Want To Purchase Homes And Then Resell Them? 3 Ways To Find Inexpensive Homes For Sale

You can make some good money selling homes. You can make even more money if you find inexpensive homes and sell them for a much higher price. Below are three ways you can find these homes to help you get started in your real estate venture.

Find Distressed Properties

There are homes that are considered fixer uppers and there are homes that are considered distressed. The difference between the two is a distressed house may be a house that no one wants. This could be due to financial problems, a divorce, a job loss, or other financial problems. In a case like this, the homeowner is forced to sell their home for much less than what it is worth. You should not look at this as a bad thing, as in many cases there is nothing wrong with the home. If there are some needed repairs, they may be very minor, such as needing to replace the carpeting or doing some interior painting.

Purchase HUD Homes

HUD (Housing and Urban Development) homes are generally listed once each week. You have to place a bid on these homes so it is important that the bid be submitted properly. If it is not, it will automatically be rejected. To help with this, hire a real estate agent that is experienced with purchasing HUD homes. There are some agents that specialize in this area.

You will bid online to websites that sell HUD homes. When bidding, be patient and you can find homes at very low prices. Some homes may become overbid and sell too high. Your real estate agent should place a few bids to increase your chances of winning.

Purchase Homes from the Veterans Administration

You can also purchase homes through the Veterans Administration (VA). These are also purchased using a bidding system through a real estate agent. If the homes are fixer uppers, the VA will do some of the repairs before they sell the home. In some cases, you can get your financing through the VA, which may offer you a lower interest rate. Your real estate agent should have experience purchasing VA homes to ensure you go through the process correctly. You do not have to be a veteran to purchase these homes.

Make an appointment to sit down and talk with a professional, such as those found at Re/Max Fine Homes - Wright Realty Group, Inc., about purchasing homes for low market value. They can likely tell you of other ways you can buy these homes.