Finding A Quality Foreclosure Property Listing
With the recent down turn of the real estate market many astute investors are turning toward foreclosure properties in an attempt to find a way to make quick money. While in some cases this may work, finding a quality foreclosure property listing is not an easy task.
What To Look For When Selecting A Foreclosure Property Listing
The first thing you want look at are any pictures of the property. These should be prominently shown in any quality foreclosure property listing. While a photo will not tell you right off the bat whether you should invest in a property, but it can let you know if you should not. Before even going out onsite to look at a foreclosure property listing make sure that you get a picture even if there is not one in the listing.
The next thing you want to look for in a foreclosure property listing is who the broker who is handling it is. This will give you an idea of what you can expect from the property as brokers will generally specialize. Pick a broker and look at several properties that they have to offer so that when you go out you can examine many properties at once. This is the best way to maximize your time and canvas as many different properties as you can. In addition you are going to want to find foreclosure property listings that are close to each other. This strategy also helps to maximize the potential of your property as just about anything in the home can be fixed or changed except the location. A good location is the best way to maximize the amount of money you can make.
Next you want to see whether the property is a HUD foreclosure or not. HUD homes are generally very cheap but will require a lot of work to get back into a sellable form. I would only look at a foreclosure property listing that is classified as a HUD property if you are prepared to do a lot of work. This is not to say that these properties are not worthwhile investments, but rather that they will require a lot more work than a non HUD home.
There are many other things that you want to look at before purchasing a foreclosure property listing. These guide lines are a good place to start, but you will need to decide for yourself what is and is not a worthwhile property to look at.