Real Estate remains one of the smartest investments that a person can make. If this is your first time buying a fixer upper, there are several things to consider and steps to take in order to get the best value and have a successful transaction.

Get Pre-Approved for Your Loan
Being pre-approved will strengthen your bargaining power. You will be able to negotiate with sellers as a "cash buyer" to lower prices and obtain more favorable terms in the contract. Note: "Pre-Approved" is not the same thing as "Pre-Qualified." Becoming "Pre-Approved" by a lender - not a mortgage broker - is the key to being able to move quickly when the right property becomes available.

Assessing the Value of a Fixer Upper
Consider these factors:

Do Not Underestimate the Value of Professional Inspection

Hire a professional inspector to make sure that the property does not have any structural, environmental (oil leak, asbestos, radon, lead paint, etc.) problem.

Who Will Do the Work?
Of all the repairs that are needed, which will you be performing and which will require you to hire a contractor? You may want to obtain estimates or at least get ball-park figures from the professionals.

Join Nancy's "Hot List"
Fill out the on-line form and you will be notified by email whenever a great buy comes on the market. Click here.

 

 

FIXER "BEFORE"...


FIXER "AFTER"...

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