Archive for the 'Chattanooga Real Estate Investing' Category
Want to Buy a Foreclosure? Read this First.
Categories: Chattanooga Real Estate Investing, Chattanooga Real Estate News, For Home Buyers
By Kacey Sides, Buyer’s Specialist - Andy Hodes & The Scenic City Team
Foreclosures are everywhere. Here in Chattanooga, we definitely have our fair share. Buying a foreclosure can be a great investment or a huge nightmare. Having a Realtor on your side to guide you through the process can help keep you from a major, personal disaster. Keep in mind every foreclosure sale can be a little different, so being on top of your game will help give you the edge over your competition. Whether you are buying one to flip, or buying one to fix up and live in, keep one thing in mind - the good deals go fast, so you need to be prepared to move quickly when the RIGHT deal comes along!
The homes that are priced significantly below market value are going to get a lot of interest from other buyers and most likely sell quickly. Banks that own these properties are aware of this, and will typically wait to receive multiple offers from buyers before they make a decision to select the best offer. After receiving multiple offers, some banks will ask each buyer for their “highest and best” offer. You will then have a chance, possibly your last chance, to submit your very best offer, keeping in mind that your competition is doing the same thing. Conversely, some banks will wait for multiple offers, but then won’t call for highest and best. Keep this in mind when writing your initial offer!
Regardless of the situation, you want your offer to stand out. Keep these steps in mind when prepariing your offer to purchase:
1. Keep your inspection period short. I wouldn’t advise skipping a good home inspection, but having more than 7 days to inspect the property can adversely affect your offer; banks are looking for buyers that will move quickly. Many times, the bank will require any inspections to be done prior to making the offer so that contingency is removed from the contract up front.
2. Don’t ask for repairs. Most banks won’t do them. Just make sure you reflect potential repairs in the price you offer.
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Flip or Flop: 5 Ways To Become A Solid Real Estate Investor
Categories: Chattanooga Market Conditions, Chattanooga Real Estate Investing, First Time Buyers, For Home Buyers
“Flipping Houses,” the new nickname for Real Estate Investing, has spread like wildfire over the nation. Before the market took a drastic downturn in most areas, and a slight downturn here in the Chattanooga market, pretty much anyone could jump on the house flipping bandwagon and make a good chunk of change. Now with the new market conditions, it is important to have a strategy in place or you could lose your shirt!
Following these 5 simple steps can make your next “Flip” a profitable one…
1. Know The Market! If you know what homes are selling for in the area, it’s easy to pick out a good deal from a bad one. It is important to what’s sold and what hasn’t and why. Gaining access to accurate information about the details in the homes that have sold is key. Finding a Realtor to represent you in your search can give you the access you need to the comparable home sales and keep your finger on the pulse of the market in your area.
2. Get an Inspection! A reputable home inspector can be priceless when buying investment properties. While no home inspector is perfect, they are trained to look for red flags in a home, and are up to date on the current building codes in the area, which most people are unaware of. Missing these potential issues can costs you thousands, so spending a few hundred dollars on an inspector makes dollars & sense!
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