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Last Updated: May 14th, 2012 - 22:24:01 |
When looking for a bargain investment property, three distinctively different approaches can be used. First, you can do what most buyers do and searches investment properties from a “private” list, which is from professionals such as your local real estate franchise.
A second avenue the buyer of investment real estate can turn to find houses is the public information system, where we all have our constitutional right to view at least seven different lists of property that will probably soon be sold.
Thirdly, you can beat the pavement and do your own real estate investments search. This usually reaps the least fruitage, yet if coincidence knocks, open the door.
The first “private” lists of real estate leads should be sought the most common way, from your private real estate franchise. They have access to the MLXchange, or a similar Realtor access only web site. These carry most property that real estate franchises sell. If you inquire from multiple agents, most will show you the same list. Thus, always change the parameters of your search to get a different sale leads list.
In addition, often real estate franchises’ investment homes that have been unsold for a spell, are vacant, and owned by another state’s residence. Negotiate these for a bargain.
Also, verify that the sale trends of that neighborhood have not been declining in prices.
Other “private” sources whose lists can help you in tracking leads include your Attorneys and their bankruptcy filings. Also, check your moving companies.
The second possible group that real estate leads may be acquired from your local “public” records or the government whose lists also hold bargains shown to the public.
.Your search for that next investment property in “public” records can find its results from three arenas: 1. Classifieds ads call For Sale By Owners; 2 Civil Court filings; and 3. The Clerk of the Court’s Foreclosure log. These leads lists all are tricky to work with.
When searching for an investment home in the newspapers, try the penny saver ads, and the properties for “rent” ads, for landlords getting tired of being landlords. Many may often help you with the home financing.
Other types of “public records” that can provide leads generation include divorce filings, probate filings and recent eviction filings. Remember, words like honey, win more bears.
The final group of mortgage leads that may be caroused from “public” records is the foreclosure listings. There are four basic types of leads lists that foreclosures cam offer.
First, we can find owners whose home loans are in default to offer to buy their home from them. Again, use the honey. These buyers are wary from all the warnings heard. By getting their lender to accept a short sale, (a mortgage below the debt,) you and the owner might salvage some debt consolidation profits.
The other three foreclosure home financing leads normally earn less money. They are
1. Foreclosures at the trustee's sale or courthouse. (Full cash is required).
2. Foreclosures after the mortgage franchise seizes the property. This Real Estate Owned, (REO’s) sometimes present special financing to sell these properties.
3. HUD or VA foreclosures. mortgage leads for sale Both require a bid submitted through your residential or commercial real estate brokerage.
The third and final way to find home mortgage investment leads is by creating your own investment homes list from scratch. Many drive and search signs or ask neighbors for addresses they have seen. Look for unkempt and abandoned properties. Then, find the owners using public records.
Also, using the more personal sale leads method; you might offer your mail carrier a few dollars for sales leads. Or you can hang flyers on public structures, where legal. Many have put magnetic signs on their car, or even worn a T-shirt advertising that they buy houses. Of course, the Internet is the best way to advertise to the greatest countrywide areas. Overall, if you incorporate a well planned out combination of several suggestions found here, you will quickly find one or more bargain investment properties.
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