Sunday, August 28, 2011

3 Tips to Buying a Home for Sale at a Great Price

This article is written by my husband. Here it goes.

Since we have recently gone through the process to buy two foreclosed Missouri homes for sale, I think it’s great to share the experience on how to buy cheap homes. These are my 3 tips to buying a home for sale at a great price.

First, look through real estate websites. There are many to choose from and you should try to narrow it down to the region you’re interested most in, do a web search with the keywords Kansas City homes for sale or Kansas City real estate. Missouri real estate was not hurt as much by the downfall in housing prices, and the prices of Missouri homes for sale are very reasonable compared with most parts of the country.

Secondly, once you’ve narrowed down your search to one area, then look for distressed properties, which are the foreclosed and short sales. Foreclosed homes have already been repossessed by the lender, and a short sale is a last ditch attempt to sell the home by the owner before the lender forecloses on it. These homes will be offered at lower prices in order to quickly sell them.

Thirdly, be prepared financially to buy the property you decide on during your search. Make sure you have a good credit score. And also make sure you have a large enough down payments stashed away in a bank account, and have the closing costs set aside too. You won’t be able to get a loan without a 20% or higher down payment. And after you’ve bought the distressed property, you’ll probably have to put money into repairs before it’s ready for you or renters. The real estate deals are certainly out there, and it can be fun looking for them.

Photo taken in Missouri.

I am participating in a blogger campaign in behalf of Bucks2Blog for Remax-Midstates and will be compensated.

1 comment:

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