It may seem impossible to find the right bargain – but one simply needs to think outside the box, and be extra creative for when it comes to seeking out the best deal.
One method, which is very old-fashioned, is to carry out door to door tactics. It is easy to target your clients because they’ll have a ‘for sale’ billboard outside.
The main reason it’s effective is that most of your competition will be unwilling to do it, therefore, leaving the playing field open to you.
Prepare a script beforehand, so you don’t get stuck with what to say (another reason why a lot of investors avoid knocking doors).
Do not mention the word foreclosure. It’s too negative and can be the trigger word to turn away your prospective deal.
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Preparing your sales pitch:
Ask lots of questions about the property, and if the owner has a blank expression on his face, then you can offer your expertise.
Basic customer service skills:
- Be polite and friendly.
- A positive state of mind (people will quickly notice if you are unconfident or down).
- Ask open-ended questions, and let potential clients talk about themselves – people love to talk about themselves, and will help to build quicker rapport.
- Make steady eye contact and smile.
- Always use positive language.
Looking for Foreclosure Deals
Foreclosure is a situation which provides a win-win situation – the homeowner is undergoing foreclosure, because of struggles with mortgage repayments, so getting a quick sale before the foreclosure goes through, will be most lucrative for them.
Also, the sale will be discounted, in comparison to buying a property through regular channels.
The recession where foreclosures were at their highest peak, Real Estate was a tremendous opportunity for many investors.
How to find Foreclosure deals:
Use a foreclosure-listing service
Although you will have to pay a fee, the user will benefit from their hard work, by getting full access to over a million listings, which covers 80% of the nation’s counties.
The services will include:
- Will have properties already in the foreclosure process.
- The database is available online, allowing users to search through the portfolios available.
- You can make offers online, which isn’t binding, but gets the process going.
- The website gives property valuations, based on comparable prices in the area – a key indicator of whether you are getting a good deal.
The most commonly used platform is RealtyTrac. However, there are many companies available offering this service.
Use your local county office
The county office will contain all foreclosure information, which has been filed in your area (they may even post the details online).
Look at their website as some county offices provide listings and weekly sales. You can search by street address or ZIP code.
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It is the norm for banks to list all their foreclosure properties online.
The Bank of America has over 800 residential properties, including 156 in California. It features photos, home descriptions, prices and the agents’ contact details.
However, some do warn that this source can often limit listings, so you shouldn’t rely on it entirely.
Freddie Mac and Fannie Mae also provide online listings; they purchase mortgages from banks.
Search for government-owned listings
The Department of Housing and Urban Development lists foreclosed homes on their website and also their real estate agents. You can make an offer to the respective agency.
Always check the state of the property before purchasing, as there is no responsibility from the agent on any problems or repairs.
Speak with local real estate agents
Agents will have knowledge on local properties, especially ones which are in the process of foreclosure. Having good relations will give you access to a network of other agents who can:
- Keep you updated on the local market.
- They work directly with lenders and banks.
- See current properties, before they even become listed online.
- Avoid making offers before it is too late.
This method will keep you in the loop, and is adequate for ensuring you get to the see the best real estate deals.
To round it off…
There are many methods to accomplishing a bargain for real estate property – the technique that is most important is making good contacts and creating relationships with professionals in the business.
There are many factors they can help on, especially for when it comes to legality, contract signing, seeing deals before they enter the market, and any other ad-hoc advice you may need.
Do not ever rush into a sale – always seek advice and do comparable prices in the local area, just to double check that you are getting the best bargain.