Properties Below Market Value on Wisconsin Foreclosure Listings

By: Bob Smith

We all have seen the television shows and read the rags to riches stories
about "flipping" houses. Many expert "flippers" begin their search for house
bargains by using a Wisconsin foreclosure listing service. Wisconsin
foreclosure listings can be found on the internet, in the newspapers and by
contacting local lenders and getting on their mailing list. Using the internet
is usually the quickest, easiest and most up to date way to get a current
foreclosure listing, and is generally the way to go.

Once you have used your foreclosure listing service, go out and research
the property, view it and have independent appraisals and inspections
done before purchasing. The homes which need the most work are the
ones that offer the lowest prices. If you are a new to flipping houses, be
careful when assessing the cost to repair the house. Some properties will
need only cosmetic changes such as paint and carpeting. Others will
require more intensive labor and more expensive materials. It is important
to know upfront the costs associated with making the property not only
liveable, but sellable.

The next step is to get qualified for a loan from which the funds will be
used to acquire the house. If the house needs extensive renovations, you
will need an additional source of funding to cover these costs. Diligently
research what the repairs will cost and what profit you should realize from
performing the work involved. Be realistic not only with your figures, but
with the time it takes to complete the job. Anticipate some setbacks, and
be prepared to stretch your budget. A house cannot be flipped if you run
out of money or time to capitalize on utilizing all your resources, regardless
if they are financial or manpower.

Negotiate in good faith with the lender. Be prepared with all funds,
paperwork and contingencies. Be confident in your research in the
surrounding area, the cost to bring the property to industry standards and
all zoning and permit regulations. Be sure to add the cost to sell, these
costs may include a realtor commission, signage and costs to advertise.

Flipping houses has become quite popular and lucrative for the handyman
who is successful at crunching numbers and creating an environment
pleasing to would-be homewoners. The most difficult obstacle is to find the
perfect property, and that obstacle can be eliminated by searching
Wisconsin foreclosure listings.

Foreclosures
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