Banks Foreclosures
Banks Foreclosures
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How could a general contractor involved with banks and foreclosures?
I'm an assistant to a general contractor and he has put in charge of finding new business. So my question is if you want to become involved with the renovation or redevelopment of foreclosed homes banks themselves, How can we do?
Most banks sell the houses whose estate owned (REO) as is and do nothing to fix at all. Can to invest in several books on property investment, buying and selling real estate. There are several books that might find interesting. Look for these books in your library favorite. For those who are in need of a lot of repair are usually sold to investors at a deep discount, which set them up for sale. You and your boss might consider this, the purchase of properties banks worst problem for a large discount. After buying them ready for resale. You will meet some resistance from the agent real estate that has been assigned to sell the property. They might not want to bid low ball. Find distance on this person, not living in the real world. You do not are looking for properties that need cosmetic repair that seeks properties that have severe damage to a new owner does not want to repair. Me too are looking for properties that have been sitting on the market for a long, long time. The best thing to do is go into the house 1. Make a list of everything that is damaged and needs repair. 2. Discover the market value of the house 3. Come with a cost to make repairs to the home once you've done that make a low ball offer on the house right of preference. If the lender refuse your offer to remain with their offer, ask for a counteroffer. If you still feel as if the property is too pass and move to the next project. Now the bank is not made of idiots to make your offer with the ball low cost of smart repair, why the bank would benefit from their low ball offer. You have to have a small amount of capital for these investments, but ultimately will be better than trying to fix the properties of the banks. Ball always down its estimate, causing you to lose time and effort trying to get business from them. Do this several times with several banks, will soon have all the work that can get. There are other things you need to know 1. How to get rid of properties for sale repair. 2. Get financing for their buyers 3. Lead some sales price for disposing of their properties to avoid having a large inventory on hand and there is nothing to sell. 4. Be creative with your buyers so you can get rid of the house and at least a revenue stream coming in Beware of selling everything, you have a guy who will hold his hand to shield himself so it does not become a taxpayer with no income. A few car solve some of these fiscal problems. For tax and legal that you should consult your tax adviser and attorney. I hope this has been of some benefit to you, good luck. "FIGHT ON"
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