The Guide to Buying Fixer Upper and Handy Man Special. If you curious about Foreclosure and buying a Fixer upper this is the Guide for you..

1. | Foreclosure DataBank | [Volume 1, Issue 2]
The Guide to
Buying Fixer-
Upper and
Handyman Special
Foreclosures
Contents
Alright, you’re probably thinking, “Why would you Introduction……………………… 1
suggest we buy a home thats a fixer-upper? I don’t
want to live in a crumbly shack that’s falling apart Foreclosure Listings...............2
and will cost a fortune to fix!” The truth is, most
foreclosures for sale advertised as handyman Inspecting the Home…………..3
specials which means they are only in need of
minor repairs. Whether you repair it yourself or hire Contact Info………………………. 4
a professional, you may still spend well below
market value.
Handyman specials, also referred to as fixer-uppers,
a great way to get an even bigger price break on
already inexpensive real estate foreclosures.
Handyman specials or fixer-uppers are especially
good for first time home buyers with tight budgets.
This guide will show you what to look for when
buying fixer-upper home foreclosures.

2. 2
Foreclosure Listings
First off, how do you know the difference between a
handyman special/ fixer-uppers and foreclosure properties
that aren’t in need of repairs? You should always contact the
seller named on listings of foreclosures, to make sure the
listing is still current. While speaking with the seller, you can
ask about any any repairs needed on the property.
Keep in mind that even if the seller is completely up front about his or her knowledge of
needed repairs, this knowledge may be limited. The homeowner may not have disclosed
certain problems with the home. The next section will go into other ways you can assess the
property. For now, let’s list the types of sales of foreclosed houses where fixer-uppers are
common:
 Government Foreclosures (GOV): Listings of foreclosures homes through The
Department of Housing and Urban Development (HUD) will often label
properties that are fixer-uppers. Finding foreclosed homes through GOV sources
such as HUD can provide relatively minimal effort on your part as the potential
buyer.
 Real Estate Owned Foreclosures (REO): REOs are usually homes that have
already been through the foreclosure auction process that failed to sell and fell
into the lender’s ownership. Like HUD and other government agencies, lenders
are not in the business of selling real estate and want to sell off fixer-upper homes
as soon as possible.

3. 3
Inspecting the Home
Let’s say you found a foreclosure you think could be
repaired at a reasonable expense. You’ve asked the
lender and homeowner about needed repairs. You got
permission to walk through the property to record any
additional problems. Think you have all the information
you need? Well, without a professional inspection you
may be caught off guard by expensive repairs in the end:
 Explore the neighborhood: The
neighborhood surrounding a foreclosure
should be taken into consideration.
Remember, it’s better to buy the worst home
in a good neighborhood than the best home
in a bad neighborhood. That’s especially true
if you are investing in a foreclosure to flip.
Check the proximity of the home to schools,
shops, business and public commodities.
 Hire professionals: Even if you’re
experienced in home buying and repair, you
may want the home professionally inspected.
An appraiser will assess the approximate
value of the property, and a contractor may
find problems that you, the seller and
homeowner missed. A title search will turn up
information you won’t be able to easily find -
any debts and liens on the property.
 Secure financing: Chances are you will
probably need a loan to afford the foreclosed
property. This is one of the best arguments
for a professional inspection. Repairs may
cost several thousand dollars beyond the cost
of the home. You’ll want an informed estimate
of the total cost of the home and repairs if you
want to spend as little of your own money as
possible.

4. 4
A lot of people are too quick to pass on a handyman
Foreclosure DataBank special/fixer-uppers thinking the amount of work they’d
need to put into it and the cost of repairs makes it not
1602 Alton Road #432
worth pursuing. They end up missing out on buying a
Miami Beach, FL 33139
1-888-596-9279 home in a good neighborhood for a fraction of what it will
ForeclosureDataBank.com@gmail.com be worth. A few minor repairs can greatly increase the
The biggest foreclosures database on
value of the property, which is especially beneficial to
the web investors.
Find us on the Web:
www.ForeclosureDataBank.com
Feel free to visit our site for more information on
handyman specials and fixer-upper homes.
http://www.foreclosuredatabank.com/fixer_uppers.htm