Foreclosures or Just A Great Deal?
My definition of a Great Deal is buying for less than fair Market Value.
Market Value is the benchmark set by recent sales of Comparable Properties.
Comparable Properties are similar in size, area and condition.
A Foreclosure is just another property that you have no way of knowing if it’s a Great Deal until you look at recent sales of comparable properties.
That makes sense, right?
If you don’t know the value, how could you possibly know if it's a good deal?
Foreclosures are just one place to look to get a great deal. Vacant homes are another place. Tenant-occupied homes are another place. Inherited homes are another place. Divorcing couples is another place to get a Great Deal. Great Deals are everywhere.
Foreclosures are one place, and there are many other places to find a great deal on real estate.
What is your definition of a Great Deal? I know for a fact it’s buying under market value. How much is under-market value to you? 10%, 20%, 50%?
Here are the 3 steps we use for clients looking for and finding great deals.
- Define what they are looking for. Area, Budget, Type of Property.
- Prepare a report that clearly shows the Market Value Benchmark
- Only show properties well under market value.
Sometimes it is a foreclosure, and other times just a highly motivated seller.
Defining what you want in relation to benchmark values sets you up for success in finding a Great Deal.
Are you interested in our help finding you a Great Deal?