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LOCATION, LOCATION, LOCATION
It's an old real estate adage that is true now
as it ever was:
Location, Location, Location.
When you're investing in and marketing real estate, location is going to be one of your key selling points and, if you don't have great location, you can be sure it will be a major strike against you.
Today's economic conditions have created an exciting time for real estate investors because it isn't just a buyers' market — it's a buyers' paradise. That means that there are lots of great properties in fabulous locations on sale for just a fraction of their values. Of course, undervalued properties can translate into big bucks for investors like you, too.
It also means that there are numerous properties out there that would be considered duds in any market. Unfortunately, people sometimes choose to buy less-than-ideal properties in less-than-desirable locations because they've gotten swept away by the sheer volume of properties available to them.
The excitement of a market like this can sometimes cause buyers to think they just can't lose, when the reality is just the opposite. Yes, the market is ripe for the picking, but that doesn't mean there aren't a few bad apples in the bunch.
This edition of "Investment Exchange" is dedicated to helping you understand exactly how location impacts real estate investment and how to be sure you're on the right side of the equation in these or any other market conditions.
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PRIME LOCATIONS AT YOUR FINGERTIPS
Brad Geisen, Founder, President and CEO of Foreclosure.com, knows that in real estate, location is everything.
Our URL, Foreclosure.com, is a perfect example — the name says it all. Location is just as important online as it is in neighborhoods. Our Web address immediately tells visitors that we know distressed property investment inside-out and backwards, before they even have a chance to look at our top-rated content.
The same should be true of the homes you're marketing.
When potential buyers drive into a neighborhood, what do they see? Hopefully, it's a safe, clean community with attractive amenities. That way, they'll have a positive impression of your property before they even see it.
How do you find these knockout properties? It's pretty simple (and convenient): Foreclosure.com's homepage.
Our interactive nationwide search map allows you to find your desired state, county and neighborhood with just a few clicks of the mouse. Once you're in, you've got access to all kinds of community information so you can know what kind of property you're looking at before making even one phone call.
Details like crime statistics, school locations, population demographics and more are all important for you to know because your eventual buyers will be interested in this information, too. Foreclosure.com helps you keep tabs on what's going on in a neighborhood so you'll know if it's an ideal location for your target buyers.
To access this information, simply choose a property from your search results and click on any of the links in the "Housing Information" section. From here you can easily access all the details previously mentioned, as well as weather stats, community details and much more. You can also click on the "County Information" links to get a feel for the county overall.
It's location information that truly can't be beat. Arm yourself with this knowledge to make the right investment decisions by signing up with Foreclosure.com today — your 7-day trial is absolutely free with no strings attached.
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Web site search tips
FIND YOUR PERFECT PROPERTIES PRONTO
When you land on Foreclosure.com's homepage, you see a big, clickable map of the United States that will take you to the distressed properties listings in whichever state you desire. Once you're there, all you have to do is mouse over the various counties to see how many listings are in each one.
However, if you want to be a little more specific, you can enter a zip code or listing ID right from our homepage. These selections are found right above the map, so you can't miss them. You can also select your preferred state from a drop down menu.
These tools were designed to help you zero in on the location you're after without a lot of hassle ... and they don't stop there.
Once you've arrived at your list of search results, you'll see a series of tabs at the top — Power Search, Sheriff Sales, Foreclosures, Bankruptcies and more (see below for the complete list). These tabs are the perfect way for you to pinpoint the exact types of listings you're interested in exploring. Simply click on them and you're on your way.
Better yet, each tab has its own unique search filters, which means that you can narrow down your list as precisely as you like. There is absolutely no searching through listings that never met your criteria in the first place, which is a necessary time-saver in this highly competitive game.
Here's a quick run-down of the search filters you can use on your search results:
- Power Search, Foreclosures and FSBOs: number of bedrooms,
bathrooms and price range
- Preforeclosures: case number, defendant name, deed type and
document category
- Sheriff Sales: auction date
- Bankruptcies: case number, debtor name and record type
- Tax Liens: minimum and maximum values, delinquency year and
year assessed
In addition, each of the above tabs allows you to sort by listing number, zip code and city. They also all come with their own set of advanced search options. Just click on "Advanced options" to refine your search even further.
At Foreclosure.com, it's all about customizing the experience to suit your investment style. Take advantage of the most powerful search options in the business to help make your distressed property investment career exactly what you want it to be.
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Hot off the press
FORECLOSURE.COM SCORES TOP MARKS
When it comes to reliable and accurate information about the real estate market, you can't beat Inman News — it's the best source for independent, unbiased information about all things real estate on the Internet.
Recently, we at Foreclosure.com learned that Inman did a review of our Web site — unbeknownst to us! Three of Inman's reporters covertly joined Foreclosure.com to grade us on ease of use, value and power.
We are proud to report that we passed with flying colors!
Each of the three components of their study achieved an average score of 86 or better. Inman reporters agreed that Foreclosure.com excels in terms of a straightforward service that gives you real bang for your buck.
One reviewer, Janet Gorman Krauss, associate broker at Keller Williams Real Estate in Philadelphia, PA, had this to say about her Foreclosure.com experience:
"As an agent [who] has used another foreclosure site for the past several years, I did have a baseline to compare with in my evaluation of Foreclosure.com. The site was easy to use and well organized. The content was exactly what it should have been, detailed and concise. I was surprised to find the telephone numbers of the attorneys, trustees and Realtors listed with the properties, which is a very nice feature."
