Buyers
Investing in today's Bank Owned Properties is all about research, patience, and timing. Most media tend to summarize the national scene while mentioning Denver with a broad brush description of trends. In fact, there are many markets, sub markets and niche communities with distinct nuances. In urban core areas, change can be seen and felt even from one block to the next.
1. Be Prepared: When talking about the 3 most important criteria in real estate, amateurs repeat themselves about location; professionals understand timing. Trends are the key, but in another sense, Bank Contracts require being prepared to wait for decisions, maybe for a month or more, depending on...
2. Your Real Estate Agent's Specialty: Interview several agents until you find the right combination of Bank Owned market specific knowledge, negotiating savvy, and overall chemistry to make the creative process thorough, grounded, and profitable. Given the size of your investment, why shouldn't this be fun? While in the buying process, be sure your agent will not "sell" you a property, but act as a professional consultant to help you find a wise investment.
3. Compare Lenders: Like surgical teams, agents have a full compliment of allied professionals, each the best in their craft. From their referrals, compare, get pre-qualified, and complete your Bank Owned strategy before shopping properties. Become a virtual cash Buyer with your loan pre-approved, subject only to a purchase contract and appraisal.
4. Window Shopping: Leave your check book at home and gather research. If you have a home to sell, the "What If Buying" process must be thorough before the "For Sale" sign goes in your front yard.
5. Writing Project: Make two lists, "Needs" and "Wants", describing the criteria for your investment, and your motivations for the entire adventure. This will help your project be more rational than emotional, and give you a reliable road map, a compass built by you, just for you.
6. Choose Locations Wisely. Generally, no matter what the price, forget properties on busy streets, those exposed to noise pollution and nearby large power lines, as well as homes with no basements.
7. Know Your Game Plan; it will change. As you research and compare properties, new information will lead to refining your game plan in ways unforeseen at the outset. Make sure to allow enough time for the process to unfold so that your team will make the best long term investment.
8. Bank Owned Properties: Be alert as to why the property was not purchased before Public Trustee Sale, or as a Short Sale, and before that, a standard sale. Price and other factors played a role, but be certain it was not a structural issue, unpopular floor plan, or expensive to correct issue affecting ultimate value.
Investing in today's Bank Owned Properties is all about research, patience, and timing. Most media tend to summarize the national scene while mentioning Denver with a broad brush description of trends. In fact, there are many markets, sub markets and niche communities with distinct nuances. In urban core areas, change can be seen and felt even from one block to the next.
1. Be Prepared: When talking about the 3 most important criteria in real estate, amateurs repeat themselves about location; professionals understand timing. Trends are the key, but in another sense, Bank Contracts require being prepared to wait for decisions, maybe for a month or more, depending on...
2. Your Real Estate Agent's Specialty: Interview several agents until you find the right combination of Bank Owned market specific knowledge, negotiating savvy, and overall chemistry to make the creative process thorough, grounded, and profitable. Given the size of your investment, why shouldn't this be fun? While in the buying process, be sure your agent will not "sell" you a property, but act as a professional consultant to help you find a wise investment.
3. Compare Lenders: Like surgical teams, agents have a full compliment of allied professionals, each the best in their craft. From their referrals, compare, get pre-qualified, and complete your Bank Owned strategy before shopping properties. Become a virtual cash Buyer with your loan pre-approved, subject only to a purchase contract and appraisal.
4. Window Shopping: Leave your check book at home and gather research. If you have a home to sell, the "What If Buying" process must be thorough before the "For Sale" sign goes in your front yard.
5. Writing Project: Make two lists, "Needs" and "Wants", describing the criteria for your investment, and your motivations for the entire adventure. This will help your project be more rational than emotional, and give you a reliable road map, a compass built by you, just for you.
6. Choose Locations Wisely. Generally, no matter what the price, forget properties on busy streets, those exposed to noise pollution and nearby large power lines, as well as homes with no basements.
7. Know Your Game Plan; it will change. As you research and compare properties, new information will lead to refining your game plan in ways unforeseen at the outset. Make sure to allow enough time for the process to unfold so that your team will make the best long term investment.
8. Bank Owned Properties: Be alert as to why the property was not purchased before Public Trustee Sale, or as a Short Sale, and before that, a standard sale. Price and other factors played a role, but be certain it was not a structural issue, unpopular floor plan, or expensive to correct issue affecting ultimate value.
