Finding a Bargain Property

You've already gotten off to a great start by signing up for RE Property Network!  Here, we strive to provide the best list of bargain priced properties on the Internet. While at first glance, it appears there are many other similar sites (RealtyTrac, Foreclosures.com etc.), our website actually very unique in the properties that we list.

Here's a brief overview of each category:

   Foreclosure Listings: Our foreclosure listings actually show a "Price History," so that you can tell how motivated the selling realtor is to unload the property. If the price is dropping rapidly, they are likely more motivated.

   FSBO's  Through an agreement with for sale by owner listing companies, we list for sale by owner properties in every state and most counties in the united states. Whether you are shopping for a home as your primary residence or an investment property, this section will come in handy.

   Motivated Sellers: In this category, you will find sellers who have gone to one of our online forms or communicated to us via phone that they are interested in selling their home quickly and often for a large discount. Sellers in this category come from a variety of circumstances... moving, job loss, payments too high, divorce, and so on. This is an excellent group of properties for finding a great deal!

   Wholesale Properties: This category features properties that are being sold by other investors who work in volume quickly "wholesale" properties at a discount. A typical wholesaler consistently finds bargain properties in their area and would rather quickly resell them than find a realtor, list the property, pay realtor fees, etc. By looking in this section you will discover that many of the properties are listed at discounts of up to 40%.

 Bankruptcy Properties: People who have filed or are currently going through a Chapter 7 or Chapter 13 Bankruptcy are often very motivated to sell their home quickly and possibly at a large discount. Here you will find bankruptcy properties in almost every county in the United States.

Financing Options

 Conventional Financing: Conventional financing is simply going to your local bank or a large mortgage company and getting a ordinary home loan. While this is the easiest option, there are often circumstances that warrant using a create financing technique.

  Assume the mortgage: Often, a buyer can "assume the note" and get the seller's mortgage converted to their name without having to get a completely new loan. This is typical for older home loans.

   Taking over payments: If the mortgage is a newer loan and there is not the option of assuming the mortgage, then another option is to take over the loan subject to existing financing. This method is often called the "Subject To" method. In using this technique, the mortgage stays in the original seller's name, but the property is deeded to a Trust in which you are the beneficiary. Most attorneys know how to complete this transaction.

   Owner Financing: Often times, sellers prefer to do owner financing so that they can make interest on their money instead of getting one lump sum payment. This can work out well for both parties. If there is already an existing mortgage lien on the property, the seller can pay it off, then do an owner finance, or you can do a wrap-around mortgage in which the original mortgage stays in place and the owner financing note is wrapped-around it. An attorney can complete this transaction for you as well.

While we have given brief overviews of your buying and financing options above, we also recommend frequently CRE Online at http://www.creonline.com for much more information on investing, buying, and financing.