Top 10 Tips to Keep in Mind for Successful Foreclosure Investing

Investing in a foreclosure can be a bit daunting with a lot of real estate jargon or red tape that is involved. Jeff Adams, the #1 real estate trainer, shares with you his top 10 tips to keep in mind for successful foreclosure investing. Follow these simple tips and get yourself your dream home today!

  1. Know what you want

It is very important to know exactly what you want from this investment. Are you looking at buying a foreclosed home as a second house or are you buying it to flip it and sell? Are you looking for any particular area? Once you know exactly what you want, your realtor may be able to get your dream home.

  1. Check out the neighborhood

A good neighborhood will ensure you get access to good schools or colleges, commercial buildings or shopping complexes. Check out the neighborhood a few times, talk to the neighbors and you will be able to make an informed decision.

  1. Get your mortgage pre-approved

Ensure your finances are in order before you decide to invest in a foreclosure and get your mortgage pre-approved. This will help you make the sale as soon as possible. Keep some liquid cash with you so you will be able to make a down payment as soon as possible.

  1. Keep a team in place

Between finding a property and making the sale, there may not be ample time to consult with your roster of experts. So it is prudent to keep your lawyer, banker and realtors informed of every move and take their opinions into consideration.

  1. Do your research

Buying a house is not a small investment so it is only fair that you make a well informed decision. Consult your realtor and ask around in the potential neighborhood to try and get as much information as possible.

  1. Inspect the house

Before you complete the sale, try and inspect the house. Usually, the house is prone to a little wear and tear. The lender does not undertake any of the fixtures unless the house is in really bad shape. Inspect the property to estimate how much you have to spend on fixing up the house.

  1. Don’t try to bargain

These prices usually come with little room to bargain, so unless it is unfairly priced, don’t try to bargain with price of the house. There is little wiggle room and prices are not likely to come down over time, so do not try to play hardball.

  1. Look over the agreement twice

Since the pace of the sale is so fast, it is easy to miss a few steps. Get your lawyer to look over the agreement twice to ensure you get a fair deal. If you think you are getting an unfair deal, don’t hesitate to have your lawyer draw up a new agreement for you.

  1. Make quick decisions

    Once the price of the house is on the table, it is natural you want to take some time to mull the decision over. However, if you wait too long you may lose the property to someone who has made quicker decisions.

  2. Have patience

It takes time between the completion of the sale and when you actually get to move in, so have a little patience. It will pay off with you getting the house of your dreams and an investment you will not regret.

Before investing in a foreclosed property, make sure you sign up for a workshop with Jeff Adams. His team will help you every step of the way while investing in real estate.

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