How to find bargain deals quickly and easily?

Whether you’re a first-time homebuyer or investor, now is a great time to buy a home. With the First Time Homebuyer Tax Credit Extension/Expansion program and always low interest rates.

If you’re looking to take advantage of today’s historic market, one of the best places to buy residential real estate at a bargain price is at foreclosures.

Today’s market makes today the perfect time for a new investor or first-time homebuyer to purchase one or more listed properties for their private residence, rental or resale. Even luxury homes are facing foreclosure, especially in today’s economy. Even homes in front of the beach and in the best areas are part of the mix of properties that you can get at bargain prices.

When to Buy… As a first-time homebuyer, you need to learn the right way to go about the process. For many it may seem daunting. But with a good amount of research, preparation, and persistence, good deals can be found.

FORECLOSURES When a homeowner falls behind on mortgage payments, the foreclosure process begins. Truth be told, when a home goes into foreclosure, the homeowner has usually been struggling for quite some time before falling behind on payments. This also means that the houses are generally in poor condition and in need of maintenance. This could mean leaky roofs, missing light bulbs, landscaping, windows, appliances, carpet, etc. Even in the wealthiest homes.

Homes in poor condition mean the best deals, but you have to consider the cost of repairs. Don’t worry, depending on the area, the value of homes after repairs could still get you the best price.

Phases of Foreclosure… The first phase of foreclosure is a Notice of Default, or Lis Pendens. This is a public document and you can get lists of lis pendens houses from listing brokers, magazines, or the Internet. Be sure to look for liens on the property, as these can add to the final purchase price. Also be sure to check neighboring property values ​​to get a good indicator of market value. And be aware of local state laws, as they differ from state to state. Now, for most new investors, buying from a lender is the easiest and safest way to buy. While houses in good condition don’t fetch the lowest prices on the barrel, you can still find good discounts. Banks often use real estate agents to sell foreclosures through traditional means.

The safest way to buy… For an inexperienced buyer, the safest offers are bank properties. There is less risk in dealing with these houses as there are no taxes, liens and the houses are empty. At the same time, lenders trying to offload underperforming assets may be willing to offer more attractive terms.

Finding Offers Others Won’t Accept… Some foreclosed homes are brand new and have never been lived in. These are harder to find and may not be on any national lists. Many new home builders end their construction loan periods with no buyers and lenders take over. Other ways to find other foreclosures that other buyers may not know about when searching for homeowners in pre-foreclosure situations. This requires more persistence, but may be worth the reward. This is high risk, but can also bring great rewards.

Auctions… Many foreclosure auctions are held on the courthouse steps, but the downsides are that you require the full purchase price the same day and you may not be able to inspect the properties.

The preferred way is to buy through a residential development company You may not have heard of a residential development company in Jacksonville, FL. Komelot – Real Estate Solutions Group is a local residential redevelopment company. We specialize in buying problem properties (foreclosure, short sale, auction) throughout the community at low prices. Rehabilitate and beautify these properties to rejuvenate and rebuild entire communities and neighborhoods. They can be a little harder to find, but often the search is worth it as we can pass the savings on to you, the buyer.

Our goal is to beautify the community, which is why we have beautiful homes at rock-bottom prices. Often, our residential redevelopment company can rehab a home using the best materials while selling the home for a great price.