What You Need To Know Before You Buy A Fixer Upper

Fixer UpperWith all of the home improvement shows on television now, buying a fixer upper and creating an amazing house seems like a no brainer. But can you actually afford to buy a home that may require major repairs and improvements? Today’s article discusses your options. Here’s what they had to say, “committing to a fixer-upper is a big decision, one that can impact your financial picture for years to come. Before you start swinging a hammer, you’ll first need to find a way to finance your purchase. You may need a specialized mortgage product to buy a fixer-upper. Some lenders and loan types want properties in “move-in ready” condition, which can obviously pose a problem.”

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Looking to invest in Real Estate? Here's Some Free Advice

Every month foreclosure.com put’s out a newsletter  filled with a lot of great tips on navigating this often intimidating market. In September’s newsletter they covered issues such as…

  • Spotting the difference between a distressed property that has the potential to be a cash cow or a cash sinkhole.
  • An explanation of how tax lien sales and tax deed sales. The tax deed sale occurs when the homeowner doesn’t pay taxes. In that event the government auctions off the house with the minimum bid being the amount of back taxes owed plus interest. Tax lien sales are an opportunity to purchase tax liens against the property.
  • They also examine Florida’s Real Estate market, and the trend of foreclosures still rising slightly while delinquencies are dropping.

The newsletter isn’t a long read but if you’re interested in investing in Real Estate you’ll pick up some ideas.

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