If you want to buy a home for a steal, you may find great deals with fixer upper homes. Before you buy a fixer upper home, you should know that you’ll have your work cut out for you once you seal the deal, but it could leave you with a hefty profit if you do it right.
Just how do you find the best fixer uppers on the market? Keep reading to find out.
Use a Realtor
Your best bet is to use the services of a reputable realtor in the area. Realtors tend to know about listings early on and can pass the word onto you. The right realtor can tell when a fixer upper is worth it and when you should run for the hills.
Before you choose a real estate agent to work with you, interview several of them. Ask questions about their experience with fixer uppers, foreclosures, and matching buyers with houses. Also, ask about the realtor’s workload and his or her ability to find fixer uppers quickly for you to avoid bidding wars and inflating the price of the home.
Look for Foreclosures
Foreclosures not only sell for less than they are worth, they typically need work too. If the owner couldn’t afford the mortgage, chances are he or she couldn’t keep up with the home’s maintenance either. If you buy a foreclosure when it goes to auction, you probably won’t be able to see the inside of it, though. You get the home ‘as is,’ so you do take a chance, but the low price may be worth it.
You can use a realtor to help you find foreclosures or you can scour the listings yourself. You may also contact your local courthouse and ask for the latest auction listings. You’ll need to be vigilant about your search and organized with your dates, especially if you want to score a foreclosure during the auction phase.
When you are in the market for a fixer upper, let everyone know about it. You never know when someone that you tell knows someone selling this type of home. The more people you tell, the more leads you’ll receive. You can even use social media to your advantage. Networking with as many people as possible will help you find the right fixer upper.
Search Foreclosure Websites
Use the internet to your advantage when looking for a fixer upper. Don’t focus on the MLS listings alone, although they are useful too. Many websites focus strictly on foreclosures in your area, helping you to uncover the homes that are selling for much less than the market rate.
Buying a fixer upper means getting a little creative. Using a realtor definitely helps, but sometimes you have to uncover the gems yourself by doing your own research. Some foreclosures or fixer uppers sell fast, while others sit untouched for years. Depending on when you find the right home, you may even be able to grab it for a lower price if the bank or real estate company is desperate to get it off its hands.