Posted: 13 December 2017
Demand for property is up, and supply is down.
Low supply means higher prices, but we’re talking real estate bargain shopping here.
If you have a tight budget and dream of buying a property, don’t worry. We have three tips to jump-start a bargain hunter’s property search.
These ideas work for a rental property, house flipping or a family home, condo or townhouse. It’s all about finding the best deal.
Buy A Foreclosed Property With A Property Search
A foreclosed property is the result of an owner not paying his mortgage for a long time. The mortgage lender repossesses the property and evicts the occupants.
Sometimes the foreclosure process takes a couple of years. During foreclosure, the property may be vacant for a long time. It may need serious repairs by the time it goes on the market.
The lender wants to move the property fast. A local real estate agent is hired to sell the property.
Thrifty buyers can negotiate a discounted price if they want to take on a project that needs rehab work.
If you’re not afraid of renovating a property, then look into foreclosed properties. Remember, the house is “as-is” and the buyer handles all the repairs.
The first step in a foreclosure property search is to speak to a local real estate agent. Ask for a list of foreclosed properties, then visit the sites in person. You want an agent who works with a lender on foreclosures.
Get pre-approved for your mortgage as soon as you start searching. You should be ready to buy when you find the best bargain.
Look Outside MLS
It’s hard to find deals in a hot market because so many people are looking at the same time. Properties receive multiple offers on the first day.
Buyers report some homes are gone by the time the listing posts to the multiple listing service (MLS).
Competition is tough. It’s time to try other property search tactics.
Approach Absentee Owners
Look for vacant or neglected properties. Research the local property database to get contact information for the owner.
Drive or Walk Through Neighborhoods
Look for signs. Talk to residents. You may learn about a property before it goes on the MLS.
Use Neighborhood Apps, Craigslist, Facebook
Search for seller listings. Post your own notices to tell sellers the location and type of property you want to buy.
Contact Local Landlords
Ask if they have properties to sell, or know someone who does.
Search Realtor Inventory
Choose a realtor who handles listings in your preferred area. Make it a habit to scan realtor sites like this website to find properties as soon as they’re posted.
Volume, Volume, Volume
You’ve heard of location, location, location, right? But what about volume?
Finding a great real estate deal is a numbers game. Volume is vital to a successful property search.
Take all the methods mentioned above, plus any other ideas, and add them to your property search.
The more properties you look at, the better your chances of finding the right place for the right price.
Get Out There And Find Your Property
There are potential bargains to be found. The trick is to look everywhere, and if possible, be the first to respond.
Get recommendations for a local agent who knows the Tampa Bay area. A regional realtor will help you find new listings.
Keep looking everywhere. Use all the tips in this article to find the best deal on your new property!