Getting huge reward from your investment in properties is an art that you must master to excel in this business. The way to go is locating and buying distress property.For the sake of clarity, the term distress property refers to properties that are in urgent need of buyers because the seller has to satisfy or fulfill a desperate need.
For this reason the natural price or worth of the property will drop drastically. For instance, a property worth 3Million can be bought for 1.5M depending on the emergency. Later, you can conveniently sell it for its real value and make a staggering profit.
WHAT TO DO
- Reserve some cash while awaiting such opportunity to buy distress property.
- Spread your interest to anyone that could contact you when such opportunity turns up
- Investigate before you pay for that property, see five ways to confirm the genuineness of property before payment.
- Take advantage of the situation by using your bargaining power to negotiate a better deal.
- If the property is a building, give it some face-lift or renovation to raise the value of the property before reselling.
- Contact us for all your property needs, building project and real time advice.
- Study 7 Ways to know Areas where Property will appreciate faster
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