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How Buy Foreclosure – How you can Prepare  


Article by Diya Kenzie
























When most people think of how buy foreclosure they are thinking auction. You should train yourself to get the proper know-how, a familiarity with what you’re bidding on plus some self restraint or else you could get burnt.<h3>Finding Foreclosure Properties</h3>Whenever a lender posts a foreclosure notice or notice of default (NOD) it’s to list the auction date, time and place. Normally foreclosure auctions are held in the courthouse but they may also be held at the properties location. It is important to check a short time ahead of the foreclosure auction to check that it’s still going to take place at the specified time. Sometimes lenders can settle with the homeowners. You try and discover the opening bid prior to the auction.<h3>How High Should You Bid</h3>It is best to set your bid to make sure that you make a 20 percent profit or better. You have to consider all costs with this equation in addition to the value of the property e.g. holding costs, renovations, charges etc… If you think you can go over this amount then take a friend with you to the auction so that you don’t overbid.<h3>Estimating Repair and Renovation Costs</h3>You should use 10% of the final sales price as an estimate to renovate the home if you have not been able to properly inspect it. Whenever you purchase a property at auction you buy it as is. It is your responsibility to renovate and refurbish the house.<h3>Formula For Maximum Bid</h3>You need to set a larger return for a market in which house prices are falling e.g. In a rising market you could set 20% as you profit margin but in a declining market the percentage will be 30%. In your profit margin figures you need to consider transaction and transfer costs, repairs and renovation estimate, holding costs, back taxes, agents commision etc…How buy foreclosure you have to follow the rules above before buying a foreclosure property.Buy Land For Sale – Some TipsBuy Land For Sale – How to Do ItBuy Foreclosures – Tops Tips To Save Money

About the Author

Scott Hull writes about buy foreclosures at http://www.buyforeclosuresinfo.org












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