The South NJ RE Info Blog

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The Housing Market in Berlin Township, NJ

The I-Team Homes has been marketing quite extensively in Berlin Township NJ (Also known as West Berlin, NJ). We provide housing market analysis for our clients. The following is the most current data we have for Berlin Township:

For the month of November 2007 -

  • Properties Actively Marketed - 6
    • Average asking price - $304,100
    • Average Days on the Market - 42 days
  • Pending Sales (Under Contract, Not Settled) - 2
  • Properties that Settled in November - 3
    • Average sold price - $212,667 (95.3% of average asking price)
    • Average number of bedrooms - 3, average number of baths - 1.5
    • Average Days on the Market - 131 days
    • Numer that sold with Seller Concessions - 2 (where seller gave some amount of net proceeds back to buyer toward buyer's closing/settlement costs)
    • Number that sold without Seller Concessions - 1
  • Properties that Expired (Not Sold and Listing Agreement ended) in November - 1
    • Average asking price - $244,000
    • Average Days on the Market - 93 days
  • Properties that were Withdrawn from the Market by the Seller in November - 1
    • Average asking price - $287,900
    • Average Days on the Market - 24 days

We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call our Real Estate Hotline toll-free at 1-800-374-8571 x3025.

If you are planning to sell your home and would like to receive a free 12 page report, "Insider's Secret To Selling Your Home", directly to your home. "Insider's Secret To Selling Your Home" is a must have report for anyone planning on selling their home. Don't wait, call now.

  • If you have an immediate need to sell your home, call 1-800-374-8571 x3051.
  • If you are planning to sell you home in the near future, call 1-800-374-8571 x3052.

When you call the above numbers you will will hear recorded instructions; you will not be directed to a live agent.


For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/

Looking for a fixer upper property? Willing to put in some "sweat equity" to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/

If you would like a free list of Fannie Mae homes currently for sale , go to: http://www.terryi.com/FNMA/.

 

0 commentsTerry Iwaniw - S NJ REALTOR • December 29 2007 03:40PM

The Housing Market in Berlin Boro, NJ

The I-Team Homes has been marketing quite extensively in Berlin Boro NJ. We provide housing market analysis for our clients. The following is the most current data we have for Berlin Boro:

For the month of November 2007 -

  • Properties Actively Marketed - 13
    • Average asking price - $277,149
    • Average Days on the Market - 44 days
  • Pending Sales (Under Contract, Not Settled) - 1
  • Properties that Settled in November - 3
    • Average sold price - $263,133 (97.7% of average asking price)
    • Average number of bedrooms - 3, average number of baths - 2
    • Average Days on the Market - 106 days
    • Numer that sold with Seller Concessions - 0 (where seller gave some amount of net proceeds back to buyer toward buyer's closing/settlement costs)
    • Number that sold without Seller Concessions - 3
  • Properties that Expired (Not Sold and Listing Agreement ended) in November - 4
    • Average asking price - $301,195
    • Average Days on the Market - 167 days
  • Properties that were Withdrawn from the Market by the Seller in November - 3
    • Average asking price - $304,133
    • Average Days on the Market - 39 days

We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call our Real Estate Hotline toll-free at 1-800-374-8571 x3025.

If you are planning to sell your home and would like to receive a free 12 page report, "Insider's Secret To Selling Your Home", directly to your home. "Insider's Secret To Selling Your Home" is a must have report for anyone planning on selling their home. Don't wait, call now.

  • If you have an immediate need to sell your home, call 1-800-374-8571 x3051.
  • If you are planning to sell you home in the near future, call 1-800-374-8571 x3052.

When you call the above numbers you will will hear recorded instructions; you will not be directed to a live agent.


For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/

Looking for a fixer upper property? Willing to put in some "sweat equity" to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/

If you would like a free list of Fannie Mae homes currently for sale , go to: http://www.bestfixerhomes.com/.

