August 28, 2011 07:49 by andrey
Know What You Are Financially Capable Of
Finding a smart deal by searching through Snohomish County foreclosure homes has been providing great deals to a small number of buyers and investors. One of the biggest mistakes buyers and investors make when searching through potential deals though is simply jumping on any property that “looks nice” or “is in a nice area”.
You have to first know exactly what you are financially capable of, create an exact criteria that fits your personal situation, and stick to it. This will ensure that you do less work in filtering through deals because you will have a tighter criteria and you will be able to make much better decisions for your future.
Work With A Broker Who Has Foreclosure Experience
You can do an online search and find information on Snohomish County foreclosure homes throughout numerous websites… the risk is not knowing how accurate the data is. We have seen many horrible mistakes made by buyers and investors because they unfortunately didn’t have accurate data.
Having a good criteria without having the right data to filter through that criteria will still produce poor results. Most real estate brokers use recycled sources of data and have not control over the accuracy. Our team has created the closest thing to an “mls for foreclosures”.
In addition to collecting all the data ourselves directly from trustees and county information, we also conduct rigorous due diligence by physically visiting every single property and verifying that all data matches reality.
This ensures that every decision our buyers and investors make is completely accurate.
August 27, 2011 07:47 by andrey
All Foreclosure Properties Go To Auction on Friday
You can find Snohomish County foreclosure properties available for bid every single Friday at the county courthouse steps. With consistent inventory to choose from, both buyers and investors can define exactly what kind of property they are looking for and simply wait for it to show up at auction at the right price.
Also, with little competition at the auction, many of the deals that come along weekly simply go back to the bank with no bid and will be reentering the market as an REO which will be listed for a much higher price than the minimum bid that was available at the auction.
A weekly supply of smart deals along with currently low competition makes it possible to find the perfect home for a buyer in short order and the 3-5 perfect investments a month for an investor.
Create a Criteria and Stick to It
Our team has a specific criteria that we filter every single property through to choose our Top 30 for the week. Having your own criteria in place, whether you are flipping vs renting or targeting first time buyers vs large families, will make it easy for you to filter through the Top 30 to decide if there are any matches.
If you find a match then simply conduct your due diligence, have a strategy meeting with one of our team, and decide if the property is the right deal for you.
If it is, establish a maximum price you are willing to pay, and do not bid over that price if you find a competition for it. There will be more deals to be had the next Friday and the Friday after that.
The key, as our team likes to say, is being in the business of knowing what not to buy. Everyone knows that real estate is a solid investment over the long term. Having a criteria in place that is suitable to your goals and sticking to it will position you to take advantage of the current opportunity.
August 26, 2011 07:43 by andrey
Mortgage Rates Are Not Going Any Lower
You can invest in Snohomish County bank owned properties with mortgage rates that are at historic lows and will save you tens of thousands of dollars over the lifetime of the loan. These savings coupled with current discounted prices available with bank owned properties make for a perfect time to invest right now.
A fresh supply of demand from first time buyers who weren’t able to purchase before due to either unaffordable rates and/or home prices being too high, are now finding that it is a strong buyers market.
These buyers are starting to enter the market in droves as shown by numbers of offers being written by real estate brokers currently compared to this time last year. Fresh demand means price support and also a coming shift in mortgage rate trends.
Flood of New Renters Entering Market
Buying bank owned properties in Snohomish County will position yourself to supply a rapidly growing demand for new home renters who used to be hardship stories and are now fixing their credit and have stable jobs again.
All the people who went through foreclosure in the past few years are usually middle class, back bone of America families who simply found themselves financially over extended and victims of the real estate bubble.
An overwhelming majority of these previous hardship stories are now putting the pieces back to together again and are re-entering the market as home renters who need something more than a two bedroom apartment due to kids.
Owning a property in an area that is seeing a strong growth trend in rental search means that finding a renter and cash flowing a property won’t be difficult.
Smart Deals Available Every Week
In Snohomish County, all bank owned properties go to auction every single Friday on the county courthouse steps. Creating a criteria that fits your real estate investment strategy and simply filtering all the properties through that criteria every single week means that you can identify great deals with only a couple of hours of work per week.
Working with most real estate brokers will be an exercise in frustration since they are not experienced with purchasing properties at the auction and they don’t have reliable sources of data.
The team at Vestus has real time data available on all bank owned properties going to auction for free to any investor or buyer. This information is also made readily available online and can be viewed 24/7 as it is updated in real time.
Every single week there are opportunities entering the market. Simply weeding through them to find your best fits and conducting your due diligence will provide results in short order.