Many buyers find that while a foreclosed real estate property can be an excellent bargain rife with possibilities – there are also unforeseen costs and consequences. The key to succeeding and making a fortune on buying a foreclosed property is to do homework and find the market value and the true fix up costs of the property.
Most newbies make errors in estimating the market value and the cost of the work that needs to be done on the property whether it is a necessity or by choice. If the goal is to flip the property at the end, the value of the property should be 20% to 30% more than what it was paid for, including the repair costs.
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So you are Buying a Cheap Foreclosure… What should you Watch Out for? is brought to you by TReXGlobal.com, maker of the world's easiest Property Management Software.