Foreclosure How To Buy

The Team You Need to Buy and Sell Foreclosed Homes

Image by Payton Chung via Flickr

Buying Realtor In order to get the best deals on the market, you need to have a realtor who is familiar with the foreclosure market. They work directly for one or multiple banks in the area that are trying to sell distressed homes. These realtors can give you advice on the market, advice on how to bid for a property, and they often have connections with a Loan Officer who can get you financed in today’s market. Ask for referrals from people who buy or sell homes.

Mortgage Professional Find a mortgage broker who will work with you. A young broker is likely to be able to spend more time with you, one with experience will likely ad wisdom to the team. It is important they have the skill and desire to get you the lowest rates, and to close quickly.

Selling Realtor If you get the right buying realtor, they will not have time to sell your home. He will be too busy listing properties for the bank. You want to find a realator that will get you the most money in the shortest time. This is a business where if a house must sell quickly to make the maximum amount. You want a realator who can get you the right price, too low you lost money on the sale too high the property will sit costing you interest and utility payments.

Home Inspector A good home inspector can keep you from making a big mistake. Simple tests can keep you from buying a home with a mold or asbestos problem. It is better to find out now than after you spend twenty thousand remodeling the home.

Contractor They will help you with cost controls. Holes in dry wall are easy to repair sometime for less than 100 dolars. While this looks bad and me keep the house from selling it is an easy fix. As the investor, a lot of what you need to know to buy wisely is learned by working with your contractor. The contractor controls the pace of work. The contractor also spends your money for you. They help you to develop and adhere to a budget.

Suppliers Don’t buy retail you can save twenty to forty percent buying from a building supplier instead of Home Depot. Plus they usually deliver for free. Look them up in the phone book under “Building Suplies” To get an account, you need a company name, a credit card and a bank account, that’s it. Don’t buy retail!

Accountant Find one early, interview them and get their advice months ahead of time. This will make the tax season a whole lot easier and less stressful. This is not where you want to save money with turbo tax. Make sure they are familiar with real estate investing. Also don’t wait till after the first of the year. sometimes you can make changes in Nov and Dec that will salve you thousands. Make sure they have degree in accounting, they don’t actually have to be a CPA.

Attorney They can help you decide whether you should incorporate, form an LLC or go it alone as a sole proprietor. A real estate attorney can save you money on title work, can draw up rental/ lease agreements and can advise you on tax strategy when buying and selling your real estate. If you buy a commercial building a real estate attorney is a must.

Insurance Agent You need an agent you trust. Ask the tough questions so that your exposure will be at a minimum. Are you covered in case of loss from fire, flood, theft, or injured workers/ tenants. If your policy leaves you exposed in any one of these major areas, your work could all be done for nothing.

Friends & Family If you feed them well, provide a frosty beverage or two, and don’t overwork them, the friends and family work crew will have fun, make your job more fun and most importantly work for free. Jobs like light demolition, painting, cleanup and many yard projects can be handled by anyone who owns a home.

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