Yes this current market affords you an ideal time to buy a foreclosed upon investment property. We are coming off a record breaking summer sellers market. Covid as it turns out did not kill our market, just the opposite it boomed thanks in large part to record low interest rates that the powers that be put in place to grease the wheels ensuring buyers were motivated to buy with reckless abandon. Virus be damned. Truth is opportunity lurks everywhere for those wise enough to seize upon it. Many times foreclosures are the result of individuals or business partnerships who simply fail to pay their residential or commercial mortgage due quite often to something as simple as a run of bad luck, i.e. being laid off from a job or just a bad business cycle.
Foreclosure property lists are a good way to start surveying the inventory. One great site where you can find a myriad of foreclosure opportunities both residential and commercial is “Bank Owned Assets” you can access this site without having to enter your credit card number, which is a blessing in and of itself.
Paid lists of available properties are also a great option. Paying for a list will get you additional services such as email alerts and much more detailed information about the properties which for the serious investor will prove invaluable. Working through the complexities of the many proprieties lends oneself to seeking the advise and counsel of an expert which is our next topic. IV. Professional real estate foreclosure experts can be a real estate agent or a non agent who acts solely as a paid consultant. One principal advantage to working with a knowledgeable agent is that they often have connections banks and know when new foreclosures are about to come on the market for purchase. They can also write your contract and prove invaluable when conducting negotiation on your behalf with an intransigent seller. As for working with a consultant, in this case you will be responsible for your own negotiating and you must rely heavily on the counsel of a good real estate attorney which is always a great idea as long as you trust him and he or she is entirely competent.
If you decide however or if it is necessary that you go solo for lack of a better word this can be advantageous as well as long as buyer beware is at the forefront of your activities. You can readily find distressed homeowner BEFORE they go to foreclosure by simply placing and ad in the local newspaper. Going sol necessitates having a trusted team of professionals by your side handling title searches, making repairs, and a professional real estate agent to list the property once the renovation is complete. A loyal cadre of professional people will free you up to focus on the searching while they handle the details thereafter. Finally the main critical factor in all of this is “DO NOT PAY TOO MUCH FOR THE PROPERTY ITSELF” nothing negates all your efforts and due diligence than having overpaid originally for an asset. Valuation is key and only experience and market knowledge/acumen will allow you the wisdom to not only buy the right property but also to buy it for the right price, devoid of emotion but yet fully cognizant of all the upside potential therein. Happy Hunting.