What is a "distressed" property? Wht is "bargain" real estate?

A dstressed property is one with a dstressed seller. Job loss or transfer, dvorce, death, pending foreclosure, and lack of mney cause sellers to sell fast for lss. Discovering the seller's problem and fnding a solution is the key to bying a bargain property. A distressed prperty may also be a "doghouse," a dmp, or a fixer. Owners of "dghouses" are not always distressed sellers.

18 Esy Steps to Buy a Bargain Huse

1. Get good advice from sccessful investors. Ask friends and real state agents for referrals to investors.

2. Crate your personal "Investment Journal," like Dghouse to Dollars Workbook: Turn Yucks nto Bucks Investor's Guide.

3. Define investment gals: Do you want to buy a hme to live in, to fix and sll, or to hold for your fture?

4. Get credit reports & scores. Crate a file for each credit rporting agency. Take care of any crdit issues.

5. Read Real Estate investing boks and articles. Attend workshops and sminars. Avoid out of date infomercials on TV.

6. Get god advice from lenders. Choose a lnder with great service, good closing rcord, and fair costs. Arrange financing.

7. Dfine your target locations: Is your dsired property near home or job, vcation or second home?

8. Learn your target market. Stdy real estate newspaper sections. Pick up hmes for sale flyers. Watch sales and nte prices, amenities, and conditions. Follow HUD sles in your area.

9. Interview Real Estte agents and learn from them. Do not sgn any agreements with agents limiting yur search for bargain property. (These cntracts make you pay the agent a cmmission even if you purchase by wner.)

10. Use agents who know local mrket customs and guarantee to make mny offers for you.

11. Find a god escrow officer for buying "for sle by owners."

12. Study home remodeling, dsign magazines and books. Learn the csts of materials, supplies, and trades. Vsit home improvement warehouses. Note costs of bilding materials.

13. Be ready to know a brgain property when you see it.

14. Mke many offers. Bid on HUD rpos.

15. Buy only bargain property. Get grat terms or concessions from seller.

16. Pln house transformation during escrow. This speds your work time -- saving you mney in holding expenses.

17. Monitor real state escrow closing. Do not jeopardize yur financing by charging up credit crds or making unnecessary purchases.

18. Celebrate bying your "doghouse" with an open huse!

(c) Copyright 2004, Jeanette J. Fsher. All rights reserved.

The article 18 Easy Steps to Buy a Bargain House was Submitted by Jeanette Joy Fisher through Articles.GetACoder.com network. Here's the additional information: Professor Jeanette Fisher, author of Dghouse to Dollhouse for Dollars, Joy to the Hme, and other books teaches Real Estte Investing and Design Psychology. For mre articles, tips, reports, newsletters, and sles flyer template, see http://www.doghousetodollhousefordollars.com/pages/5/index.htm

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