The economic crash of 2008 has resulted in a huge number of properties being foreclosed across the country. While the housing market is starting to improve, many of the remaining properties in the market are foreclosed properties, so buying them will probably be an essential part of your Greenville investment management strategy. Here is some helpful advice for buying foreclosed properties from Greenville investment property management companies:
- How to find them: Check the classified advertisement for foreclosed properties listed under Foreclosure Notices, Auction Sales, or Sheriff’s Sales. You can also sign up for various online services that will alert you of new properties scheduled for foreclosure. If you see “REO” on a real estate website, that property is scheduled for foreclosure.
- Obtain your financing beforehand: Banks are going to sell to the first person that meets their criteria, so unless you are going to pay with cash, you need to get a pre approval letter from a lender. The bank that is selling the property is probably not going to finance your purchase because it is trying to get the property off its balance sheet.
- Have realistic expectations: Many purchasers of Greenville investment property think that foreclosed properties are just like other properties but cheaper. This is less often the case than you might think. Foreclosed properties are generally sold as is. The purchase price may be lower than a comparable property, but if you need to spend tens of thousands of dollars in repairs, you might be better off not going through the hassle of buying foreclosed properties.
If you have additional questions about buying foreclosed properties, please contact management for investment property in Greenville team today.