Finding rehab homes for sale doesn’t mean looking in the “bad” parts of town or in the rundown areas. You could find rehab homes on the market in the most affluent areas. It is just a fact of life in our society today. People lost their jobs, house values decreased and people lost their homes. Unfortunately, this also means there probably was not proper maintenance on many properties. If the owners could not keep up with the payments, they probably couldn’t afford to maintain the home either. That being said, there are some obvious places and not-so-obvious places to look for rehab homes.
The MLS Service
The MLS Service is probably the least likely place you would think to look for a home you want to flip. However, you might be surprised to see how many homes you find in there that are affordable enough to fix and sell. If you don’t have a realtor helping you, find one you can call in a favor to. This way you can have access to the MLS listings, which only real estate professionals have. Access to the listings cost over $1,000 per year, so you want someone who already has access to help you.
Use the Internet to Find Rehab Homes for Sale
The internet provides access to many different lists of rehab homes for sale. Sites like Zillow and Homes.com are just the start. Do a quick search for rehab homes in your area or the area you want to purchase and see what comes up. Make sure the site is legitimate, but even so, it is a great starting place. At the very least, it gives you an idea of where the foreclosed homes might be located. You can then investigate further to see the properties for yourself.
Watch the newspapers for notices of real estate auctions in your area. They usually give a week or two notice before the auction. This way you can go and visit the area to see if it is a home you might want to purchase. Keep in mind, you need either cash or a commitment letter to purchase the property. You also might not get to see the inside of the home before you purchase it. Because it was a foreclosure, it might need a lot of fixing up inside. Think of this before you bid on the home, if you decide that is the next step. You will need money to put down on the home the day of the auction if you win and will likely need to close on the home within 30 days.
Word of Mouth
People like to talk. The more people that know you want to purchase a rehab home, the better your chances of hearing about an opportunity. If a neighbor is in crisis or a nearby friend needs to short sale their home, you might be one of the first to hear about it if you let others know what you want. Don’t be shy about your desire to purchase a rehab and fix it up. This is an investment for you and it could be a profitable one if you find the right properties to purchase.
Find a Qualified Agent
Lastly, find a qualified agent that specializes in rehab homes. There are many agents out there, but you need one with the right knowledge. Certain realtors make their living selling the homes to investors like you, who want to flip the properties. These agents usually have the inside information on the properties that you need to help you make an informed decision.
Finding rehab homes for sale is not impossible, but it does take some work. You are not going to see signs in the yard letting you know the house is for sale and needs fixing up. Yu will have to rely on the expertise of others in the industry to help you make the choice that is right for you.