Fort Worth Wholesale Property
1. Search on the web for distressed or foreclosed properties. Use a professional REALTOR to identify foreclosure deals for you. If you are searching the web on your own, keep in mind some of the information is outdated, some may be incorrect, and some properties are not even listed. A REALTOR can offer you the most current information available.
2. If you search yourself for distressed properties and purchase from the selling agent, in essence, the person being paid is an agent for the current owner, not you.
Make sure your interests are represented in the sale by working with your own REALTOR. You won’t pay any more.
3. As with any real estate transaction, time is of the essence. Purchasers must close on the date specified by the agency, and cannot close after this without penalties of $25-200 per day.
4. Loan qualification takes 1-4 week. If you have been pre-approved for a loan, make sure you are qualified by your lender as soon as possible. If you are paying by cash, make certain funds are available. If finances are in order, the REALTOR will then submit an offer. When the offer is accepted by both seller and buyer, the REALTOR will submit the contract to the lender and closing agent.
5. If the property is in need of rehab or just in need of repair, always obtain 3-4 bids from different contractors, if you do not plan on doing the work yourself.
6. If you plan to sell the property after rehabbing, or if you are planning to wholesale it, ask your REALTOR to research similar properties in the neighborhood to see what the current market value will be after the work is complete.
7. Keep good record!. Any expenses related to the purchase, repair, or maintenance of the property should be kept for tax purposes. Good record keeping is the key to a profitable real estate venture.
8. When you receive title on a distressed or foreclosed property it will be in the form of a special warranty deed rather than a general warranty deed. Don’t let this alarm you. The purchase of title insurance will protect you. Lenders purchase insurance to protect the loan as well. Consider using an attorney instead of a titling company as your closing agent. An attorney is only $50-75 more and can remedy any situation that may arise.
9. Don’t be alarmed by the special addendums and contracts required for distressed or Foreclosure properties, banks and the HUD office (where applicable), will require these documents.
10. Foreclosure properties are potentially very profitable, but require the most attention to detail. An experienced REALTOR would be highly recommended because of the mountain of paperwork that must be in order to submit a proper bid or proposal.
For More Information go to http://www.stlouiswholesalerehab.com or http://laurawunder.cbgundaker.com
Specializing in the Great St. Louis Metropolitan Area with an emphasis on the St. Charles County Market.
* New Home Construction
* New Investors
* Buyers Agency
* First Time Home Buyers
* Member of the #1 Real Estate Team in the St. Louis area – Coldwell Banker Gundaker!
* Member of the most successful residential real estate brokerage company in the nation – NRT
Professional Education and Designations
* RRES – Residential Real Estate Specialist
* NAR – Member of the National Association of Realtors
* MAR – Member of the Missouri Association of Realtors
* SCCAR – Member of the Saint Charles Association of Realtors
* Extensive continuing education to help keep me abreast of market trends and license law.
Personal
From the home search process to financing, to title insurance, and more – straight through to the final closing of your transaction,- I will make it happen, walking you through the process step by step. So, When Buying, Selling or Relocating, for the support you need and deserve, just call (636)346-2455. Serving you is my #1 priority!
Dallas Wholesale Properties
