The guide to buying fixer upper and handyman special foreclosures
| Foreclosure DataBank | [Volume 1, Issue 2]The Guide toBuying Fixer-Upper andHandyman SpecialForeclosures ContentsAlright, you’re probably thinking, “Why would you Introduction……………………… 1suggest we buy a home thats a fixer-upper? I don’twant to live in a crumbly shack that’s falling apart Foreclosure Listings...............2and will cost a fortune to fix!” The truth is, mostforeclosures for sale advertised as handyman Inspecting the Home…………..3specials which means they are only in need ofminor repairs. Whether you repair it yourself or hire Contact Info………………………. 4a professional, you may still spend well belowmarket value.Handyman specials, also referred to as fixer-uppers,a great way to get an even bigger price break onalready inexpensive real estate foreclosures.Handyman specials or fixer-uppers are especiallygood for first time home buyers with tight budgets.This guide will show you what to look for whenbuying fixer-upper home foreclosures.
2 Foreclosure Listings First off, how do you know the difference between a handyman special/ fixer-uppers and foreclosure properties that aren’t in need of repairs? You should always contact the seller named on listings of foreclosures, to make sure the listing is still current. While speaking with the seller, you can ask about any any repairs needed on the property.Keep in mind that even if the seller is completely up front about his or her knowledge ofneeded repairs, this knowledge may be limited. The homeowner may not have disclosedcertain problems with the home. The next section will go into other ways you can assess theproperty. For now, let’s list the types of sales of foreclosed houses where fixer-uppers arecommon: Government Foreclosures (GOV): Listings of foreclosures homes through The Department of Housing and Urban Development (HUD) will often label properties that are fixer-uppers. Finding foreclosed homes through GOV sources such as HUD can provide relatively minimal effort on your part as the potential buyer. Real Estate Owned Foreclosures (REO): REOs are usually homes that have already been through the foreclosure auction process that failed to sell and fell into the lender’s ownership. Like HUD and other government agencies, lenders are not in the business of selling real estate and want to sell off fixer-upper homes as soon as possible.
3Inspecting the Home Let’s say you found a foreclosure you think could be repaired at a reasonable expense. You’ve asked the lender and homeowner about needed repairs. You got permission to walk through the property to record any additional problems. Think you have all the information you need? Well, without a professional inspection you may be caught off guard by expensive repairs in the end: Explore the neighborhood: The neighborhood surrounding a foreclosure should be taken into consideration. Remember, it’s better to buy the worst home in a good neighborhood than the best home in a bad neighborhood. That’s especially true if you are investing in a foreclosure to flip. Check the proximity of the home to schools, shops, business and public commodities. Hire professionals: Even if you’re experienced in home buying and repair, you may want the home professionally inspected. An appraiser will assess the approximate value of the property, and a contractor may find problems that you, the seller and homeowner missed. A title search will turn up information you won’t be able to easily find - any debts and liens on the property. Secure financing: Chances are you will probably need a loan to afford the foreclosed property. This is one of the best arguments for a professional inspection. Repairs may cost several thousand dollars beyond the cost of the home. You’ll want an informed estimate of the total cost of the home and repairs if you want to spend as little of your own money as possible.
4 A lot of people are too quick to pass on a handymanForeclosure DataBank special/fixer-uppers thinking the amount of work they’d need to put into it and the cost of repairs makes it not1602 Alton Road #432 worth pursuing. They end up missing out on buying aMiami Beach, FL 331391-888-596-9279 home in a good neighborhood for a fraction of what it willForeclosureDataBank.email@example.com be worth. A few minor repairs can greatly increase theThe biggest foreclosures database on value of the property, which is especially beneficial tothe web investors.Find us on the Web:www.ForeclosureDataBank.com Feel free to visit our site for more information on handyman specials and fixer-upper homes. http://www.foreclosuredatabank.com/fixer_uppers.htm