How To Search and Find Perfect Anchorage Foreclosed Homes
by Dan Wolf
on Monday, July 15th, 2013 at 2:01pm.
One reason home buyers look for Anchorage foreclosed homes is to fix them up! There are many reasons why:
You may want to build a home but can't afford the cost of a new build. Finding Anchorage foreclosed homes to flip could be a great alternative
You may enjoy the thrill of finding old and run down homes and redoing them
You may be looking for a business opportunity and are interested in making a profit by flipping homes.
No matter what your reasons, finding the right home to flip is key to the success of your end goal.
However, in a sea of Anchorage foreclosed homes, many with pitfalls, you want to be sure you find the buried diamond in the rough that offers a real opportunity to turn a profit.
To do this you need to understand that when searching for foreclosed homes, looks can be deceiving.
The ugliest house on the block could be the one with the most potential. Here are a few things you should look for when searching for foreclosed homes.
Key Elements of Perfect Anchorage Foreclosed Homes
Good Neighborhood and Good School. If you find a foreclosed home in both a good neighborhood with good schools, make sure you move quickly because it will not available for long. Why? Because regardless of what happens, you will have no problem selling the home. The location will sell itself. This can put many investors and buyers at ease because if money is lost on renovations, they can be recouped on the sale.
Ugly House Beautiful Neighborhood. The same as above applies. An ugly home in a beautiful, or luxury area, has the location potential to bring in big profits.
No One Lives There. Some Anchorage foreclosed homes have former homeowners or tenants still living in them. Their emotional attachment the home, plus their economic situation, could lead them to vandalize the property or prolong the buying process. An empty home is ideal because it is ready to buy and renovate immediately.
Priced for Investors. Many Anchorage foreclosed homes are already priced for investors. The bank already knows it's a fixer upper and priced it accordingly. The good thing about this is that you could potentially put in an offer below asking which can save you even more money.
Good Bones. Some Anchorage foreclosed homes just have good structures already in place which minimizes the amount of renovations you will have to make.
Big ROI. If the return on investment of the home falls between 300 to 500 percent of the cost of repairs, you've got a winner. This is a no brainer.
DIY Renovations Are Possible. If the foreclosed home needs work and it is work you can honestly do yourself without hiring a crew, then that is another good sign this could be the home for you.
Amazing Floor Plan. Have you ever walked in a home and fell in love with the layout? That's exactly how a potential buyer will feel if you find and flip a home with a great layout. Open floor plans, expansive rooms, nooks and more can save you time during renovations and increase your profits.
You know you have an amazing floor plan if you have lots of room in the kitchen, an inviting layout, a large master bedroom and two or more bathrooms.
Need help finding that diamond in the rough? Hire us and we will find you Anchorage foreclosed homes that meet your end goals. Contact us today.