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Profiting From Handyman Specials Homes

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By : John Cutts    99 or more times read
Handyman specials homes are getting a lot of attention from savvy investors who want to earn huge profit for just a small cash outlay. A handyman special home is purchased at a very low price because of its poor condition. The purchaser, who has the skill to repair houses, will buy the foreclosed home, do some repairs and then sell it for a profit.

Industry experts said that the practice will greatly help in the recovery of the housing market that has been badly beaten by the growing number of foreclosure properties. As of third quarter of this year, the number of foreclosure filings posted nationwide rose by 5 percent to 937,840 compared with the second quarter and 23 percent increase from July to September of last year.

They explained that if many people will buy handyman specials homes, it would not take long before the housing market would gain the true recovery that has eluded it for some time now.

For those who are planning to venture into this market, experts have this to say. Distressed properties that are on foreclosure listings are considered by investors as good deals because they can buy them at deep discounts, do some small or minor repairs and put them back on the market to be sold or rented.

Experts explained that many savvy investors are interested in handyman special houses because, generally, they are unattractive to homebuyers who want to buy houses in good conditions. But those people who have the handyman skills see the needed repairs as a challenge and worth the financial gains.

But industry experts cautioned prospective buyers not to go into a buying spree without knowledge of what they are getting into. Before bidding on the properties, prospective buyers should inspect the houses first. They need to determine the extent of the damages and repairs needed to make the property habitable again. This is to make sure that the property is worth the money that you will pay to buy it and the financial gains after it has been sold.

Furthermore, buyers should take some time to do some research on the property that interest them. They have to know any liens associated with the property, such as back taxes and association dues.

Handyman specials are low-priced and good buys. Prospective buyers should make a purchasing decision immediately once these properties are on the market for sale, experts said.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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