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Foreclosure Planner: A Must for First-time Buyers

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By : John Cutts    99 or more times read
Industry experts agree that a foreclosure planner is a great help to first-time homebuyers. A planner will help buyers stay organized. Experts explained that buying a home involves several steps, including arranging a financing, attending an open house tour and getting inspections.

They said that a planner will allow homebuyers to organize and keep all pertinent information in one place to reduce the possibility of forgetting important details. How do first-time buyers get a planner?

Experts said that buyers should start by going to the nearest office supply store and buy some materials to be used in making a foreclosure planner. The materials needed are three-hole punch, three-ring binder that has deep pockets, paper, travel calculator, pen, portable tape measure and tab dividers.

For instructions on how to make a planner, experts said that it should start by assembling the binder and, using tabs, dividing it according to the buyers' system, one that will make sense to them.

For first-time buyers, they may prefer using tabs with labels such as "to do list", "calendar", "financing", "addresses and contacts" and "possible homes". For people who are planning to rent or sell foreclosures, they may opt for tabs with labels such as "calendar", "possible renters/buyers", "property management", "marketing and listings" and "financial receipts".

According to industry experts, dividing the information into categories and marking them with tabs will allow buyers to easily and quickly access important information when needed.

Moreover, a planner also helps buyers keep track of foreclosure properties and contacts. Experts pointed out that buyers who want to get good foreclosure deals should act quickly when they found a property that they like.

For first-time buyers, they should keep in mind that foreclosure houses are great bargains, thus they do not stay long on the market because they sell faster compared with traditional real estate. By keeping all the leads and pertinent information in a planner, buyers have the leverage of quickly knowing which properties they want to act immediately and which houses seem most promising.

Lastly, a foreclosure planner is important because it can help buyers save time and money. As they tour foreclosed houses, buyers can take down notes on their planners, such as measurements and dimensions of doors, floors and windows so that they can easily and quickly plan and estimate the cost for renovations.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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