0 commentsTerry Iwaniw - S NJ REALTOR • December 29 2007 02:37PM

The Housing Market in Winslow Township, New Jersey

 The I-Team Homes has been marketing quite extensively in Winslow NJ including the areas of Sicklerville and Cedarbrook. We provide housing market analysis for our clients. The following is the most current data we have for Winslow Township:

For the month of November 2007 -

  • Properties Actively Marketed - 85
    • Average asking price - $273,000
    • Average Days on the Market - 46 days
  • Pending Sales (Under Contract, Not Settled) - 13
  • Properties that Settled in November - 43
    • Average sold price - $174.536 (97.9% of average asking price)
    • Average number of bedrooms - 3, average number of baths - 1.5
    • Average Days on the Market - 72 days
    • Numer that sold with Seller Concessions - 24 (where seller gave some amount of net proceeds back to buyer toward buyer's closing/settlement costs)
    • Number that sold without Seller Concessions - 19
  • Properties that Expired (Not Sold and Listing Agreement ended) in November - 32
  • Properties that were Withdrawn from the Market by the Seller in November - 26

We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call our Real Estate Hotline toll-free at 1-800-374-8571 x3025.

If you are planning to sell your home and would like to receive a free 12 page report, "Insider's Secret To Selling Your Home", directly to your home. "Insider's Secret To Selling Your Home" is a must have report for anyone planning on selling their home. Don't wait, call now.

  • If you have an immediate need to sell your home, call 1-800-374-8571 x3051.
  • If you are planning to sell you home in the near future, call 1-800-374-8571 x3052.

When you call the above numbers you will will hear recorded instructions; you will not be directed to a live agent.


For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/

Looking for a fixer upper property? Willing to put in some "sweat equity" to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/

If you would like a free list of Fannie Mae homes currently for sale , go to: http://www.terryi.com/FNMA/.

0 commentsTerry Iwaniw - S NJ REALTOR • December 29 2007 01:18PM

7 Best Ways to Excel At Marketing With MySpace

If you're interested in marketing with MySpace, there are seven best ways to excel at marketing with MySpace at this point in time. I will try to give an overview of what you need to understand when it comes to marketing with MySpace.

The first way to excel at marketing with MySpace is to develop a great MySpace page. You will want your MySpace page to be interesting and attractive so that customers will want to find out more about you and therefore what services you have to offer.

The second way to excel at marketing with MySpace is to make sure that their written material that you include on your MySpace page is interesting and informative. Writing a positive testimonial about a particular product or service is a marketing ploy that may result in extra visitors.

The third way to succeed at marketing with MySpace is to make sure that you regularly update your MySpace page.

The fourth way to be effective at marketing with MySpace is to develop relationships with other people who participate at MySpace. In other words, you will want to become a part of the MySpace community and spread the word about the benefits of the services you are marketing.

The fifth step that you will want to take when it comes to marketing with MySpace is to pay attention to what other people are doing at MySpace. When it comes to marketing MySpace, there's no reason for you to reinvent the wheel.

The sixth step that you will want to take when it comes to marketing with MySpace is to make sure that your efforts at MySpace are part of an overall marketing plan or program. When all is said and done, the key to business success in this day and age is developing and implementing a comprehensive marketing plan.

The final step that you want to take when marketing MySpace is to make sure people beyond the MySpace community know of your MySpace presence. One effective strategy that you can employ is to draw people who have not been to MySpace before to your MySpace page. There is something very important associated with increasing the number of people outside of the MySpace community who have at least minimal connection with your MySpace page.

9 commentsTerry Iwaniw - S NJ REALTOR • December 28 2007 10:46PM

22 Tips to Use at a Networking Event

 Networking events have been part of the business and social scene for as long as anyone can remember. For many people, they make a trip to the dentist seem fun. For others, networking events are enjoyable, but because of who they have to spend time with, they wish they had scheduled a visit to the dentist.

Regardless of your feelings on the subject, when attending an event, it's important to have the perspective that your goal should be to help others first. Unfortunately, it's an old cliché that is often left at the door. The next time you're headed to an event, keep in mind the following simple, helpful rule: after it's all said and done, you want to have earned the right, privilege, honor, and respect to be able to meet with them again. This is not a license to sell yourself, but an opportunity to build a relationship.

- When you arrive at a networking event, avoid gravitating to people you know. You should initially thank the host and then immediately find someone new to introduce yourself to. This will help keep you in the right frame of mind as to why you came.

