Cheap properties? Is it really true or just dream for low income people? It look hard but you can find it.
Herea are a few common reasons the property become cheap for sale :
1) Death of the owner or the settling of an estate.
– Mostly, the properties are generally priced at fair market value or below because it need to settled quickly.
2) Partnership disputes
– Some of the most reasonably priced investments on the market are a result of two or more partners who are disagreeing and want to dissolve their partnership.
3) Financing problem with the property
– Perhaps the present owner is facing a mortgage and does not have the money to pay it off. If he cannot find ways to repay the loan, he may lose the property through foreclosure.
4) Run down properties.
– This usually indicates either financial or management problem and may be your clue to a well-priced investment.
5) Length of ownership
– How long has the present owner had the propery? When he has owned it for quite a few years, he may have an interest in selling. You can find how long the present owner has owned his property by checking the recorded deed at the land office.
6) Sale of foreclosure properties by local lending institutions
– It is a cheap investment properties but it is a foregone conclusion that you are buying a problem. Even if the price is a bargain, this type of investment is not recommended for a beginning investor. You want your first few investments to bea as trouble free as possible.
Try a direct approach. Find a property that you would like to own, and appears to be in the size range you want. Find the owner and ask him if he’d consider selling it to you. Many properties are bought this way. If he says no, ask him if he know of any other similar properties that may be for sale.
How do you find out who owns a specific property? You can check it via your nearest land office. The information is available to the public. Land search result will tell you who owns the property and details of the property. Another simple approach is by asking around the neighbourhood.
That’s some approach that you can do to find cheap properties.
Source :- GoFinance