A good deal in today’s real estate market is based on what? Getting a lower price then the last comparable? Getting a historically low interest rate? Homes being purchased on the MLS are generally all sold within the perimeters of other recently sold properties. Occasionally a buyer will find a seller willing to take a much lower price but those deals are not that common in most areas. A good deal really is within the eye of the beholder. If a buyer feels he got a good deal then great! Although the people willing to take the most risks are really the ones getting the good deals though! Buying homes on the court steps is a risky business but there are people making a killing at it. When a home is foreclosed on it gets auctioned off at the courthouse steps for each county. Teams of investors constantly research these properties to find these deals. This is no business for anyone; there is a lot at risk. These investors are buying homes without inspections and most importantly without title insurance. Title insurance often gets overlooked but it is a must when buying a home! The research that is done prior to the auction date is primarily on the property lien holders but also on the sellers. Liens that the seller has can often attach themselves to these properties. If an investor buys a property and overlooks something he could be responsible for those liens. Also if a house has a foundation problem there is no giving the property back. These investors are backed with a lot of money and generally are good at what they do. That is why they are making some really good money flipping these homes. Again this is not a business for anyone but they are the ones really getting the good deals!
by Dan Gamache