Tuesday, July 31, 2012
Choosing Real Estate Foreclosures: The Real Work
When browsing through lists of Indianapolis Real Estate foreclosures, emphasis must be made on the quality rather than on the number of properties that you will view or follow through with research. The reason is this: many people have become similarly interested in Indianapolis foreclosures and burdening yourself with too much homework will only prevent you from finishing it early and getting a good jump ahead. In foreclosure investing, one of the best ways to beat the competition is to be at least several steps ahead.
The reason for this is simple. The inventory of foreclosures consists of unique properties, which means that no two properties are exactly alike. If you missed on one good property, it means that you have missed it for life. Although Indianapolis Real Estate foreclosures come in various types and kinds such as government foreclosures, REO properties, auction foreclosures, apartments, condos and many others, it is still important that you can and are able to get your first choice.
Choosing From the Inventory
The best way to choose the best Indianapolis Real Estate foreclosures is to do it systematically. First, you will need to create a shortlist of properties as you browse through your lists. The important thing to remember about a shortlist is to always go by well-defined criteria to effectively limit your search to those that satisfy these criteria. This will shorten and cut your research time in half.
Second, you need to plan and prepare for your home inspections. When inspecting properties, the same amount of work must go into the preparation as much as in the actual inspection itself. Document your inspection. Bring a digital camera, so you can photograph the most essential parts of your visit. Take down notes, so you can remind yourself of what to follow through or look for in your other inspections.
A home inspection is a must, especially if you are buying government foreclosures. Some of these properties are in need of repair and some maintenance work. Being aware of a property's actual condition is the best thing that you can do to secure your investment.
Finally, before you jump in on a deal, it would be good for you to tour your top choices a second time. This will give you a chance to recheck the property and ask questions that you have not asked before simply because it was your first time to visit. A second visit will most definitely allow you to see Indianapolis Real Estate foreclosures in a different light and provide you an opportunity to reflect before you decide.