A current trend is rocking the real estate world. It’s known as flipping houses or fixer uppers. The process usually involves buying a foreclosed or older, less expensive home, and putting money into flipping it, or updating it. Often the owner resells the house for a profit. In order to do this successfully, one must find a foreclosed home at a decent price so they can put the money into it to upgrade it and then resale it for a higher price. The foreclosure buying process can be a little tricky, so we have 5 tips for you to remember!
- Find an agent that specializes in foreclosed homes; A great step to doing this is to look at local real estate websites that allows you to filter results to see only foreclosures.
- Get a broker that is on your side.
- Have your pre approval letter ready; unless you are paying with cash, it’s important to have the letter from your lender stating you will be approved for your loan to buy the property.
- Compare the sell price to that of recent comparable homes in the area.
- Don’t expect to be discounted for repairs of the property; foreclosures are sold as is.
Fixer uppers can be so fun and can turn great profits when done effectively. This idea has taken over television channels such as HGTV and magazines like Better Homes and Gardens. If you love this hobby and are looking for some property to purchase, contact us and let us help you begin your flip process!