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Updated over 10 years ago,
No luck in Finding House as Owner Occupant
Looing for advice as future Owner Occupants, but still wanting a "deal" on a house that we can fix up and bring us profit when we sell.
It seems we started looking when the rest of the world started. There were several homes that needed cosmetics - some REO, but mostly Regular. They went off the market a few days before we decided to buy. Since, then we've been beat out *literally* by hours on a few homes. These were mostly Foreclosures. Then there's the homes that have 6-7 offers on them the first day they're for sale. We are financing, so we feel like we don't have anything to compete with on those homes knowing there's probably several cash buyers.
Like I said, we're NOT looking for a home that's necessarily move in ready. There are a few homes that we see on Redfin that are listed as "Fixer-uppers", needing "TLC" and "Great Opportunity", but looking at the comparibles in current for sales and previous sales, they just don't seem to offer much opportunity - prices seem the same for homes that don't need hardly anywork, or they'll already be more expensive than many homes in the neighborhood.
We are working with a realtor, but we're finding she doesn't specialize in what we're looking for. We've tried emailing other realtors to help us, but we've gotten maybe one call back.
Any advice as to what to look for would be appreciated. How do we know if a home has opportunity? Right now we use Zillow adn their estimated values, look at past sales and current homes for sale. We thought of using this experience to gage whether or not we could go into real estate investing, but so far it's not been very good.