Talking Panther Real Estate Talk Maria Gudelis

Maria Gudelis on Foreclosure listing…do not give up when you see the high priced houses in your area. Look in more depth to find foreclosure listings and find the home of your dreams, one that will not cost you an arm and a leg.  

A good way to get a cheaper home is to buy one that has been repossessed. How do you find one? Looking in the foreclosure listings will help you. You can find these by looking in your local newspaper and on the Internet.

 

You might also try your local real estate agent (make sure you do business with one you have done some background check on!).  There are websites that give you a comprehensive list of repossessed houses. You can get lucky and find local ones but it does take a little time. Sometimes it is wise to sign up for a mailing subscription, which will allow you to get updated properties sent to you each day. This will make sure that you are always aware of new properties and options.

Online websites are very useful. They will give you all sorts of different foreclosure listings. This will include HUD, Fannie Mae and regular repossessions. This is your chance to find homes at real bargain prices. It can mean that you will be able to buy a home, at lower prices, that you would never have been able to afford in the normal way.

 

Of course this does take a little time, as mentioned and this is the only problem when you look for repossessed, cheaper homes yourself. In view of this you may want to contact a real estate agent who is:

1. Been a real estate agent for longer than the last 4 or so BOOM years (translation - select an agent who has seen real estate cycles and has depth of experience)

2. Knows the specific area real well that you are looking at - e.g. - one realtor can’t possibly know all the areas of Las VEgas as it is simply too big an area to cover.  However, one realtor may be an expert in 4-5 residential areas of Las Vegas or specific zip codes and knows the values of real estate inside out for her/his areas plus what is going on…crime rate - rising or falling, moves - more people moving in vs out of the neighbourhood for example.

3. Owns real estate his or herself…I’ve found that realtors who are investors themselves tend to be more aware of the market and deals since they are investors themselves.

Real estate agents have additional foreclosure listings that will allow you to have a greater choice. Some of them are special agents for HUD reposed homes. This allows them greater access to these types of houses. They can show you the houses and point out the different aspects of the homes. Some of these repossessed homes are in need of repair, a real estate agent can advise you about this. Fanny Mae homes’ prices are sometimes negotiable and your real estate agent can help you to get the best price. Be honest about what price you can afford and have a reasonable idea of what you want, when you talk to your real estate agent.

Before contacting a real estate agent take a look at the websites online that are offering foreclosure listings. They will have pictures of the houses and you can get a good idea of what you want and also the price ranges. Pick out a few in your area and see whether your real estate agent can show them to you. There are lots of good tools online to help you with your choice. There are maps of the areas the houses are in so that you can gage the area a little and you can go to see the houses yourself. You can apply online for a home and even get pre approved for a mortgage.

Hope you enjoyed this post, Maria Gudelis

Share This

Filed under: U.S. Real Estate Status