As of this quarter, Vancouver Washington real estate foreclosure has increased 238% from last year, according to Realtytrac.com. So, there is still plenty of room for investors to get some really great deals in Vancouver Washington real estate foreclosures. With one in every 513 homes going into foreclosure in the Vancouver, Washington, area you will find that there are multiple deals around, but also fierce competition from other investors in the area.
Get Someone On Your Side
You can look up real estate agents who specialize in foreclosures to help you locate some good foreclosure deals or even set up some short sales. Many investors prefer the short sale to an auction sale as it can provide a better profit margin. However, it takes someone with good negotiating skills to set up a short sale because it will involve the homeowner, the bank, and the buyer.
Sometimes the banks take a very long time to decide whether to agree to take the short sale, frustrating the buyers and the homeowner. In some fortunate cases for the homeowner and bank, as the deal was being worked another investor showed up on the scene and began to bid on the house too. This can cause the price to increase as you both fight over deals in Vancouver Washington real estate foreclosure listings.
Do Your Homework
Even with someone on your side, you want to research the area and the home thoroughly. With a glut of houses on the market, you do have many choices and it is a buyer’s market. However, buying just any house because of the great deals in Vancouver Washington real estate foreclosure market is a good way to experience a loss instead of a profit. Try to get the home inspected and always have an attorney check the liens and taxes on the property. Scope out the neighborhood and try to buy understanding how you will unload the home later to make a profit.
You can make a bit of profit by shopping for homes in Vancouver Washington real estate foreclosure market, but it still requires work on your part. Finding a good place for a great deal is just the first step in the process. If you buy a deal that later turns into a continuous fixer-upper, you may end up holding the house much longer than you want – delaying the final payoff. The key to scoring a good deal is to have a good team, be in the right market, and always do your homework. Then, the chances of making a profit instead of experiencing a loss get higher and higher.