Real estate prices are going up across the United States, but there are still great deals if you know where to look. Here is where you can find properties for below market value in your city.

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Purchasing real estate is often the largest purchase someone will every make. For this reason it is quite important that you seek out the best possible deals so that you can make a solid return on your investment.

The best real estate investors know the places to look and the questions to ask to find great deals. They put in the work to ensure they are acquiring high quality properties at a price that will appreciate. Here are some of the strategies that you can use to buy real estate for below its fair market value.

Go to Real Estate Auctions

Real estate auctions can happen both online and in-person. More and more of these events are happening online at websites such as auction.com which makes it very easy for a real estate investor to browse the available inventory. The reason why auctions are a good place to find below market prices on property is because these properties need to be sold fast.

Real estate auctions are often the result of a foreclosure, sudden death or some other event. For example, the homes may be owned by a bank who is trying to liquidate the homes as fast as possible. Whenever a seller needs to unload a property fast you can expect there to be better deals.

Become an Expert at Searching Online

The power of the internet is that it makes all information easily accessible to everyone. Savvy real estate investors can use this information to their advantage. Real estate information websites like Zillow allow you to set very specific search criteria and notifications for when a new listing appears that matches your criteria.  

For example, if you know a certain neighborhood has homes worth $300,000 or more you can set a filter to alert you for whenever homes are selling for below $280,000 and get notified when it comes to the market.

Another filter you can set is to search for homes that are “For Sale by Owner.” Homes that are being sold directly by the owner are more likely to be a bargain as you can negotiate directly with the seller.

Check Classified Websites

When you are looking to buy a property for below market value, it often means you will be buying a house that needs to be fixed up. These fixer uppers are not always listed for sale on traditional real estate websites or even with agents. They can often be found on websites like Craigslist or Facebook Marketplace.  

Properties are listed on classified websites like this because they need a significant amount of work to be done. The average property buyer would not be interested in doing this amount of work, which is exactly why you will be able to get the property for cheap, fix it up and then resell it for a handsome profit.

If you are going to make a purchase from a classified website make sure you negotiate the price. Since the property needs a lot of work done you can likely buy it for much cheaper than it is even listed for.

Build a Network of Real Estate Attorneys

Having a network of real estate attorneys is a great way to find out about properties that are coming to the market and need to be sold fast. These attorneys have early information on homes that are being foreclosed or that have been repossessed by the bank and need to be sold fast.

Having fast access to real estate attorneys can also help you close deals faster because you will take care of the paperwork much quicker. This can be an advantage you have over other buyers that helps you close on properties at below market price.

Search Public Records Databases

An often overlooked source of real estate leads are the public records maintained by municipalities. One great website that makes it easy to find all of this information is Mashvisor.com

Foreclosures are usually entered into the public record and you can find out early about this by conducting frequent searches to find the newest properties that need to be sold fast. By combining a public records search with the data you gather from Mashvisor, you will know what the property is worth and what the potential rental demand is for it should you buy the property.

In Conclusion

Even though the real estate market is getting more competitive there are still great deals to be found for people who are willing to put in the time to search. Real estate investors continue to buy properties for below market value by following the steps outlined in this article.

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