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I am in the market to buy a home and would like to be able to put in some sweat equity- cosmeticwise, not structurally.
How do I go about finding foreclosures or short sales? Is there a website or realtor I can contact?
I want a house (1800+ sf) with good bones and no issues. I am willing to paint, put in hardwoods and completely renovate a kitchen and would like something in N Raleigh , S/SE Raleigh or not too far N of Raleigh. Also, in a good, safe place with good neighbors.
I am in the market to buy a home and would like to be able to put in some sweat equity- cosmeticwise, not structurally.
How do I go about finding foreclosures or short sales? Is there a website or realtor I can contact?
I want a house (1800+ sf) with good bones and no issues. I am willing to paint, put in hardwoods and completely renovate a kitchen and would like something in N Raleigh , S/SE Raleigh or not too far N of Raleigh. Also, in a good, safe place with good neighbors.
Trust me, they don't have to be foreclosures/short sales to need cosmetic/updating!!! You could be limiting your opportunities if you focus soley on those. Often they are NOT the deal you think they are! Find yourself a "good" realtor.
Trust me, they don't have to be foreclosures/short sales to need cosmetic/updating!!! You could be limiting your opportunities if you focus soley on those. Often they are NOT the deal you think they are! Find yourself a "good" realtor.
Agreed, you need a good buyer broker. Sometimes you can spot a house on Realtor.com or other search site with a price that is too good to be true. That may be a short-sale even if the listing does not mention it.
Thanks to all replies. It is just so disheartening as there aren't many houses in my price range that are available
(> $200,000).
I almost bought a property that had been in an undisclosed fire (thank you very much, seller) and lost $400 in home inspection and due diligence fees. Also, I just don't want to live in attached housing or a 900 sq ft ranch with a carport and 1970s shag carpet which seem to be all there is available in my price range.
Location: Sodo Sopa at The Villas above Kenny' s House.
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Thank you for letting me know that there is at least one person in Raleigh searching for a house under 400,000. I was starting to think it was just me. Let me guess. Are you from NC? Yes, I'm being a smart a**.
Also, I just don't want to live in attached housing or a 900 sq ft ranch with a carport and 1970s shag carpet which seem to be all there is available in my price range.
You could plan to do a little more renovation than just painting. For example, it is easy to have the shag carpeting replaced. For the right location, you could also budget for replacing kitchen cabinets, appliances and bathrooms. I have seen some 1970's split levels and split foyers that were updated very nicely to 21st century standards.
Perhaps you could start a new thread asking specifically for a recommendation for a buyer broker who handles the type of home you want.
You're basically competing with the professional investors.
Foreclosures by their very nature are retail sales and have very little if any upside these days. Banks have smartened up and now replace carpet with "section 8 carpet", cheap paint, etc. putting lipstick on a pig to get closer to FMV for their homes. The problem is once you buy them, you have to replace that new stuff with quality stuff because no one else would buy it (unless renting it out). You will be into the house for more than you can sell it for.
Equity short sales are the holy grail and unless you literally stumble across one on accident, the pros are going to beat you out (the "We buy houses" people). They use cash.
Short sales that have no equity are possible to find but it's going to take knocking on doors, or knowing RE agents, to get a line on them. A buddy of mine searches WakeGov tax records several times a day waiting for homes to transfer. It's a full time job.
The other issue is nowadays RE agents take a 2 day online course on short sales and are positioning themselves to do what you'd like to do - go direct to the home owner and negotiate directly with the bank. They get commissions on that deal. Sometimes you can convince them to drop the listing and in return you will re-list with them when you finish flipping.
Keep in mind, despite the TV shows, the average "flip" makes a pro about $8,000. That is folks who know what they are doing.
If you had a lot of money to spend, buying up a seedy block and doing one house after another is a great way to go. But that requires access to lots and lots of cashola...
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