Investing in real estate foreclosures can be one of the quickest ways to make money in real estate.
While residential and commercial foreclosures aren’t as prevalent as they were five years ago, there are still foreclosure sales happening in virtually every real estate market in the U.S.
A foreclosure occurs when an investor or homeowner is no longer able to make their payments for an extended period of time, and the bank has to foreclose on and take over the property.
Here are some points to consider when deciding whether buying a foreclosure property is the best real estate investment for you:
•the condition of the foreclosure property
•do you intend to fix and flip the foreclosure property or buy and hold it
•how much work would need to be done to make the property livable or usable
•how does the price of the foreclosure property compare to other comparable properties in the area
•how long will it take to get possession of the foreclosure property from the lender
•can you find financing for the foreclosure property
If you choose wisely, you could have instant equity with a foreclosure property, whether it’s a house, condo, or commercial building. For example, the bank might be selling a foreclosure house in good condition for $100,000, when other comparable properties in the immediate area are appraising for $120,000. Buy that foreclosed house, and you’ll have $20,000 equity the day of closing.
Want to expand your knowledge about foreclosures and real estate investing, through a series of online classes and courses on real estate investments? Click here to attend a free real estate investing webinar.
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