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Opportunities to Buy Cheap Real Estate
Buying a real estate property is not easy and if you wish to make that purchase a good one - a dirt cheap one, then it’s more difficult. Lot of time, effort and money is spent by many to research about buying real estates which makes little sense. Let’s discuss some of the simpler ways to acquire dirt cheap properties.
One of the popular ways to get real estate cheap is through property auction sites online. These sites not only allow you to bid on properties according to your budget but also provide a list of properties meeting your exact requirement. Live auctions are also gaining high in popularity and information about these auctions can be found in your local area newspapers. Apart from this, if you are targeting a particular area or location, it would help immensely if you go through the local newspapers in that region or search for a localized website or portal for that city. These ads usually quote prices which are always negotiable. Just note down the contact information of the shortlisted properties and talk to them.
Another option to buy dirt cheap properties is to buy a distressed property. A distressed property means the owner has defaulted on the mortgage of the property. Statistics show that most of the sales between 2009-2013 around California and Florida were on account of distressed property sales. Foreclosure properties are mainly of three types: Pre-Foreclosure, Foreclosure Stage and Post-Foreclosure also known as REO (Real Estate Owned Properties). When you buy a cheap real estate, to get more time to evaluate the real estate and arrange for the finance, pre-foreclosure & real estate owned ones are less prone to risks.
Apart from these other options to buy cheap real estate is to look for properties which have remodeling potential and can be customized to suit your needs. Buying shared equity properties is also an option to reduce your risks and investment in properties.