If you are thinking of starting a real estate business, then you should consider starting with buying and selling properties.
Buying and selling properties is one of the easiest ways of making great profits from properties business. This is simply because one can get a foreclosed home below the market value due to obvious reasons.
Homes are listed as foreclosures by banks or financial institutions for various reasons. It could be that the owner is heavily indebted and he or she is looking for money to clear the debt.
It could be that they were laid off from their place of work and they need money to survive and it could also be as a result of health challenge and they need money to sort out their treatment and medical bill.
How to Make Money Buying and Selling Properties in Lagos; 6 Easy Steps
1. Secure Pre–approval for a Mortgage
If you are interested in purchasing foreclosed homes, then you must be very proactive. Being proactive in this regard is all about securing pre – approval for a mortgage from your bank.
This is so because most homes that are listed as foreclosure sells within a short period. The bottom line is that if you are hunting for a foreclosed property to buy, then you must have your financial instrument ready.
2. Work with a Real Estate Agent That Is Specialized in Foreclosed Homes
You must work with a real estate agent that is specialized in foreclosed homes. This is because they know how to source for this homes and how to get good deals.
Although working with them requires that you will pay them commissions on any property you buy or sell, but it is still worth the while. It will save you cost and time. Except you want to be penny wise and pounds foolish.
3. Be Apt in Getting Info on the Sale of Foreclosures
One thing about foreclosed homes is that they don’t stay long in the market. There are loads of people targeting at foreclosed homes. This is why you must be apt in getting info on the sale of foreclosures.
Your ears must be on the ground. As soon as you get the info of the listing of a foreclosed home, then you need to be prompt in taking decisions; any time wasted can cost you the deal.
4. Get Listing of Foreclosed Homes and Compare Prices
Although, people rush to purchase foreclosed homes that are listed in the market. This does not mean that you will not carry out your due diligence before making a purchase. I
f you are interested in buying and selling foreclosed homes, ensure that you try as much as possible to get the listing of foreclosed homes in your choice location, and then compare the prices. This is necessary if you truly want to maximize profits.
Because of the rush involved in buying of foreclosed homes, many people run into losses; simply because they didn’t take their time to properly access the property.
Before paying for any foreclosed home, ensure that you get info of the history of the house from the seller. When you request for such info you will sure get it.
5. Engage the Services of an Expert to Help You Value the Property before Sealing the Deal
To avoid taking unnecessary risks, you must engage the services of an expert to help you value the property you intend buying before sealing the deal. This singular act can determine whether you will make great gain or run at a loss.
Also, it is important to make enquiries of any other outstanding cost attached to the property. It could be outstanding utility bills and it could be outstanding tax. An expert in foreclosures will help you access the risks and benefits involved and then they will advise you accordingly.
6. Makeover the Home and Put It Up For Sale
If you are satisfied with the deal and you are able to purchase the foreclosed home, then you can then put it up for sale. If your intention is to make great profit from the property, then you must spend money to makeover the home.
The truth is that once you are able to put the property in good shape, it will be easier to attract buyers and you will definitely make more money.