Numerous investors in the real estate market, both new and seasoned, purchase real estate properties in a backwards process. What they do is make the offer after checking out the property. While this works sometimes, the most profitable deals are often missed.
What experts usually do is make several month offers that are almost ground-flat offers. With this strategy, hundreds of it are being accepted. They pick the properties that stand out among the group, and then offer each one for a market value within 14 days.
Here is a detailed process:
Know the importance of a high-quality, property ownership data source.
Look for a property ownership source of data. Usually, the sources are not from counties, but are those which require value assessment. Title companies almost always have this list because they need it in writing insurance policy titles for parcel transaction history. These companies are well-organized and documented.
Narrow the list and filter unpleasant ones.
What you are looking for here are properties that owners do not want anymore, and real estates which are owned by owners who live outside the state. These properties have accumulated previous taxes and other payables that make it expensive for return acquisitions. Also, the property must not have a mortgage associated with it; only 30 percent of homeowners do not have home mortgages.
Send offers.
Do not send letters to invite them to discuss a possible sale with you, and never mail a fake eviction note, a cute post card, or letters that have silly colored-borders. The chances are, you will not be able to trick them into giving you the property below the market value.
Without a doubt, you will receive purchase agreements that are already signed. Pay close attention to them as the time to check out these properties together with all of the factors associated with the possible acquisition is now.
More buyers, more property acquisitions, and more money will come your way.
