Tips to Find the Best Real Estate Deals
Finding real estate has always been a competitive game no matter where you are. If you are looking for a home this can be a very stressful process as many other individuals are doing the same.
You may struggle to find the right place for you or often can’t find one that falls under your budget.Then when you happen to find a property you like, there’s a chance that other people are interested as well.
In this article, I am going to share with you 11 tips that investors use to find the best deals on houses and other properties.
If you are looking for your future home this can open up more opportunities for you and your family.
Now if you are a new investor, these are the common tactics that all investors use to beat the competition.
You are competing with real estate agents, websites, and overall lack of available estate.
These tips I have listed to overcome those challenges are a bit adventurous so you have to keep an open mind.
So let’s not spoil the fun and here are the tips I have for you.
- Pre-foreclosed property
- Be Early
- Check Eviction Records
- Buy a Tax Lien
- Call Owners
- Expired Listings
- Expand your Search
- Place a Bid
- Ask for Help
11 Tips to Find the Best Real Estate Deals
Before we jump into these tips I need to let you know that throughout the article I will be using the phrase “on the market”.
Anytime I say “on the market” I am referring to a property that is for sale. The owner may have a for sale sign or the property can be found online.
The tips that I will be listing won’t all include finding a property that is on the market per se.
1. Pre-foreclosed property
People who haven’t paid their mortgage in the last 30-90 days are at a high risk of losing their home due to foreclosure.
Foreclosures happen when the borrower fails to pay off their mortgage on time. The legal process of the foreclosure allows the lender to take back the property.
If you find someone who is at risk of foreclosure you can contact them ahead of time to get the property at a really good price.
This property may not officially be on the market but you are making it available to yourself.
This can also be tricky because people may not be broadcasting their struggle of paying off their mortgage but it doesn’t hurt to get the word out to encourage people to come to you.
2. Be Early to Find the Best Real Estate Deals
Early bird gets the worm!
This is very simple and it can make a big difference. If you are looking for a house and you already have a real estate agent then you can ask them to set you up with automatic email alerts.
Having these alerts can help you be early and beat out other competitors by knowing when things are on the market.
For investors, you can also sign up for email alerts through numerous estate websites.
Oftentimes people are looking to get a property off their hands so it helps to be early.
Here are some common websites you can use below.
3. Check eviction records
This strategy would be for aspiring investors and not necessarily future homeowners. So for everyone looking to buy a home, you can skip this step.
For all my investors – evicting someone is not a fun thing to do. Firing someone is one thing but sending someone out of their home takes a different type of grit.
Now, these houses are not necessarily on the market but they aren’t off the market either.
For investors looking for real estate deals, you can relieve someone of this by calling landlords to ask if they would be interested in selling their property. This can get you large amounts of property everywhere.
You will be surprised by how many people would be happy to hear from you.
First, you can go to the courthouse to look at the eviction records. Find out how often people are getting evicted and who is doing it.
Once you find out who those people are, call them up!
Taking that stress off their hands has now landed you some property.
4. Deals on Craigslist
Now if you are looking for a ready-to-live-in home I wouldn’t recommend craigslist unless you are looking for a house to tear apart and make it your own.
More expensive and well-kept properties will be on estate websites that specifically sell properties.
Online, people are just looking to sell anything to get rid of it and make some cash. With a quick search, you can find many fixer-uppers to be made into your dream home or houses to fix and sell at a larger price.
If you still can’t find anything then you can post an ad! Let the people come to you.
5. Buy a tax lien
Again this is another method where you can get a house that isn’t “on the market.”
You can buy a tax lien, which means somebody didn’t pay their taxes and you have a right to buy that property.
This is the primary method real estate investors use to find real estate deals and if you are looking to be a homeowner you can find better houses this way to expand your available options.
6. Call Owners
Now, this next tip is another common strategy that real estate investors use to find hot real estate deals. As for any homeowner you can use this to find your dream home that is not listed on the market!
Investors will often call the owner directly to see if they would consider selling. There is no harm in this and the worse they can say is no.
As for the earlier strategy of checking eviction records, the properties are mostly flats, apartments, etc. For interested homeowners, you are probably not looking for a whole set of flats.
By calling the owner of houses, single flats, and more – you can find a potential home to live in.
Imagine if they said yes! Now you are getting a property before any real estate agent gets it and this saves the owners time from getting one themselves.
This investing tactic can help so many people who are looking for their dream home but are having to settle for what’s on the market.
This is where the quote “Everything is for sale!”, comes into play.
Spread the word! Tell people that you are looking for a house or real estate to buy.
Share what you are looking for on social media and with any friends.
This gives you all these extra sets of eyes when people are out and come across a property that is for sale.
This alone expands your opportunities and someone you know could potentially connect you with someone who is looking to sell.
8. Expired Listings
Now I know I said to be an early bird but you can also be a late one.
You can check for expired listings that real estate agents were unable to sell during their assigned period. These listings are now in a rush to get off the market!
This is a great way to find good deals on houses.
If you are looking to live in this house it may be smart to check it out. If a house didn’t sell because it was in a “bad” neighborhood then you don’t want to live there!
9. Expand your Search
If you are looking for a house in a certain location just apply all the tips that I said before towards that area.
Now if you are looking to invest in any real estate then expand your search. Don’t place limits on yourself and try to go for a drive.
You can drive around places to see what is already available.
If you are looking for a house to live in, you might want to be open to expanding your search too. Some houses are worth expanding the location for.
10. Place a Bid
When a house gets foreclosed upon the process goes to the courthouse. Now you can place a bid at the courthouse on that property.
This can get you a property right away at a cheaper price than “on the market” properties.
If you are looking for a home you now have money saved from what you normally would be spending for a house that was on the market. You can use that money to fix or change the house to your liking!
11. Ask for help
Whether you are trying to be an investor or looking to be a homeowner it is completely okay to ask for help. You can find a commercial broker who knows the market and can provide insight and resources.
You can also find a wholesaler who looks for real estate deals themselves and then sells them to you at a small markup.
Now there is the obvious choice of hiring a real estate agent but I wanted to give some extra tips and resources that aren’t as common but are still used.
You have to constantly check back on these strategies to see any new deals that arise when time has passed.
I hope you enjoyed these tips that every investor is using. Just taking these steps to go the extra mile can make all the difference in the world. Some strategies take a bit more courage than others but this is what the real estate game is all about.