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Buying a Bank-owned Property in Wisconsin

questionkeyboard wide Buying a Bank owned Property in Wisconsin

Q: I have the money to purchase a property free and clear but need the guidance from someone I could work with and possibly even invest with down the road. I have dreams of buying and selling these places for profits after a good deal down the road. These next 2-5 years represent tremendous buying opportunity to me. – Bailey

A: Any agent can help you buy distressed property. All you need is to select “right” agent – one that you can comfortably work with. Ask around (friends, relatives. acquaintances). Also go to Realtor.com and talk to few of the agents that advertise there. Agents can also estimate for you what a “fixed” house would sell for – but they cannot estimate what it would cost to have house “fixed”. To estimate this cost, either you do it yourself or get a builder to do it for you.

You are also hinting on possible partnership. Here I cannot give you and advice on how to find a partner; but be very careful with advertising your intensions as you may attract a lot of undesirable characters who only want to get your money.

George Szkup is a Realtor®-Broker with Tucson Home Advisor in Tucson, AZ.

A: Bank owned isn’t always the best deal. Look for anything 30 percent below market. It’s best if you can do your own repairs.

John Manchester is a Realtor with Execuhome Realty in Bel Air, MD.

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