Should You Buy A Home Listed “As-Is”

homeAfter the recent housing crisis, buyers were seeing more and more homes listed “as-is”.  This is a strategy that was being used to benefit sellers, but what was not always clear was whether or not this was a good deal for buyers or something that would pose problems later, states Dean Graziosi.

In legal terms, “as-is” is typically used to cover more than the reluctance on the seller’s part to make the necessary repairs that the home may need.  It is also used to release the seller from any liability or responsibility for the current condition of the home.  This means that the buyer purchases the home without a guarantee that it does not have any major problems.

In the majority of cases, there is a reason why a seller chooses to sell their home in “as-is” condition.  This makes it even more important for potential buyers to have a professional inspection performed on the property.  You should choose an inspector who is experienced, and will know what to look for during the inspection process.  An inspection is a valuable source of information for buyers; it can provide them with information relating to problems with the property and may even show them areas that may become an issue in the near future.  If you’re interested in a home listed “as-is” you should always have an inspection performed.

When purchasing a home listed “as-is”, it is important that the buyer understand that repairs on the home will likely not be made.  If the home is an REO, which is a home that is owned by a bank, it may be possible to negotiate some type repairs being performed.  This is especially true if the repairs will be taking care of any safety issues in the home.  Repairs may also be made if there are government mandates that must be followed in order for the home to be sold.

If you’re a buyer who has the ability and funds necessary to make some of the repairs needed, then you may not have a problem purchasing an “as-is” home.  However, if you do not have the necessary knowledge or skills, the purchase of an “as-is” home may become rather expensive.  Once you finalize the sale of the home, it is your responsibility to maintain and repair, which means that you should only make the decision to purchase after you have thoroughly thought over everything that is involved in the process, states Dean Graziosi.  Purchasing an “as-is” home is not a decision that should be rushed into, it should only be done after you have decided it is something that you can financially live with.

FORECLOSURES IN LAS VEGAS, NEVADA

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Too many people are questioning whether or not they will see an increase in foreclosures heading into 2014. Real estate guru, Dean Graziosi ponders this as well. He is an acclaimed author, and a genius when it comes to matters of real estate. Mr. Graziosi is a professional investor who could very well help us answer this mystery, and possibly be the only man who could professionally answer our worry. What effect will the taxes and the supposedly fix of the economy do for potential buyers who seek to own a home in the City of Sin? Will there be changes in the upcoming year involving short sales? These are basic queries on consumer’s minds nowadays when it comes to the real estate market.

2014 is very likely to see a small increase in foreclosures thanks to the number of defaulted sales recently in Las Vegas. The economy seemed to bring high hopes to residents, and the renters decided to buy. Unfortunately, their paychecks weren’t big enough as they had imagined which caused and will continue to result in foreclosures of homes they jumped the gun and bought. The Tax Relief Act, which was a concern for Dean Graziosi as well, always had a definite impact on the market in Las Vegas. Shadow inventory was an apprehension, too, but according to Wells Fargo and John Guedry, the president of Bank of Nevada claims it’s non-existent. Most residents who have true financial hardship are no longer to do a short sale because they won’t be able to afford the tax. Which, in turn will result in fewer homes to be seen on the market upcoming in 2014.

And, if those same people do sell and cannot afford the tax, then they are sadly forced to file bankruptcy, which is all too easy to do. On, the plus side, if one can prove insolvency, then the tax wouldn’t apply to them, and they would be exempt. Only then could they proceed with a short sale and dismiss worries about paying on a deficiency. Just as 2013 has been full of changes in the market, hopefully the trend will continue into the next year.

Dean Graziosi is an expert when it comes to matters of the heart especially concerning real estate. His numerous groups, works of charity and media appearances has made him well-known, and the one to give us the best advice out there. He’s controlled investor’s forums and groups to help past, present and future homeowners within Las Vegas for a number of years. Las Vegas is the entertainment capital of the world and it has a huge job market. Why exactly many people were forced into foreclosure, nobody knows. But, Mr.

Graziosi’s numerous books which include helpful hints, tips and strategies could benefit one’s lifestyle, and prove to be a savior for you, and your family. He brings hope, like a mirage in the desert to potential buyers before they make their next big move, to buy or sell. Can foreclosures be reversed in Las Vegas? Of course they can. All we need is a little inspiration, belief and hard work.

