Five Secrets to Finding Deals in Real Estate
Recently I read an article about motivated sellers. When people are facing a death in the family, divorce, job transfer, and financial stress, it would make sense that they might be more willing to deal on the sale of their home. This still leaves us with the job of finding the motivated sellers. How do you do that?
As with most things worth a buck, there are some tools involved. I recommend a computer, telephone and a good pair of walking shoes.
Deal Finder #1. Select a neighborhood and start walking.
This may sound like a weird thing to do, however, you will get more information from a resident of a neighborhood than anything else. You have to be willing to slide out of your comfort zone and talk to folks working in their yard, walking the dog and taking out the garbage. Remember, neighbors want the neighborhood to keep its value so consider your approach. You might tell them you love the neighborhood and would like to purchase a home and ask them if they know of anyone that might be relocating or moving out of the area that might consider selling their home.
Deal Finder #2. Advertise the deal you want!
Be very specific and place online ads and print ads stating the price, location and condition of the property you wish to purchase. If someone is going through a divorce and you place an ad that reads:
“Going through DIVORCE? We can help!
Now buying homes in all locations – Call today
for a quick closing and move on with your life!”
Deal Finder #3. Research public records online.
Most major cities have their public records online. You can see who filed for divorce and the date. Send out a letter asking if the couple needs to sell their home. You can also see how much someone paid for a property giving you a glimpse of the kind of deal you might be able to get.
Deal Finder #4. Drive neighborhoods and look for vacant homes.
This is obvious by newspapers piling up in the yard, flyers stuck in the door, no blinds on the windows, trashcan sitting at the curb for weeks, unkempt yard and no vehicles. Drive by at night to see if there are ever any lights on inside. Once you are certain a home is vacant you can look up the owner in the tax records and then search them in the white pages online to find a phone number…then you simply call them.
Deal Finder #5. Hire a competent realtor to assist you.
Competent realtors often know of great deals. They may have clients that need to sell a home and yet haven’t listed it yet. They have access to lists of bank owned or REO Properties and can search properties that might be in foreclosure. They can access foreclosure lists. Also, a Competent Realtor will often do the leg work for you making the find much easier