Basics of Property Management: Screening Potential Tenants

Home-Buying Insight To Help You Find The Right Property At A Discount

13 June 2019

Jesse Obrien

A home is an important purchase but a big one that you want to make sure you spend your money wisely on. Homes come in all sizes, conditions, and prices, but you can find one that is within your budget and is selling at a discount as long as you know what to look for. Here are some tips to help you look for and buy a discounted home as your personal residence.

Look for a Good Investment

When you are ready to look for a home, you want to get a good deal and stay within your budget but still find a home that fits your needs. And to help you accomplish this task, you will need to look for a home that is selling at a discount or at a great price relative to other home prices on the market. 

Talk to a real estate agent about searching for homes that are in foreclosure or being sold by a short sale. They can find listings of local homes, which you can put in an offer for. Buying a foreclosed or short-sale home can take a bit longer compared to regular home sales, but the savings you can get is worth the wait.

You can also look for homes that are being sold through a property tax sale. You can drive through neighborhoods and look for properties that are vacant and have the appearance of neglect. These types of homes are those that have been abandoned by their owners and are not currently on the market because no real estate agent has been hired to oversee their sale.

Once you have located a property that looks vacant, go to the county courthouse and look up the property's address on file to see if it is currently in collections for property tax or for its mortgage. Often, you can buy the home at the property tax auction for a deep discount on the home's value.

Seek Out the Right Information

Once you have found a home selling at a discount, you will need to do due diligence on the home to make sure you know what you are buying. If you are buying a home that looks great on the outside but is having foundation problems, for example, you need to know before you buy it to make sure you can afford and budget for its needed repairs.

Hire a professional home inspector to check out the home condition. They can check the roof, foundation, structure, plumbing, electrical, HVAC, and any other areas of the home needing a professionally trained eye to look at. You can also get an inspection for mold, radon, meth, asbestos, or lead-based paint, depending on the home and its current situation.

Contact a real estate agent today to learn more about residential real estate for sale.

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