Brooklyn Listings: A Flatlands Standalone Brownstoner STAR resource center Department of Taxation and Finance Increases in interest rates stress commercial real estate Richmond Times-Dispatch Egypt boasts real estate portfolio valued at $200bn, ready for international export - Dailynewsegypt Daily News Egypt Private Advisor Group LLC Purchases 1425 Shares of Doubleline Commercial Real Estate ETF (NYSEARCA:DCMB) Defense World Celebrity Real Estate Realtor.com News Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 Coloradans negotiating lower fees for real estate agents with new law on horizon Colorado Public Radio Amalgamated Bank Trims Stock Position in Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Defense World Robert Willett may be targeting female Realtors in Northeast Ohio Akron Beacon Journal Real estate transfers: May 17, 2024 RiverheadLOCAL China Says It Will Start Buying Apartments as Housing Slump Worsens The New York Times Real Estate Briefs: Lakeside homes, new condos, and more news Rough Draft Atlanta Kenosha CubeSmart storage facility sold to new owner Kenosha News Real Estate Mogul Grant Cardone Closes Largest All-Cash Multifamily Deal In South Florida This Year Yahoo Finance Mid-May Greenwich Real Estate Market Report Greenwich Sentinel London Real Estate Is About to Get the ‘Selling Sunset’ Treatment Hollywood Reporter Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Stock Position Reduced by Victory Capital Management Inc. Defense World $6 million home was Houston's top residential real estate sale of its week (PHOTOS) The Business Journals Real Estate Newsletter Articles this Week: Housing Starts Increased to 1.360 million Annual Rate in April Calculated Risk What's real estate wellness? Fortune Billionaire Frank McCourt raises his hand to buy TikTok Business Insider Dodge County Real Estate Transfers Fremont Tribune News anchor sells luxury Scottsdale home he built for $6M The Business Journals China's real estate market sees surge in weekend consultations and trading, boosted by accommodative policy Global Times Ellison sues real estate broker Chad Banken over alleged schemes involving contracts for deed Star Tribune Home listings are on the rise in southern Colorado, while other indicators show a slowing real estate market Colorado Public Radio Busch relative settles squabble with Clayton investors over real estate trust St. Louis Post-Dispatch Southern fast-food chain Cook Out buys Tampa real estate The Business Journals See all homes sold in Garfield Heights, May 6 to May 12 cleveland.com MCB Real Estate Revives Long-Awaited Viva White Oak Mixed-Use Project Source of the Spring |
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