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Profiting from distressed properties
require more than looking at the price of a property. There is a need to
research the market and understand the reason behind the sale. However, if the
property fits into the right frame, an investor can make significant profit
from the transaction.
There are several reasons why a
property can be distressed. A property can become distressed because of
personal, national or global economic issues that have negatively impacted the
property or the neighbourhood where the property is located.
A property can fall into this category
by the inability of the owner to service his or her mortgage on the property.
An economic downturn or natural disaster can also lead to a rapid fall in the
value of real estate thus forcing some people to sell their properties.
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Purchasing a property in such an area
is a very risky venture because you are not sure of when or how the economy
will recover. It could also turn out to be a fantastic opportunity if you know
what to look for.
It is important for you to evaluate
these opportunities in the light of tested principles. Aspiring real estate
investors should never rush into deals and should take their time to do their
due diligence. You should familiarise yourself with the requirement of the
government. Engage the services of real estate professionals such as valuers in
order to determine the reasonable value it will command in the event of a fire
sale.
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You should also engage the services of
those who can check the structure on the land to see if the property is fit for
living, requires major or minor repairs. Where a good property is located in a
bad area it is usually not a good purchase because the perception of the area
will affect the value of the property.
However, where a bad property or a
distressed property is in a good area, it will enjoy the positive perception of
the neighbourhood. If you do not carefully consider these simple issues you
might fall into the trap of buying property from a person who just wanted to
get out of a very bad investment by selling it cheaply to an ignorant person.
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There is always the need to carefully
compare the risk and reward of any investment before you go ahead. The higher
the risk the higher the possibility of reward but also the cost of any loss
.You should not get sentimental at this stage and to help you do this, you need
to focus on the facts. What is the cost of repairs? What will it cost me to
repair or refurbish this property and will the outcome be profitable overall?
If the numbers are not right, do not go ahead on the account that the property
is cheap.
There are many ways of knowing which
properties are available as a distressed property sale. You can contact the
mortgage or home loan section of any bank and ask them for a list of foreclosed
properties. The government also has an Asset
Management Company whose brief is to acquire the toxic assets of banks and
has the power to sell the properties that were used as collaterals. You can
also speak with Real Estate Agents that you know and ask them to provide you
with the details of any distressed sales in any area that you are interested
in.
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If you intend to make money in real
estate by buying distressed properties at a discount and then refurbishing them
for sale at a higher price, you must ensure that you have access to funds.
Distressed properties can be competitive because of their discounted prices and
you may not have enough time to start sourcing for funds at the time of
purchase because the sellers need their money quickly. It is only the prepared
investor who has access to funds that can use that as a bargaining tool to get
a good deal from the person that is desperate to sell. If you are planning on
accessing bank loan, it is important that you secure pre-approval for the loan
before you start searching for the distressed property sales. (Punch)
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