- Stop selling and start listening! When you meet someone for the first time, use it as an opportunity to get to know them. Don't try to sell them anything. Rather, begin to establish a relationship.

- Keep your business cards in the breast pocket of your coat, a shirt pocket, or in an outside pocket of your purse so they are easy to access and in good condition.

- When giving a person your card, personalize it by hand writing your cell number on it. This will cause the recipient to feel that they are receiving something special.

- When giving or receiving a business card, be especially careful when dealing with people from outside the US as many cultures treat them with very high regard.

- When receiving a card from someone, take a moment to write yourself a note on it such as where you met. If you do this while you're still talking to the person, it will help convey your sense of personal connection.

- During the course of a conversation, use the other person's first name two or three times. People always like to hear their own name and it will help you to remember it when the discussion is over.

- Rather than telling a new contact all about yourself, spend your time asking them questions. It's amazing how much you'll learn!

- After you meet someone for the first time, use the back of their business card to jot a note about something you learned from the conversation and the date and place you met them. Recording the information will give you something to talk to them about the next time you see them.

- Connect with the person you're talking to by tilting your head as you listen to them. It is an effective body language technique which communicates that you're paying attention to what they're saying.

- When a person is talking to you, be sure to look directly at them. Giving a person full attention with your eyes will encourage them to share more.

- When giving someone eye contact, remember it's not a "stare-down" contest. Give the person 3 - 5 seconds of eye contact and then look away briefly before returning your focus to them again.

- The best location to network is by a high-traffic area such as a main door, the bar, or near the food.

- Never approach someone if they are walking towards the restroom or if they have a phone in their hand. Wait until they have returned to the networking area or put their phone away.

- After the person has shared something with you, ask them another question about what they just said. This shows that you're paying attention and that you care about what they're telling you.

- Always keep one hand free to allow yourself to shake hands with people. This means that you shouldn't eat and drink at the same time. Remember, you're there to network, not eat a full-course meal.

- As a way of demonstrating your networking skills, introduce each new person you meet to at least one other person.

- Never try to barge into a group of 4 or more people. Come along side of the group, but do not attempt to enter into the discussion until you've made eye contact with everyone and a minimum of two other people in the group have said something.

- Do not approach two people who are talking, as you may be interrupting an important discussion.

- Initiate conversation with someone who is standing by themselves. They'll be happy to have someone to talk to them and, as a result, will many times open up with valuable information.

- When you meet someone for the first time, you have 48 hours to follow up with them before they will completely forget about meeting you.

- A networking event is not a time to see how many business cards you can acquire. Rather, it is a time to develop a few relationships that have potential.

9 commentsTerry Iwaniw - S NJ REALTOR • December 28 2007 10:31PM

Find Out All Keywords That Bring You Sales Within 3 Minutes

 The effectiveness of an internet marketing campaign can be summed up in three words: search engine ranking. The higher your website's position is in search engine results, the more popular it is.  To bring these good fortunes into your website, you need to pinpoint the keywords that bring customers and potential new clients to your website.

See these examples: "Snag PGA-standard Golf Shoes at Half Price Now!" vs. "Avail of Golf Footwear like the ones used by Players in the PGA at discounted prices!" Which is more effective and delivers the most impact? If you go for the latter, you must seriously reconsider your banners and ads. Both deliver the same message but the first ad is more likely to draw in a lot of clicks. Why? It uses strong words and a focused keyword. You can use SEO campaigns and pay-per-click advertising services in order to boost your sales and traffic but how do you find which keywords reel in the money? Here's how:

Measuring click-through rates

Click-through rates are simply the number of times people clicked on your advertisements. Where is the  keyword in this scenario? Do not forget that the life of your banners and other advertisements is built on words but not just any word. Banners and advertisements reel in potential customers by being targeted and focused.

There are two ways by which you can measure click-through rates: PHP and ASP Scripts and CGI Script.

There are plenty of CGI Scripts for tracking click-throughs available online. Install the script in your website but make it invisible so that visitors will not feel that they are being watched or something. You can also opt to have a CGI Script custom-designed for your website if you have extra cash. You can also inquire about CGI tracking scripts from your web host.

If a CGI script is passé for you, you can opt to go for PHP and ASP scripts in tracking your keywords' click-through rates. Ask your web hosting service provider if it supports the script you want. You can also inquire about server-side scripts to find out which is more compatible for your website.

