Larry Buchanan Realtor®

Larry answers:

Short sales, and just about anything related to real estate sales, requires lots of research and specialized knowledge. And even after you’ve done your homework mistakes can be made. Your best route is to do your research by Googling short sales reports and wikis. This will give you a good level of knowledge.

Once you feel you’re ready to invest, find a Realtor who specializes in short sales. You’ll definitely want a professional to handle locating and evaluating properties to help you avoid missteps. It is very hard to hit your profit goals successfully without having the knowledge and experience that a Realtor brings to the table.

After the Realtor has helped you by handling a couple or so sales you could try a going it alone, however, in nearly every situation you’ll save money by using a Realtor.

Please feel free to use this link for your research.

Nationwide-Property Finder

Larry answers:

You can definitely get a short sale for the listed price any it is often possible for you to get it for less. Like with anything related to real estate sales or purchases, location makes a difference, but in most markets, there are record foreclosures, and a ton of unsold houses. Short Sales add volumes to the listing of houses for sale in most areas in the country.

It is important to do a bit of your own research by going online and reading wikis and articles written by Realtors who specialize in short sales. Then let your Realtor know you are looking for a great deal and want to make low ball offers and can tolerate a few rejections in order to find a deal that is a good match for your investment goals.

And please feel free to use this link to assist you in your search…

Nationwide Property Finder

Larry answers:

In today’s real estate environment such books are hitting the market like a blizzard. My advice is to check the online book stores like Amazon. You’ll most likely find feedback from other buyers.

You can also check online real estate investors forums where helpful communities of investors will answer your questions and give you advice. …..You’ll want to check these forums before you purchase so you’ll know what to buy and what to avoid…

Larry answers:

You will find it is always safer to use a Realtor. Licensed professionals are required to provide full disclosure, and when you’re dealing with a real estate transaction you don’t want to have surprises. Plus, most of the time these ads will result in you getting offered 40 to 50% of what the house is worth.

Hire a Realtor…

Larry answers:

Unfortunately these stories are not rare. Hiring a Realtor provides better deals most of the time, and you’ll always be able to rely on full disclosure….it’s why you want to deal with a licensed professional.

Larry answers:

You’ll want to pay attention to details and a clean home sells faster than one in need of TLC.

What this means is clean the carpets and definitely make sure there is fresh paint on the inside…and touch up the outside. And get rid of any outside clutter in the yard and patch or seed any bare spots on your lawn. …also rake and bag leaves and downed limbs. Your outside view must be as nice as the inside! Curb appeal is very important!

Larry answers:

It definitely sounds like you’ve done your homework on this one. My advice is to check with a local Realtor just to be sure there no surprises, plus he or she can check on comparisons in regard to how condo fees are trending in the areas you’re considering.

Feel free to use this link for your search: Property Finder … and call me if you have questions…php

Larry answers:

If you have steady income, good credit, and a down payment – definitely consider it. You’ll want to be sure to work with a Realtor to help you choose a property that will be a solid investment.

It is not unusual to happen on overbuilt areas that don’t increase in value much. You’ll also want to be sure your property will maintain a beach view if that’s what you purchase (the Realtor can check into whether other condos be built that would obstruct the view).

Please feel free to use this link Property Finderto help with checking out good condo locations as well as a local Realtor… And call me if you have additional questions… your ideas could result in a good opportunity to enjoy the beach lifestyle for years to come.

Larry answers:

Use this link: Property Finder to check properties in the areas you’d be interested in making a purchase. You can also find a local Realtor through this link or call me to help you make a local connection.

I’m sure you could find what your looking for in your price range with this link.

Larry answers:

You would definitely want to speak with an attorney for advice before you proceed. However, generally speaking, you don’t foreclose; the lender does. If the lot sells for less than the value of the lenders’ judgment — which includes the mortgage balance, accrued interest, court costs & legal fees, they have the right to proceed against you for a deficiency judgment for the difference (unless you have a non-recourse loan which is almost certainly not the case).

In that case the judgment can constitute a lien or serve as the basis for collection procedures as any other judgment.

Larry answers:

You need a lot of capital up front to make money in real estate, it is NOT a good “no money down” business the way some people tell you.

Florida has a lot of great “deals” on property for sale but the problem of how to get the cash to buy them (because many of those auctions aren’t going to wait for you to go get a loan, you got to have cash going in).

AND once you have the property it may be a while before the market recovers so you need money to support the property if it sits vacant a while. PLUS any costs to fix it whether from damage by the former tenants or just typical maintenance.

You can go talk to a bank about a line of credit or find some family or friends to go in with you as investors (but then you have laws on how to treat investor’s money), but don’t listen to those TV infomercials–if there was not a LOT of risk the prices would not be so low. The TV infomercial people made their money from selling these programs, not from selling real estate in most cases.

But you will probably need another job to support this for a while. That said, if you can get the capital together. You’ll want to speak with a CPA with real estate investment experience to get a solid understanding of what you’ll want to plan for and definitely decide how much risk tolerance you have.

Please feel free to contact me directly if you have other questions…

Larry answers:

You’ll definitely want to choose an agent that acts on your behalf. Keep in mind, negotiating for a transaction like this is best handled with the help of a professional.

Contact me directly at office: 904-247-0059 to discuss the specifics in more detail.

http://larrybuchananrealtor.com/nationwide-propertyfinder