Fixer Uppers – Build Your Own Equity

1.Newer Homes Less Than 5 Years Old – Abandoned, neglected in
foreclosure will need minor repairs repainting, carpet cleaning. Some appliances
may be missing. The best way to increase your equity is based on how much of a
discount is the bank willing to take to unload the property.

2.Good Neighborhoods Estate Homes – Homes being sold through
attorneys’ in estate sales or probate. The family homestead where Mom and Dad
have downsized, have past retired or moving to care facilities. Normally will be
out of date interiors, kitchen, baths, flooring and decorating solid homes well
cared for may need a complete overhaul. Many times family members just want to
get rid of the headache.

3.Auctions – Not the best place to find a good deal unless you are
very knowledgeable and experienced about the process in larger cities and
counties the professionals rule, but in the more rural areas you may stand a
chance. To get experience go to several auctions and bid to yourself to see
where you stand. Inspect what you may be bidding on pick 3 or 4 homes know them
inside and out. Be conservative in your bidding and have good solid repair
estimates.

4.Realtor Listed Homes That Don’t Sell - On the average over 50% of
homes on the MLS do not sell during the 1st listing period. Homes that have had
a real estate sign on the lawn for 9 - 12 months or longer may be prime
candidates. There is a problem usually condition or price. The condition problem
is where you can get the deal you want. Check with local real estate agents let
them know what you are looking for.

5.Abandon & Vacant Homes - These homes offer the greatest chance
of quick equity. If you can find the owner who is usually out of state, you can
get a great deal. Most times the owners moved away and are surprised you found
them. They don’t want anything to do with the property and are happy to get
off their backs.

6.HUD and Government Repo’s – HUD has great programs for home
buyers you can go on the website www.hud.gov under homes for sale you can find
HUD and other government reposed properties. They also offer financing to
qualified buyers, all offers must be through a HUD registered real estate agent.

Bill Carey offers insights to the buying and selling process of residential
real estate for F*R*E*E information and reports see http://www.BillCareyRealtor.com
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