 Online tracking services

If scripts are too technical for you, there are online tracking service providers you can sign up with. These providers usually let you try the free version of their tracking client so you can shop around for the best deal before upgrading to a paid version. Paid versions are generally more useful since the providers let you have automated reports detailing click through rates and other important information you can use to beef up your internet marketing campaigns.
0 commentsTerry Iwaniw - S NJ REALTOR • December 28 2007 09:57PM

Get More People To Notice Your Advertising

HEADLINES are one of your biggest weapons for getting MORE PEOPLE TO NOTICE YOUR ADVERTISING, for whatever medium you choose to use. Now you are using headlines, aren't you? And NOT your logo -
that's not a headline. Only one person cares about your logo, AND THAT'S YOU.

Whereas a headline is something every single one of your prospects will be glued to like a kid on a cartoon. Whatever you're writing, you've GOTTA HAVE A HEADLINE. But here's the deal, there a are good headlines and bad headlines, so I'm going to give you an absolute killer template headline that you should use THIS WEEK in your business.

Remember, a headline's goal is to do one thing only -

STOP YOUR PROSPECT IN THEIR TRACKS AND LOCK THEM ONTO YOUR AD, and some people say you only have 1.5 seconds to catch their attention, so you need to make it good!

Master copywriter David Ogilvy has said... "On average, five times as many people read the headline as read the body copy. When you have written your headline, you have spent 80 cents out of your dollar." So if you're using your own logo at the top of your ad, you could improve your response IMMEDIATELY, just by sticking ANY kind of headline up instead! So would you like to know one of the great secrets for writing headlines that literally slap your prospect in the face and demand they open their wallet?

Good, well here it is for you... MODEL HEADLINES THAT ALREADY WORK!!

Don't try and reinvent the wheel, the best way to come up with fantastic headlines is to take what already works, and adapt it to your own business. Isn't that simple?

Here's an absolute knock-'em-dead blockbuster template for a
headline:

IMPORTANT NEWS FOR HOMEOWNERS:
Don't pay another phone bill until you read this...

IMPORTANT NEWS FOR WOMEN:
Don't buy any makeup products until you read this...

IMPORTANT NEWS FOR BUSINESS OWNERS:
Don't run another ad until you read this...

Do you see how powerful this is? And I've shown you 3 different versions, so all you have to do is apply it to your own business and you could easily double or even triple your responses!  How about these headlines:

Do You Make These Mistakes With Your Money?
Do You Make These Mistakes Playing Golf?

I could go on, but I'm sure you get the idea. This particular headline works on your curiosity. It gets the reader to say to themself, "maybe I'd better read on and find out."

 

0 commentsTerry Iwaniw - S NJ REALTOR • December 27 2007 10:00PM

Getting More Sales from the Internet

Some estimates say that more than 60% of people looking to buy or sell real estate go to the internet first when they begin their search for real estate information. And as agents and brokers become more net-savvy, and more and more people get online, that number will only increase.

That means that the hottest sources of real estate prospects, leads, listings and sales is online. Which obviously means that if you are a Real Estate Agent, or if you provide a real estate service, you need an online presence.

Establishing an online presence

Most people have no idea how to create an online presence. But the truth is, it is fairly straightforward, once you understand how the internet works.

It's all about getting traffic to your website, and then having a website attractive enough to attract the attention, and get the responses of your website visitors.

How do you get traffic?

There are two well established ways to get traffic to your website. Both of them involve the major search engines like Google, Yahoo and MSN.

The first method is to run advertisements that target the buyers or sellers you want to reach. There is no better way to advertise than by using paid search advertising -- what is called "pay-per-click" advertising.

The second method is to promote your website so it comes up high in searches. Most people begin their search for real estate information by typing a search term into their favorite search engine. The list of possible sources that the search engine gives you is called "natural" or "free" results. You place high in these searches by impressing the search engines with the importance of your site. When you come up in the first few spots in "free" searches, you are virtually guaranteed to get "free" traffic -- because people will click on your link and be taken to your site.

