5 Tips to Sell Your Foreclosure Investment Property Quickly

Buying foreclosed property is one thing.  Selling that same property is another thing altogether.  Here are some tips that will help you turn that investment into cash. 

Tip 1.   Deal with small repairs.  If a door hinge squeaks, lubricate it.  Paint the walls and trim an attractive color.  Replace vent covers if needed.  Replace any torn screens or cracked windows.  Make sure all bulbs are replaced and working in lighting fixtures.  A bright presentation is cheerier and more inviting.      

Tip 2.  Do a thorough cleaning of the home.  Check drapes; if they need cleaned, have them cleaned.  If their condition is beyond cleaning, remove the them.  Purchase inexpensive, but attractive blinds and put them up.  Clean all carpets.  Clean and buff hardwood and tile floors.  Scrub any pet stains and use odor removers; call a professional for this task, if necessary.  Brush out any trash and crumbs left in the cabinets.  Make it shine.  Make it smell good.  A clean home will sell faster than one that isn’t clean.

Tip 3.  Make small improvements that will increase the value of your investment.  Know which ones will bring the most value for the dollar.  Kitchen improvements usually prove to be a good place to start.  As an example, a good garbage disposal costs less than $150, but could increase the sales value of the home by several hundred dollars or more.  Simple landscaping elements such as having pots of flowers decorating the front of the house or placing redwood mulch around trees or bushes make the outside look inviting and the house homier.

Tip 4.   Plan ahead for when you want to sell.  Spring and summer are usually the best time of the year for selling a home.  Buyers want to be able to move during warm weather months and be in a home before the starting of the school year.  Give them the opportunity to be settled in before summer’s over.

Tip 5.   Use incentives.  Provide a home inspection as a part of the buyers package.  Include appliances and air conditioners in the selling price.  Use the offer of paying closing costs as a nudge for the buyer. 

People still want the American dream, their own home.  They also want to be treated well when making such an important purchase.  Making your investment property look and smell like a home instead of just a house will bring you dividends when it’s time to sell.  Treating people with courtesy and respect will win you friends as well as buyers.
 

3 Reasons To Invest In Foreclosures

Investing in foreclosed  property isn’t for the faint of heart.  There are large risks and consequences.  But if you do your homework, and are an aggressive go-getter, you should fare pretty well.  With the subprime melt down, there is no time like the present to start investing in foreclosures.  Here are three ways you can dive in. 

1.   The market for buying foreclosed property is red hot right now. This is a great opportunity to get your feet wet if you want to get into foreclosure investment.  But remember to do your homework.  Know your market and know the property.  There are a lot of people out there that have the same idea that you have. 

Make sure you know all the information you can possibly find out about the property.  Is it occupied?  What’s the condition of the house.  Find out as much as you can.

2.  Having said all that, you can get great properties for jaw dropping prices. All foreclosure homes are sold at a discounted price and can vary from 5% to 15% discount and even more.  This is a great time for investors.  With the right house you can turn a pretty good profit!  Especially if you are doing a real estate short sale.

3.  You can help your community.  When a foreclosed home sets empty for months on end, it can be difficult for the community.  An empty house is an easy target for vagrants to break into, for vandals to destroy, and for vermin to infest.  This brings down property values all over the neighborhood.  When a foreclosed house is purchased and given updates, the neighborhood looks better.  Then when you sell it to a new family, it gives them something to be proud of. 

These are all great reasons why investing in foreclosure property may be a good way for you to invest your money.  It’s not something that you take lightly – there will be costs involved in getting the house ready for selling again.  The possibility of not being able to sell it as quickly as you like is always there.  You may even need to rent it out for a while.  But when you are able to sell it, you’ll see that profit come right back to you.