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Five Ways to Find Real Estate Deals

Let’s look at some of the best ways to find real estate deals.

Pre-Foreclosures. These are usually published in a local business publication or at the county recorders office. Most of the homeowners are very motivated to sell their home because they can no longer afford the monthly payments, they are stressed out over their situation, and need money to move.

Out-of-Town Landlords. These are homeowners that live out of state and no longer want to deal with bad tenants or repairs. You can usually find these by calling the “For Rent” ads in your local newspaper or by calling the homes with “For Rent” signs you see when you are driving around.

Code Violations. These are homes that are unlivable for one reason or another. These homes are usually boarded up and have some type of public notice posted on the house. The notice usually indicate a code violation or violations. These code violations are public record and can be found at your local city building enforcement office.

Trustee Sale. These are properties that have been foreclosed on and sale of the property are held at the courthouse steps, or at the county sheriffs office. This is why they are sometimes referred to as “sheriffs sales”. If you plan to purchase these homes, you must have cash or certified funds. The property is sold to the highest bidder, but if the minimum bid is not reached, it becomes the property of the bank. A bank-owned property is referred to as a Real Estate Owned (REO) property.

Real Estate Owned (REO). These are properties that were not sold at the Trustee Sale and returned back to the bank. There are a great number of these properties currently as a result of the sub-prime loan meltdown. You can negotiate directly with the bank, but most of the properties are turned over to a real estate agent to sell. If you can obtain a home at a 50 to 60 percent discount, everyone can make a good profit.

As you can see, there are a variety of ways to find real estate deals. Make sure to choose the strategy that suits you and always do your due diligence.

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Author: John P. Myers

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