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Cheap, Bargain, Real Estate: How to Find and Buy Good Deals, Below Market, Low Priced Properties
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By Jody Hudson – Realtor since 1972
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Introduction
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Are you looking for cheap, bargain, real estate? Well, good news! There are plenty of below market, low priced properties available if you know how to buy them. In this article, I will explain how to find and buy these properties anywhere, from anyone.
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Steps to Finding and Buying Bargain Real Estate
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Here are the three key steps to get those hot deals in real estate:
**1. Act Faster**
As a buyer, you must be able and willing to act faster than any other buyer. Speed is crucial in the real estate market, where great deals can get snatched up quickly. Be ready to move when you find a property you like.
**2. Identify Bargains**
To know a bargain when you see one, you must have experience and education in the specific market. Each market is different, so assumptions based on other markets will likely lead to failure. Take the time to understand the market you are buying in.
**3. Make a Winning Offer**
The final step is to actually buy the property. This means writing a deposit check and submitting a contract that will beat out any competing offers. To be successful, you must be prepared to make a strong offer.
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Why Most Buyers Fail to Get Cheap Real Estate
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Unfortunately, most buyers are not willing to do these three things to secure a bargain property. They lack the readiness, willingness, and ability to act quickly and decisively. If you want to be one of the few who succeed, you must be even more ready, willing, and able than the rest.
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A Personal Story: How Our Neighbors Got a Great Deal
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In August 2002, the waterfront home next to ours was listed for sale at $249,000, well below its actual value of $350,000. We immediately notified our family, neighbors, clients, and friends about the opportunity. Our knowledgeable neighbors made an offer of $180,000, thinking it was all the property was worth. Their offer was ignored.
On the other hand, our savvy investor friend submitted offers below the asking price with several contingencies. We quickly realized that to win the deal, we had to write a contract for the full price with no contingencies. None of our friends or family took our advice, hoping to get an even better deal.
In the end, our new neighbors were the ones who acted swiftly and made the most attractive offer. They purchased the property for $5,000 more than the asking price, with no contingencies. They did not request any repairs or inspections, and they were well-prepared financially. Despite the property needing significant repairs, they are now happy homeowners and stand to make a substantial profit if they choose to sell in the future.
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Conclusion
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If you want to find and buy cheap real estate, you must be ready to take action. Educate yourself about the market, be prepared to act swiftly, and make a compelling offer. By following these three steps, you can secure excellent deals, even in a competitive market. Don’t let greed and hesitation cause you to miss out on great opportunities. Take the advice of experienced real estate professionals and position yourself for success.
Remember, bargain homes are often challenging to sell. They require repairs or cosmetic improvements or may be located in transitioning areas. Despite this, wise buyers who are willing to invest time and money into renovations can turn these properties into lucrative investments. So, educate yourself, be ready to act, and don’t forget to do the One, Two, Three to make it happen.
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