We're very proud to have earned this glowing review, as well as the several others that appeared in the Inman report. We work very hard every day here in the Foreclosure.com offices to ensure that our information is complete, accurate and exactly what our members are looking for.
In fact, we are so committed to exceeding your expectations and showing up our competitors that we have an entire team whose sole task is to scour our millions of distressed property listings to make sure the information is comprehensive and up-to-date.
That's among several reasons the quality of Foreclosure.com service simply can't be beat. Come check out Foreclosure.com today to see what the buzz is all about!
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Our success stories
EDUCATOR OF THE YEAR COMES TO FORECLOSURE.COM
Last year, Cathy McDaniel was named "Educator of the Year" by the Georgia Real Estate Educators Association. It's yet another addition to the long list of accolades this real estate expert has earned in her more than 15 years in the business.
Cathy knows that "location, location, location" is as important today as it ever was for investors and homeowners alike. "Homeownership will now be a long-term investment," she said.
With an economy still on the decline, the housing market isn't showing any major signs of turnaround. That means that investors will need to be patient and focus on finding a decent property in a stable neighborhood to appeal to their eventual buyers.
Buyers are seeking excellent locations and they're looking to settle in for a good, long while. For buyers, the purchase has become less about the eventual return on investment and more about finding a community that suits their lifestyles. Investors must acknowledge this fact by purchasing distressed properties that will demonstrate lots of potential to buyers. In a market with so much selection, good location is truly key.
When asked what a "good location" is exactly, Cathy mentions the following five critical determinants:
- Availability of employment
- Commuting times
- Local amenities and family recreation
- Shopping and dinning
- Access to education, churches and health care
Sounds idyllic, doesn't it? Of course it does. And that's what your buyers will be looking for, so it's worth it to take the time to find a property that meets the above criteria.
Cathy's wealth of knowledge is so vast that we are proud to have her as an instructor for two of our Agent University courses: "Financing Your REO Property 245" and "Effective REO Property Listing Management 240." This is a golden opportunity to benefit from Cathy's success. You'll learn the ins and outs of managing and marketing distressed properties in today's changing economic times.
A quote from Cathy:
"Across the country, communities are experiencing a decline in home values and, in many locations, home values have gone back to 2000 pricing. Home prices will continue to decline until local incomes and home values match. Location is now based on lifestyle and not future value."
That means that, yes, there is still time to find those killer deals all across the country, but you've got to make sure you're focusing on location. Remember, a great location is just what every buyer is waiting for!
Visit Foreclosure.com today to tune into Cathy's courses and learn more about Agent University and the Certified Foreclosure Agent program.
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Real estate tips
EXPERTS ARE WAITING TO HELP YOU
Okay, you know that location is critical and you know how to search Foreclosure.com to find those dream deals.
Unfortunately, being armed with the first-step skills to get your investment underway is not always enough to quell the investment jitters. Often, people feel so overwhelmed with the whole transaction that they forego a deal that could have made them astonishing amounts of cash.
It's because investors sometimes can't figure out how to take a big investment goal and break it down into a series of small, manageable steps. Failing to do this can make distressed property investment — or anything for that matter — seem impossible.
That's where the Foreclosure.com Community Expert program steps in to help. Our Community Experts are a group of dedicated RealtorsŪ — many of whom are graduates of Agent University — who know how to get you all the way through the investment process, from searching for a property to the very last signature on the dotted line.
It's the perfect way to simplify a seemingly complex process. No more digging around for the correct paperwork, no more missing deadlines, no more questions unanswered. Community Experts get you what you need, when you need it, and can provide answers to your most difficult distressed property questions. Your Community Expert will even handle your trickiest negotiations and stickiest situations.
To find a Community Expert near you, simply visit our "Find an Agent" page and search for a RealtorŪ by name, city, state or zip code.
You'll get instant access to a list of qualified experts who can help you navigate your toughest real estate transactions. The listed experts will also know a great deal about the communities you're looking to buy in, which is critical in determining if a location is optimal.
Don't lose out on a deal just because you didn't have the right support. Find your Community Expert now!
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Linda's Learning Lane
WHY IS LOCATION SO IMPORTANT?
The three magic words in real estate, "location, location, location" are critical in every aspect of the transaction. From the buyer's point of view, location is often analyzed for quite some time before making a purchasing decision. Factors such as how close the property is in relationship to schools, work and extracurricular activities is vital.
It is interesting to watch campers in a campsite when they are selecting a place to pitch their tent. The need to pick just the right spot seems as if it is part of our human makeup. When picking a spot, most campers will try to find the flattest area with no rocks that will end up under their backs. Then you have the camper who values seclusion and wants to be as far away as possible from other campers.
I have always been partial to water. I am an avid runner, traversing different states throughout the country. However, one thing is always the same no matter where I am: If I can find water to look at it promotes a peaceful serene feeling and I feel like I am home. Others may want mountains or the energy of a large city.
The bottom line is location is a very personal decision.
Like with anything else, the more clear you are about what it is you want the better choices you will make. The real estate market is always changing. The law of cause and effect tells us that what goes up must come down and vice versa. Location is the one common denominator, however, which can be mitigated in a down market. Highly valued locations will see dips, but typically not as dramatic or when they dip it usually doesn't last forever.
Sometimes it is hard to determine if the location will be a good investment. Having the right people on your investment team is a strategic move to make the best decision possible. There are so many resources out there to tap.
Do your homework and your location decision will bring you satisfaction and profit in the long run.
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