Homes for Sale: Tips for Buying Houses at Discounted Prices

Homes for Sale: Tips for Buying Houses at Discounted Prices

Several types of homes for sale are available at discounted prices. The most common properties include: single family residences, condominiums, and multi-family homes such as duplexes. Many reduced priced houses for sale include fixer-upper's and foreclosure homes which require repairs but can make an excellent investment property.

Most homes for sale are listed through realtors. However, many great deals can be found through houses listed as for sale by owner or properties owned by banks. Some real estate agents specialize in selling bank owned foreclosure homes and short sale properties.

Buyers considering for sale by owner property must take time to understand the process. While it is often easier to negotiate reduced prices for FSBO homes for sale, there are also risks involved when venturing into real estate transactions without assistance from professionals.

Real estate investors and first-time home buyers often turn to foreclosure real estate to obtain discounted pricing. While foreclosure properties can yield savings, they aren't always the best bargain. Most foreclosed homes require some level of repair and oftentimes require complete renovation to return them to livable condition.

However, taking time to learn the process of buying foreclosure properties can yield good results. Those willing to spend time making repairs or hiring contractors to perform the work can often buy houses at 20-percent or more below market value.

Another popular type of homes for sale is bank owned real estate. Often referred to as real estate owned or REO homes, bank owned homes are foreclosure properties that did not sell at public auction. These homes are priced below market value to entice a quick sale and generally offer little room for negotiation. Typical savings of REO real estate is between 20- and 30-percent below market value.

Before making an offer on any homes for sale it is a good idea to create a checklist which can help locate the perfect property. Things to consider include:

1. The maximum amount you can afford.

2. Down payment requirement

3. Type of home desired; i.e.; new home, foreclosure real estate, primary residence, vacation home, or investment property.

4. Property location.

Several options exist for helping buyers and investors locate homes for sale in areas where they want to reside or invest. Working with a licensed realtor allows buyers to quickly locate properties. Those who prefer to scout out properties on their own can conduct online searches; peruse real estate magazines; or drive through communities and make notes of FSBO, rent-to-own, and realtor listed properties.

Those new to buying real estate should consider hiring a realtor. Those with previous home buying experience may find FSBO properties offer better prices since the need for realtor commissions is eliminated.

As you can see, there are many ways to find and purchase homes for sale. Although the current real estate market is still on shaky ground, there are great deals to be found. Those who take time to research the market, financing strategies, and learn about the different types of properties can locate houses that will provide a great residence or investment property.

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