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Finding Real Estate Bargains
Finding real estate listings if you
are an owner-occupant homebuyer aren't very difficult. Finding real estate listings if you
are an investor or a bargain hunter is a bigger challenge, and to some, can be thrilling at the same time. If you
are in the latter group, where can you look to find real estate listings?
With the credit crunch and falling house prices, it is becoming more
and more difficult to find real bargains. If you do not do your
homework right, it is possible that a bargain today may become your
dinosaur or albatross tomorrow.
First, check your local
newspaper. If you live in a large metropolitan area, the suburban
areas are likely to have their own neighborhood publications. Scan
these as well as the major metropolitan newspaper to find real
estate listings. The trick is to find real estate listings from
private sellers and not from real estate agents or brokers. A
private seller that lists their property directly is usually trying
to avoid paying commission to a real estate agent. Some newspapers
also have a real Estate Wanted?section. Placing an ad in this section can yield some good results, as you
will likely get calls from agents as well as private sellers, and even other investors looking to get rid of real estate listings out of their inventory.
Next, check with real estate brokers. Perhaps this was your first step in your quest for bargain properties. Keep in mind that some brokers specialize in certain properties ?not all brokers work in the run-of-the-mill residential real estate listings market. Some specialize in land, while others specialize in commercial real estate, luxury homes, mobile homes, and foreclosures. Brokers have access to all kinds of information about available real estate, and they have a familiarity with the neighborhoods and markets you
are exploring. They might also know details of zoning and highway building plans. Brokers can make arrangements to have you view the properties in which you
are interested. The more savvy brokers, especially those who are investors or bargain hunters themselves, can give you a good idea about ownership costs, including maintenance, taxes, and repair costs. Always be cognizant of the fact that brokers usually work for the seller and is looking out for their best interests. The only way around this is to retain the services of an exclusive buyer's agent.
The internet is a great place to find real estate listings. The
caveat is that information on the internet is not always current.
The house you are looking at might no longer be available. Some information might also be fraudulent. When looking for properties online, caveat emptor.
For Sale By Owners, or FSBOs, is also a great way to find real estate listings at a bargain. Sometimes, FSBOs are a little more flexible than a seller that hired an agent. You can speak directly to the seller to try to make a deal. Otherwise, you
will have to deal with the agent who listed the property.
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