Pay-Per-Click Advertising

Most real estate agents are used to traditional advertising methods such as running ads in real estate publications. And they think it is necessary to pay between $250-$750 for one insertion that may or may not bring them any responses. That is the major problem with traditional advertising -- it is expensive, and it gives you no guarantee of response.

But pay-per-click advertising is different. On the one hand it can be targeted to reach the precise target segment you want to reach -- for instance, people looking for real estate in your town or city.

On the other hand, you only pay for "clicks" when someone who is potentially interested in your service clicks on your ad and visits your website. This is the revolutionary advertising concept that has made Google the hottest and most dominant player on the web.

But pay-per-click advertising can also be expensive and difficult to manage. Fortunately there are ways of establishing an online presence without paying hundreds or even thousands of dollars a month.

Search engine marketing - Search Engine Optimization

As mentioned earlier, the other way to generate online traffic is to promote your site so it comes up high in organic or free searches. This is called "search engine marketing" and involves two important components.

First, it involves creating a website that makes it very clear who your prospective visitors might be. This process is called "search engine optimization". You "optimize" your site to include as many references as possible to the subject matter you want to focus on, and the target market you want to reach.

For instance, if you are trying to reach potential home buyers in Camden County, New Jersey, then you must make it clear that your site is about "real estate in Camden County." You must build as much content into your site about Camden County as you can.

Since most online business people do not know the "tricks of the trade" when it comes to search engine optimization (SEO), they hire an expert who does. Unfortunately there are no guarantees when it comes to search engine optimization. Even with sites that have been highly optimized there is no guarantee that the search engines will reward you with a high ranking. Nevertheless, it is an important exercise to go through, and is one of the foundations on which to build your search engine marketing.

Search engine marketing - Linking

The other component of search engine marketing is to get lots of "inbound links" pointing to your site from other sites. An inbound link is a link on someone else's site that makes a reference to yours.

Links give you two important sources of traffic. First, visitors to the sites where your links are found may actually click on those links and visit your site. This is especially the case if your links are on high traffic pages that are highly relevant to your service.

Second, inbound links impress the search engines. When the search engines find lots of links to your site in various places around the web, they interpret this as an indicator of the importance of your website. And that in turn results in the search engines rewarding you with higher rankings in free or organic searches.

Inevitably that results in traffic. And if your website is written to get results, traffic should convert to sales.

If all of this sounds a bit overwhelming, it is best not to simply throw up your hands in despair and concede all of those potential online customers to your net savvy colleagues. The fact is there are very inexpensive ways to cash in on all that online gold. You just have to keep looking until you find the right people to work with.
3 commentsTerry Iwaniw - S NJ REALTOR • December 25 2007 12:05AM

Tips On Advertising

As a business owner I am sure you are always looking for new ways to get the word out about your business. You are probably also looking to do it in such a way where you can increase sales, yet decrease the cost of advertising. You are not alone.

Every business owner, us included, are always looking for new and creative ways to get what they are offering in front of or in the ears of potential clients/customers. It goes without saying that the less you spend on advertising and at the same time you increase sales, your revenues will also increase.

Common sense right? Absolutely! So how can we accomplish this? The answer is simple, homework, homework, homework. Now you are probably sitting there wondering what the heck am I talking about. Homework? What does that mean? Well let me tell you.

When I say homework, what I mean is you need to do your homework. In other words spend as much time before you put your advertising campaign together, preparing for who exactly you are advertising for.

You are probably still scratching your head, not sure what I am talking about and that is fine. By the time this posting is done, a light bulb will go off in your head, and you will say "ah ha", I know what he means.

We have all gone through school at some point in our lives, and if you haven`t, wow you must be incredibly intelligent to navigate the Internet without any prior instruction. What I am trying to say is, in school the teacher loaded you up on homework. They weren`t doing it to punish you or your classmates, what they were doing is preparing you.

Lets take for instance, math. You are learning your addition and subtraction, multiplication and division. Did your teacher throw you directly into a test after a day of teaching it? No of course not. That would be ludicrous and ridiculous. What they did was give you homework each night on the topic with some problems to figure out on your own. Each night you received new problems, until finally you were so good at it, you took a test and of course passed.

