Here are tips for investing WISELY in foreclosures in the St. George/Washington County Utah area:
1. Make sure the title is clear - hire a professional title company. Tim does this as a matter of course before any offer is presented for a foreclosure.
2. Know your purpose in purchasing. Are you flipping? Are you flipping with repairs? Do you want to fix and rent it? Or are you going to live in the home. Each of these have different time lines and risk levels, which will affect the offer and your investment risk.
3. Know the EXACT condition of the property. Most foreclosure purchases are “as is” – so know the condition of the property.
4. If you are flipping, or renting, the property have at least 6 months of payments in reserve to offset times when you haven’t sold or rented the property. And if budgeting for repairs… add 20% to your best estimate.
5. Get your loan ready and pre-approved before you go shopping.
6. Investing is risky… study the market and don’t put all your eggs in one basket.
7. Work with a Certified Distressed Property Agent who does this all the time. His or her expertise will find you better deals and reduce your risk.
Contact me about St. George/Southern Utah foreclosure/REO opportunities: