Diversity is the key to cushioning your portfolio against economic downturns in any one sector of the real estate market. The profits to be made on homes in various stages of foreclosure are difficult for investors to ignore. However, to the inexperienced investor, the nuances of this market sector may seem daunting. Knowing when to back away is as important as knowing you should jump in. But don’t let that stop you from exploring this highly profitable venture. Reaching out to experts to assist you with foreclosures can help you build confidence and save you valuable time and money as you take each step.
Of course, you should have a financial plan for the investment and understand how it fits into your overall real estate investment portfolio before you begin your search. In addition, it’s helpful to understand the purchasing differences during the different phases of foreclosure. Finally, you should also know that these deals can move extremely slowly through the system, so remain patient.
So read on as we explore things to know about buying foreclosure properties in Omaha and Council Bluffs.
Timing
One of the essential things to know about buying foreclosure properties in Omaha and Council Bluffs is the stage of the property’s process, pre-foreclosure, auction, or post-foreclosure. Naturally, pre-foreclosure is the most desirable stage from an investor’s viewpoint. The homeowner is under pressure to sell their house fast in Omaha and Council Bluffs and is still available to provide details for the disclosure process, but you must keep in mind not all pre-foreclosures are for sale. In addition, the setbacks that caused the default are temporary for some, so be mindful of this as you approach them about their property.
As-Is
Another thing you should know about buying foreclosure properties in Omaha and Council Bluffs that have reached the auction or post-foreclosure stage the properties will sell as-is. There is no allowance for inspections; the property may have existing liens, and the homebuyer in Omaha and Council Bluffs must pay cash. Post-foreclosures are also known as real estate owned properties (REOs), wherein the property didn’t sell at the auction, the lender will now sell to recoup their losses on the mortgage loan, without the cash requirement of the auction. These properties can be appraised and inspected, and while you may be able to negotiate with the bank, it will likely require much more patience than typical investment properties.
Look Towards The Future
Just as you would with any other property, you should know the long-term outlook of the investment when buying foreclosure properties in Omaha and Council Bluffs. In addition, you must understand the local real estate market, tap into future city plans for improvements, and pay attention to the signs that indicate neighborhoods are undergoing revitalization, which may not appear so desirable today. Of course, you can improve the structures, but you cannot pick up land and relocate the property, so choose wisely with long-term value in mind. Professional home buyers in Council Bluffs and Omaha like those at Harter Investments dedicate themselves to staying on top of trends and upcoming plans for Omaha and Council Bluffs markets to help investors like you buy the right foreclosure property at the right price.
Competition
While foreclosures are close to historic lows, you should know about the competition when buying foreclosure properties in Omaha and Council Bluffs. For example, in January 2022, the U.S. Foreclosure Market Report from ATTOM property data shows properties with some type of foreclosure filing increased 29 percent from the month before and 139 percent compared to January 2021. However, along with this, you should be aware that foreclosure completions still fall far below normal levels. Therefore, as investors scramble for these properties, the competition remains fierce. Consequently, you need to have your plans in place, stick to your budget and bring your A-game to the negotiating table, ready to move when opportunity knocks. By working with an experienced professional direct cash home buyer in Council Bluffs and Omaha, like those at Harter Investments, you’ll stand out from the crowd.
Harter Investments
The professional home buyer in Council Bluffs and Omaha at Harter Investments know the ins and outs of buying foreclosure properties in Omaha and Council Bluffs they will guide you along the way, allowing you to gain your footing in the world of investing in foreclosures and avoid the pitfalls that derail other investors. At Harter Investments, we buy houses in Omaha and Council Bluffs we have been building a team of the most reliable professionals from every walk of our industry-wide network for years. This vast network of real estate connections gives you an instant leg up on the competition and gives the pros at Harter Investments the inside scoop on upcoming foreclosures. Surround yourself with the team of experts at Harter Investments who can jump into action to help you with your investment strategy and make sure your foreclosure investments are sound. Harter Investments is ready to help you reach your investment goals, from locating foreclosures to cleaning and even managing your investment properties. And don’t forget to ask about our current inventory of the best foreclosure properties available in Omaha and Council Bluffs at Harter Investments. Just call a professional direct cash home buyer in Omaha and Council Bluffs Harter Investments at 402-939-6556 or send us a message today or visit us at www.harterinvestments.com!