How to Choose Foreclosure Real Estate

With all the foreclosures out there today, it can be difficult which one to choose for your real estate investment. Whether you are purchasing a home as an investment or as your primary residence, you will want to make sure that you are choosing wisely. There are several things to look for when you are choosing foreclosures to purchase.

Of course, you want to choose a property that is in good repair. If there is too much wrong with the house you could wind up spending more than it is worth to have it fixed before you can flip it, rent it out, or move in. Check many foreclosures for sale before settling on one. You will thank yourself later for passing up those properties that need too much work. If you’re not sure how much work needs to be done, make a list of the things you know are wrong with the house and call around to some professionals to see how much it might cost to have those things fixed. This will help you determine if the house is worth buying or not.

You will also want to make sure that you check out whether or not taxes are owed on the property. Often with foreclosures, the people who owned the house were not able to pay their mortgage or the property taxes on the house. This means that you are more likely to run into tax liens on a foreclosure than on another type of property for sale. Check out how much is owed in taxes, and whether this amount must be cleared when you purchase the home. Count this amount in the cost of the home when comparing foreclosures and associated costs.

Of course, there are other factors to consider that you should think about any time you are buying a property, foreclosure or no. For example, if you are purchasing a home to live in you will want to check out and compare neighborhoods and schools. In fact, if you are planning to rent or flip the house you may want to check into these things as well, as they can effect how much money you can get out of the house, and what kind of return you will see on your investment.

Essentially, you must use common sense when choosing foreclosures to purchase. Foreclosure homes can be a great deal or they can be a money pit. It really depends on a lot of factors. Using common sense, comparing many properties, and doing your due diligence is going to take you far in this purchase decision. Above all, do your homework and make sure that you are getting the best deal possible, and that everything is as it seems.

How to Tell If a Foreclosure Is A Good Deal

In today’s real estate market there is an abundance of available foreclosed homes to choose from. The only trouble is, how do you know if it is really a good deal. A foreclosed home is a property that is owned by the bank that has been repossessed. Foreclosed homes are often listed for sale by local real estate offices where it is treated as any other property that listed. While the price of foreclosed properties may differ greatly than others in the same area, they are often thought of as a deal. While this may be case sometimes, it is not always true. What we are going to do is help you know if the foreclosed home you’re interested in is really that great of a deal.

Because many foreclosed homes do not come with any seller disclosures, it is up to you, the buyer to determine the condition of the home. Before you purchase a foreclosed home you should review comparable sales of homes that have recently sold in the neighborhood. Doing this, will help you determine if the home is priced and valued close to the sale price of those homes. This will also help you determine if the price is set too high for a home in the neighborhood. It is also highly suggested that you consult with contractors to obtain estimates for any work that will be needed on the home. Many foreclosed homes sit vacant for months, without anyone living in the home to ensure that everything is in the proper working condition it is important to get these estimates before you purchase a foreclosed home.

Prior to buying you should also compare mortgage rates. This will help you determine if the payments are reasonable for the property and area that you are interested in. If you are presented with mortgage rates that seem unfair, take the time to consult different mortgage brokers who may able to find you a more acceptable rate. Also, you should consider how any HOA fees or homeowner insurance rates are going to affect you. Always ensure that you are aware of all the costs and fees associated with a foreclosed property, this will prevent any surprises once the deal has been closed.

When buying a foreclosed property it is important that you choose property that is in good condition and in a good area. This will ensure that property is in good physical shape and will not require a large sum of money to make it livable. If you are happy with the area where the home is located you are more likely to remain in the home for years. Buying a foreclosed home can be risky, but if you do the proper research you are more than likely to find a foreclosed property that you can be happy with.

Deal of the Month #8 – Ugly House Pretty Profits

This is the house that everybody passed up. It was in foresclosure and nobody snapped it up because it was so ugly, and in such terrible shape. That’s too bad for everyone who missed out, but very good for me. By the time I found it, the foreclosure process had already been completed. This was sad in a way, because I couldn’t deal with the owner. If I would have found the house sooner, I would have been able to help the owner prevent the foreclosure from going on their credit. (Just as I teach using the techniques in my AFF program, (www.automatedforeclosurefinder.com).

However, by the tme I found it, the bank owned it, (REO). Now here’s the kicker…I paid $60K for this “ugly duckling” put $30,000 into it to make it pretty – AND put $100,000 cash in my pocket. Oh, and I didn’t sell it to do that! So, how did I do it? You’ll have to watch the video and find out…

See the other Deal of the Month Videos and more Real Estate Investing Videos at DeansMedia.com