Foreclosures – Landlords Can Be Fertile Ground For Real Estate and Foreclosure Cleanup Businesses

December 29, 2010 by In The News  
Filed under Internet Marketing Orlando

mortgage refinance Landlords as clients can be fertile ground for real estate and foreclosure cleanup businesses. In this tumultuous rental market, landlords are an easy target for move-in and move-out work. According to the National Multi Housing Council, a national association representing the interest of apartment firms, the index measuring vacancies and rent levels rose the fourth quarter of last year. But vacancy rates in apartments recently hit eight percent, the highest in 30 years. So what gives?

Any Rental Activity is Good Activity for Cleanup Businesses

The long and short of it is no matter the “state of rentals,” ANY rental activity means income for real estate and foreclosure cleanup businesses. How? When new tenants move into a home or an apartment, the place has to be cleaned and prepared; and when old tenants move out, the place has be cleaned and repaired. Read on to see how to target and service landlords and their rental properties effectively with your real estate and foreclosure cleanup business.

juegos #3 Inspect the Property

Take full advantage of any inspections conducted by the auction company or schedule a private site viewing. This will allow you or your representative to see what you are bidding on and help determine value and desirability allowing you to bid with confidence.

This is one that you might think is another no brainer but you’d be surprised how many people buy ‘in the dark’. This is not recommended. Most auction companies sell ‘as is’ meaning you’re not going to have an inspection period post-auction. You’d better know what you’re getting up front and bid accordingly. Auction companies should do their best to disclose any issues or problems with the property ahead of time because they don’t want trouble during the closing process. That said it is up to you to read these disclosures and go take a look at the property yourself!

real estate investing  #4 Prequalify Yourself

This increases your comfort level by knowing your mortgage qualifications. This is especially important in today’s economic environment. Even before you decide on a property to buy, you should prequalify yourself through your banker. There is generally never a mortgage contingency in a real estate auction. It is best to know you can pay for the property before you bid.

In our current economic climate this one is important. Don’t make the mistake of winning something at auction only to find that the bank doesn’t want to work with you. At best this might only delay the closing if you have to ask for an extension. At worst the whole deal can fall apart and you have to give up your earnest money. Ouch!

#5 Participate in an Online Auction

Similar to the on location auction. Check to see if the auction company is running another online auction you can participate in. Get signed up and registered for that event and attend and observe one or more auctions online and familiarize yourself with the process before you bid. The online auction process can be confusing at first, so knowing what to expect is important, when your time comes to buy.

A lot of online auction companies work in a very similar manner to eBay – even if selling multimillion dollar homes. The important part is finding out how they are DIFFERENT.

This one is more about your comfort more than anything else. How does the system really work? What fields do you have to fill out before placing bids on the system? What are the quirks in the system that might delay you from placing a bid when time is tight? Surprises are not fun – especially when you’ve committed yourself to a large six figure bid.

If indeed any of these foreclosed homes for sale seems to be lack maintenance, one should be careful as the long run cost of the repairs may be much higher than the significantly reduced price tag of the home. In addition, one should also employ the real estate agents to check any comparable homes in that area to make sure that the price of the foreclosed home is acceptable.

#7 Register To Bid

Most online auction companies require some sort of registration process before you’re allowed to bid. Some require identity verification by some method. Find out what this is. Call and make sure you’re comfortable with the amount of information you’re providing and what the auction company will be using this information for. Remember: Due to the anonymous nature of the internet they are just as wary of you as you are of them. Seek advice and ask questions from other people or brokers who have participated in an online auction and get information about this Auction company.

Upon completion of registration you will generally receive a bid number, terms of the sale, and other important auction day information (again check the auction company for exact details).

Not much to say here other than get signed up ahead of time. No one wants to miss out of a real estate opportunity because they tried to register too late. If you rush this you’ll feel rushed for the whole process and you’re putting yourself at a disadvantage from the start. Just take the time and get registered early on so it is one less thing you have to worry about.

#8 Check for Required Deposits

If you are the successful high bidder at an online auction, you will be normally be required to affirm your bid with a digital signature or email reply and some sort of deposit. Check with the auction company for exact details on what type of money deposits are allowed and accepted (Generally a certified or bank check are required) and how to get that money to the company since it was an online auction.

This one is all about being able to perform after you’ve won a property. This step will set the tone of the entire closing process. The auction company wants you to purchase the property but they don’t know your financial situation. The auction company is trying to determine if you’re going to follow through with your bid. You have to make sure that you follow directions after the auction to show them that you’re a serious buyer. If it seems like you’re not going to meet the post-auction requirements they will sell the property to someone else. Don’t lose your opportunity to buy your dream house because you didn’t follow the post-auction instructions. You can be published without charge. You can to republish this article in your website or blog. Please provide links Active.

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