Fixer uppers can mean anything from complete gutting and rebuilding to paint touchups and carpet cleaning. Home Buyers can increase the value of the property and their equity with what can be some minor improvements that most others do not want to attempt. Here are 6 ways a buyer can find great deals on fixer upper homes. 1.Newer Homes Less Than 5 Years Old Abandoned, neglected in foreclosure will need minor repairs repainting, carpet cleaning. Some appliances may be missing. The best way to increase your equity is based on how much of a discount is the bank willing to take to unload the property. 2.Good Neighborhoods Estate Homes Homes being sold through attorneys in estate sales or probate. The family homestead where Mom and Dad have downsized, have past retired or moving to care facilities. Normally will be out of date interiors, kitchen, baths, flooring and decorating solid homes well cared for may need a complete overhaul. Many times family members just want to get rid of the headache. 3.Auctions Not the best place to find a good deal unless you are very knowledgeable and experienced about the process in larger cities and counties the professionals rule, but in the more rural areas you may stand a chance. To get experience go to several auctions and bid to yourself to see where you stand. Inspect what you may be bidding on pick 3 or 4 homes know them inside and out. Be conservative in your bidding and have good solid repair estimates. 4.Realtor Listed Homes That Dont Sell - On the average over 50% of homes on the MLS do not sell during the 1st listing period. Homes that have had a real estate sign on the lawn for 9 - 12 months or longer may be prime candidates. There is a problem usually condition or price. The condition problem is where you can get the deal you want. Check with local real estate agents let them know what you are looking for. 5.Abandon & Vacant Homes - These homes offer the greatest chance of quick equity. If you can find the owner who is usually out of state, you can get a great deal. Most times the owners moved away and are surprised you found them. They dont want anything to do with the property and are happy to get off their backs. 6.HUD and Government Repos HUD has great programs for home buyers you can go on the website www.hud.gov under homes for sale you can find HUD and other government reposed properties. They also offer financing to qualified buyers, all offers must be through a HUD registered real estate agent. |
