Foreclosures For Sale Updated On: 11/06/09
Tips For Closing on the Distressed Property Quickly
Tips For Closing on the Distressed Property Quickly
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If you would like to close on that distressed foreclosures for sale in a hurry, find an experienced lender in your area and get "pre-qualified" and "pre-approved". If you take that extra step to be "pre-approved", you show anxious sellers that you have your loan in place already. Adding this extra reassurance puts you in front of other possible buyers for that "fixer-upper".
Look for ugly houses that simply need some cosmetic work when you first decide to tackle distressed homes. Remember your limitations and use care when thinking about investing in houses that need structural work. You can advance to buying distressed properties that need sub-flooring, walls, structural beams, plumbing and electrical systems as you gain experience in the real estate market.
Once you gain some experience in the market and you decide to take on a distressed property with structural problems, acquire estimates from several reliable contractors who can do the work for you. Learn from those contractors. Be sure to take the cost of those professional estimates into account before you decide if a fixer-upper is a good investment.
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