How to Find “For Sale By Owner” Homes
The easiest way to find FISBO's is to check newspaper ads and ads on the Internet. FISBO's usually identify themselves. As I mentioned earlier, also watch for real estate investors ads. They will usually have ads to buy houses, but contact them anyway. Maybe they need to sell one of them. Often investors have the ads that look for people to rent-to-own or lease/option their house.
Another good way is to drive around neighborhoods that you want to move into and watch for houses that are on sale. Make note not only of houses that are for sale by owner, but also for houses that have real estate signs up. If the real estate sign goes down after a long period (6 months) they probably have not sold the house. Maybe they are ready to deal with you now.
Ask people you know if they know anyone with a house for sale. Some of the best connections come from people you know, and they are more likely to do some creative financing for you.
Working with Motivated Sellers
The key to finding a home to meet your special needs is not the location or the condition of the house or even the money. The key is to find a motivated seller. Find a seller who really needs what you can offer. Don’t take advantage of these people. This is what has given some investors a bad name. You are in a position to help them, and as you help them you will be helping yourself at the same time.
Give Up Something to Get Something
I’ve said it before, but it is worth repeating. Maybe you will be lucky, but most likely because you want something special (the right terms for a home without a credit check) you may have to give in on something else. It might be settling for a higher purchase price, or a little higher interest rate, or maybe a fixer-upper house. Remember that you are in charge. Don’t settle for something that you can’t live with. You can’t get something you don’t ask for. Ask for what you want. Don’t let the fear of being rejected stop you from making an offer to a seller. You will never know if you could have gotten it, if you don’t ask. And not asking is an automatic “no.”
Use This Chance to Start Over
It is important that once you are in your own home you use this chance to rebuild your credit. If you have had bad financial habits in the past, you have a new opportunity to change things. Use it by trying to make all you payments on time, every time. As the old saying goes, “Today is the first day of the rest of your life.”
Just do it! Don’t give up!
Don’t get discouraged. I know you can do it! If you are afraid you don’t know enough about real estate, do it anyway. Ask for help. Go out and find the information and/or the help you need. You will never know it all, so don’t let the fear of not knowing enough stop you.
Thanks and good luck! Enjoy your new home!
Important Information for Real Estate Investors:
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