Mat-Su Real Estate Deals
This post will be a little off-beat for a Realtor. But I promised to tell it like it is, and this post will do that.
Would-be real estate investors often ask me for good deals. They are hoping to find a fixer-upper, do the work themselves, and then re-sell for a profit. Nothing wrong with that, in fact, if I wasn’t so busy finding homes for people, I might do the same thing. But knowing what I know, I wouldn’t waste a lot of time calling local real estate licensees. The listing Realtors job is to help a seller get top dollar for his home.
If the Realtor is doing his job right, the property will be priced fairly, perhaps even attractively, but it will not be priced significantly under the market. Occasionally a seller needs to sell very quickly. These are the few times a Realtor will price a home at a real deal.
I search through the MLS system every week to try to find the deals for newsletter. The inside info for this week does not come from the MLS.
So how can you find the good deals without a Realtor?…here is the inside scoop.
- 1. Find vacant homes. In Alaska, that’s easy. Just drive around during the winter and find driveways that aren’t plowed. Do not enter the driveway or walk around someone elses home. That’s called trespassing and is a crime. Besides, the neighbors might have a shotgun.
- 2. Find sellers in trouble. Look at foreclosure notices in the papers. All papers have them but the Alaska Journal of Commerce seems to have more than it’s share. Here is one online source.
- 3. Contact the owners. Write them a letter. To find their address, look them up on the Mat-Su Borough Website. If the house has a Realtor’s sign in front of it, contact the Realtor not the owner.
- 4. Treat them with dignity and respect. Most people who are struggling with their mortgage have problems out of their control.
- 5. Be patient. If you expect to find one good deal out of 100 contacts, that will be about right.
- 6. Be prepared. You will need to act fast when you do find that good deal so line up your financing ahead of time.
It takes a lot of homework and foot work to find a good deal. But they are out there.