During the real estate boom, many people were trying to "get rich quick" by investing in real estate – and many people succeeded.  Now that the market has cooled back down, there are still great investment opportunities, but you have to know where to look.

Foreclosure Auctions offer a unique opportunity to buy a property at a price that could be much lower than market value.  A lender will open up the bidding at such a Trustee Sale with a price typically dictated by the remaining balance on the owner's mortgage plus the Trustee's fees.  In many cases, this opening bid is higher than market value --- but occasionally, there will be great opportunities to buy a property at the courthouse steps and then keep it as a rental property, or fix it up and sell it.  The caveat to this, of course, is that you will usually not have the opportunity to view the interior of these properties before the auction.  You can review upcoming Trustee Sales online at HarrisonburgForeclosures.com.

Bank Owned Properties are those that do not sell at the courthouse steps and thus come to be owned by the bank that foreclosed on them.  These properties typically offer better than average buying opportunities – but they are not amazing deals – the bank wants to recoup as much of their loss as possible.  Buying a bank owned property is relatively straightforward, though it requires wading through the lengthy additional contract documents provided by the lender.  You can review upcoming Trustee Sales online at HarrisonburgREO.com.

Under-Priced Homes don't come around too often, but occasionally you (or I) will spot a property on the market that is priced lower than it should be.  Typically this happens as the result of an above-average motivation to sell – perhaps an owner needs to leave the area for a new job, or there might be bigger picture financial issues, or a divorce, etc.  Whatever the reason, there are usually a few properties on the market with better-than-they-should-be asking prices, providing unique buying opportunities for the alert investor.

Buying in bulk can offer you a discount, just as when you shop at Costco.  If you are in a position to acquire several properties at once, from the same owner, you will typically have much more negotiating ability than you would otherwise.  This could include multiple investment properties owned by one individual or entity, or perhaps new construction properties.

If you are interested in investing in real estate in Harrisonburg or Rockingham County, there are opportunities to be tracked down, at the sources above and using a few other research strategies depending on your specific goals . Don't forget, of course, to also consider how you will finance the purchase, whether you will rent or flip the property, and the tax implications of investing.  It can still be an exciting time to invest in real estate, though you must be more strategic now than was required during the real estate boom.
  

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Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com