The same concept can be used in advertising. In order to cut your advertising costs, you need to do your homework. So many times I have seen businesses run newspaper ads just because people buy newspapers. However, do the customers you are trying to reach, read the section of the newspaper you just put your ad in? This is where your homework comes in.

A friend of mine runs a business where he does nothing but repair rental properties. Would it make any sense for him to pass out flyers in a neighborhood of million dollar homes? Maybe, since many millionaires own rentals, however its not practical. He needed to go to where the rentals are and do his homework. He researched properties that he knew were rentals, obtained the owner information and then sent them a postcard, flyer etc., letting them know about his business. In other words he did his homework.

As you can see 100% of his advertising is getting in front of people he knew could be customers. He wasn`t blindly shooting in the dark, so to speak. You need to do the same. Find out who is perfect for the services you offer and then do the necessary homework so that every penny on advertising you spend, gets in front of potential customers.

Remember it is not about getting in front of the most people. It is about getting in front of the most people that are right for your business to maximize your advertising dollars.
6 commentsTerry Iwaniw - S NJ REALTOR • December 24 2007 11:37PM

Is Buying Pre-foreclosure A Good Idea For First Time Homebuyers?

Professional real estate investors know that buying foreclosure real estate is difficult, frustrating and at best a complete waste of time. That is, it can be all of those things to an unsavvy new investor straight out of a "Make Big Money In Foreclosure Real Estate" seminar. But for the experienced investor, foreclosure real estate really can be a satisfying source of good income - and a rare opportunity for first time home buyers.

The Right Type Of Person

Most home buyers searching for a personal residence do not even look at foreclosure property because of the imagined problems. But they should. It is puzzling in a way. There are many people starting out with little money or credit who buy a "fixer" and spend considerable time and money fixing it up while they are living in it. They then turn around and sell it to move up to a more expensive fixer and start the process all over again.

If this describes you, you should really think about a foreclosure property. But you need to equip yourself with a little knowledge first so you don't suffer the pain and disappointment common to so many attempting this route. Let's start with the basics.

Foreclosure or Pre-foreclosure

The term "foreclosure" makes most people think of a scene in which a home is auctioned off on the court house steps and you bid against other interested investors. You do not want to do this. It is virtually impossible to gain the edge on the experienced bidders who have done this many times. What you need is a "pre-foreclosure" property.

A pre-foreclosure home is one on which the bank has begun foreclosure because the owner has missed several mortgage payments but it has not yet reached the auction sale stage. A key to successful pre-foreclosure investing is to gain the trust of the homeowner so that you can gather the information you need and move quickly to put together a deal that everyone will agree to.

Pre-foreclosure Properties Can Be Profitable

Done right, purchasing a pre-foreclosure property can be a profitable experience even for a first time home buyer. You have sufficient time to research them because you can purchase them up until the day of the foreclosure auction. When you purchase a pre-foreclosure, you help save the home owner's credit by avoiding a foreclosure auction. You should remember this. You are not taking advantage of the homeowner in distress. You are helping him/her to avoid a current and many future credit related problems. Pre-foreclosure investing makes everyone involved a winner.

Lenders typically don't bother explaining borrowers' rights and options. They just want to collect their money. You have the opportunity to help homeowners avoid foreclosure, salvage their credit rating, and get on with their lives. And you can gain a home of your own - or resell it and make money by doing it.

You can end up saving tens of thousands of dollars on the purchase of your home by buying a pre-foreclosure property. It can be your opportunity to buy low and sell high, quickly maximizing your equity.

Repairs May Be Needed

It is not all gravy. Many of the best opportunities you uncover will need a lot of tender loving care to get them back in shape. They may need carpeting, up-dated or repaired appliances, electrical or plumbing. Roofs may need to be replaced. Most of them will probably need painting and some landscaping work. If a person is short of money and facing foreclosure, these things simply do not get any attention.

Summary

Buying a pre-foreclosure property can benefit both yourself and the current home owner. It is not always easy but it can be very rewarding. Unless you are an experienced handyman yourself, you need to get an estimate from qualified professionals on what it would take to bring the home up to standard. Don't rush or get discouraged. Buying a pre-foreclosure home gives you plenty of time to make unrushed decisions.

0 commentsTerry Iwaniw - S NJ REALTOR • December 24 2007 11:22PM