Buyers are always asking me how to find properties to buy that are the best bargains on the market that are way below appraisal. Well, you could search the web and view hundreds of websites claiming to have below appraised properties but the best answer is to become a client of a Realtor who looks for the best bargains available. I have properties that I monitor that are the best deals in the area of the Lawrence Kansas Foreclosure market. They are at least $10,000 below county appraisal and some are more than $50,000 below county appraisal. Many are fixer upper places while others are in great shape but the sellers are motivated.
Quite often properties that have the best value come on the market and are immediately SOLD because clients of Realtors are called first and sometimes are told about a property before it comes on the market.
Here are some examples of what happens. For the first example, on Saturday August 9th, early in the morning I found one of the homes for sale that had just been reduced in price from $160,000 to $126,000 which made it about $40,000 below appraisal. I knew this one would not last very long so I immediately sent out this email to my clients who were looking for a property like this.
"110 Acorn Dr is a Eudora Kansas real estate foreclosure that is now only $126,000, dropped yesterday from $160,000. It is appraised at $171,700 (2007) which is based on what seller paid for it in 2006 when it was bought brand new (built in 2005). Hopefully the seller didn't do too much damage to it in the less than two years he was in this new house. It has 1803 sq ft which makes the current asking price cost only about $70 per sq ft. I would suggest offering about $117,300 on this one for an initial starting price. It is 3 bedroom, 3 bath, 2 car garage, a large 10,574 sq ft lot, and the only down side I can see is that it is a slab and many buyers want a basement. Builder's name is Grand Builders, Inc. This one will go very quickly!!"
One of my clients set up an appointment with me one hour later to see the house which was in excellent shape. He had me right up an offer on the spot. It got accepted. The buyer conducted inspections and the inspector agreed that he had never seen a foreclosed property in such great condition. The buyer will close on this house next week.
The listing agent let me know on that Saturday that there was one very angry Realtor because there was already an accepted offer and several other Realtors calling about this property wanting to get in to show their buyers. Homes for sale can drop in price at any time and if you aren't first on the draw, you miss out.
For the second example, on Saturday June 7th I received a phone call from a seller in Chicago IL who found me by searching online for Lawrence Kansas Real Estate. He explained how he had his Lawrence Kansas property on the MLS in 2006 for $99,000, then again in 2007 for $89,000, and that now he just wanted to sell it as an "empty lot" and wanted to know if I would consider listing it. I arranged the next day to meet his mom who was from Kansas City area to meet me at the Lawrence house that he wanted me to put on the MLS for sale.
On Sunday at 2pm I met his mom with some of my buyers and she gave us the key to take a look at it. We had an accepted offer of $25,000 that same day before it was able to get put on the Lawrence Kansas MLS!
For the third example, I want to tell you about a property that is available for about $100,000 below the 2007 county appraisal which was over $425,000. It has six bedrooms, four baths, two car garage, was built in 1999, has about 5,760 sq ft, and is on 15 acres just about 8 or 9 minutes southeast of Lawrence.
Finding out about deals like this takes full time research. If you have a relative, or neighbor, or a friend who is a Realtor and they are part time in real estate they are never going to find deals like this. Even if they are full time, more than likely they will never find the best bargains for you. You have to have a Realtor who is actively looking for the best deals, who can be easily found online by a motivated seller who wants to sell, and who stays on top of price changes continuously.
The best deals, foreclosures, and bargains are available. Do you want to save tens of thousands of dollars below appraisal on your next home purchase?
Thanks and "Don't keep me a secret--I'm never too busy for your referrals!"
Rob (FREE Home Warranty with every home you buy or sell through me!!)
Rob Lang, CRS, ABR, ePro, GRI, CFPS Realtor®
Sellers www.MLSPlease.com (Marketing homes to 3 MLS's, to over 100 websites, "Showcase" Realtor.com listing, and virtual tours)
Property Searches www.LetRobDoIt.com
Places for Rent or Lease www.KSLease.com
Blog www.ActiveRain.com/blogs/langrob
Realty Executives, Hedges Real Estate (three convenient locations)
(Serving Lawrence, Eudora, Baldwin, Topeka, Olathe, Tonganoxie, Leavenworth, Kansas City, McLouth, Wellsville, Ottawa, Berryton, Tecumseh, more)
300 Rockfence Place, Lawrence, KS 66049
1037 Vermont, Lawrence, KS 66044
3300 Clinton Parkway Ct., Lawrence, KS 66047
785-393-2274 (cell) 206-339-3199 (fax)
Rob@YouWantHouses.com
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