Seizing
Opportunity in Government-Seized Properties
By Dave Lindahl
Most real estate investors are aware of the potential profit from buying
government-seized properties - homes and other types of property the
government has acquired from tax cheats, drug dealers and other criminals.
Because the government isn't in the business of renting or flipping
properties, they want to unload them as quickly as possible. While this is
unfortunate for the previous owner, it creates opportunity for investors
who act fast and know what to do. Following are some tips.
Educate yourself - Read as much as you can about finding and buying
government-seized properties and find a mentor if possible. Many
metropolitan areas also have investment groups.
Consult a professional - When it comes to buying government-seized
properties, a knowledgeable real estate agent or attorney may be worth the
commission. Find an expert who has done this before so they can anticipate
any problems and plan for a stress-free transaction.
Finding the right home - You will probably find a good selection of
homes on various government websites. Join their mailing list so you'll be
notified of new properties or auctions. If this doesn't produce what you
want, check the local newspapers or visit the county courthouse. Drive
through the neighborhoods you have targeted and look for signs of vacant
property. If you can discover a government seized property before it hits
the market, you'll have an advantage. Keep your eyes open for government
auctions too.
Inspect the home yourself - Unlike most home sellers, the government
does not have to disclose anything about the condition of the property.
Plus, they don't do repairs, or warrant anything. It would be wise to hire
a professional property inspector or general contractor to thoroughly
inspect the home.
Research the property - After you've set your sights on a
property, do your homework. Start with searching the tax assessor
files at your county office - either online or in-person. If possible, get
into the property and perform an evaluation. Talk to the neighbors and get
their opinion about the neighborhood and home values. And if there's an
expert in the area that you trust, get their opinion. You want to know the
approximate value of the home and whether or not it's a community you
should be investing in.
Make your offer or bid - Depending on whether or not you are making a
traditional offer, or bidding at an auction, you've done your research and
now have a pretty good idea of the value. Make your offer accordingly and
stick to where you need to be in able to make a profit. Be sure to read
all the rules and regulations associated with buying the property because
they vary greatly - from bidding over the internet to having to submit
your offer through an authorized agent.
Stick to the terms - Once again, terms vary from county to county, so
know what they are and adhere to them. Some agencies require a 20 percent
down payment and the balance due in 30 days, while other may require full
cash payment. Some accept certified check, while others only accept cash
or credit cards. Understand the terms before you submit your offer.
The market for government-seized property is hot right now. Month after
month thousands of properties are being seized by various government
agencies, and if you know how to buy them, you could be purchasing them at
a fraction of their fair market value.
Learn more about investing in real estate.
David Lindahl, also known as the "Apartment King" has been successfully
investing in single-family homes and apartments for the last 14 years and
currently owns over 7,400 units around the US. David regularly shares his
secrets and experience on the same stage as Tony Robbins, Robert Kiyosaki,
and Donald Trump! To get your free report on HOW TO AVOID THE 23 MOST
COSTLY MISTAKES THAT REAL ESTATE INVESTORS MAKE AND HOW TO AVOID THEM
Click on
http://www.ReMentor.com/report_23mistakes.shtml
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