OfflineI am new here and my wife was newly pre-approved for a home. She was approved for 250K and I am looking for how my being Dean's student would help us buy a great foreclosed home with that amount.
My question is what are the best steps to take to buy a good foreclosed home with this. Most of the town houses we liked are 299k or more, and Single family homes over $399k. what would i do to get any of these house under 250K?
Thanks all for your help.
Will Ugwu
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have you read Dean's books?
There is no quick answer to your question; you need to look for a property that you can buy for less than 250K... find a motivated seller... drive around and look for distressed properties... find a realtor that will work with you to find expired listings... place some bandit signs... look on Craigslist...
wishing you success,
valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
If you find something you like that's listed for $299K that's been on the market for awhile....make an offer for less. You never know what will be accepted.
Hi Will,
I just went thru this with my boyfriend/re partner. Have an agent create a listingbook account for you, which is almost like the mls. You can create searches with your criteria, select favorites and click on a property to alert you when the price has been reduced. I suggest you select every property you are interested in, so you will be the first to know when there had been a price reduction. Also, make offers on the properties that have been on the market for 90 days or more and follow up on all your offers. You will definitely find what you want for the price you want so long as you are persistent and not emotional.
It took approx. a year to find what we wanted as far as town, criteria, ect...m but in the end it's worth the the wait and trust me I'm not the most patient person on the world, but like I said...in the end patience and persistence def pays off!
Good Luck!!
"The greatest mistake you can make in life is to continually be afraid you will make one."
Elbert Hubbard
Are you looking for just foreclosures. There are tons of props out there. FSBO's are great buys if you can find the right home. Like everone else said, drive around for an afternoon or two. Don't limit yourself...think outside of the box. Your pre-approved, way ahead of the game...Jan