If you are buying, renting, or selling foreclosures, you need a foreclosure planner. If you are buying your first foreclosure property, especially, you will need a planner to keep track of all the information you will need. Getting a foreclosure planner is very easy. Just visit your local office supply store and purchase a three-ring binder with deep pockets, a three-hole punch, paper, tab dividers, a travel calculator, a pen, and a portable tape measure.
Assemble your binder, dividing it with tabs according to a system that makes sense for you. For example, if you are just buying your first foreclosure, you might want tabs labeled “possible homes,” “to do list,” “financing,” “calendar,” “contracts and documents,” “addresses and contacts,” and so on. If you are renting or selling, you might want tabs such as “possible tenants/buyers,” “calendar,” “to do list,” “listings and property details,” “marketing and listings,” “property management,” “financial receipts,” and so on. You can simply divide your information among these tabs so that it is easily accessible when you need it.
A foreclosure planner helps you keep track of foreclosures and contacts. If you are buying a foreclosure, you need to be able to act quickly when you find a property you like. Foreclosed homes are such great bargains that they do tend to sell faster than traditional real estate. Having your leads in one planner helps you quickly see which homes you want to act on and which homes seem most promising. You can also easily keep track of contacts, such as possible investors and HUD-approved real estate agents, who might be able to help you find a foreclosure.
A foreclosure planner also helps you stay organized. There are many steps to buying any home, from arranging financing to taking open house tours to getting inspections. A planner allows you to keep all the details in one place so that you don’t forget anything important. With a planner, you can quickly access information about a home and all the information related to it, so that you don’t waste precious time hunting for an address or an inspector’s report.
A foreclosure planner is also vital because it can help you save money and get better deals on foreclosed homes. With a planner that contains all your foreclosure information, you can quickly compile and compare vital information. For example, you can see in one place the assessor’s report and the lender’s report on a property. If you notice a discrepancy, you can contact the lender immediately because everything you need is right there. By staying organized, you can also notice the little details that can help save you money. For example, you might notice that a lender is selling a similar property for less and you can use this as the basis for a negotiation. Keeping everything in one place helps you notice the links that can save you money.
A foreclosure planner can make decision-making easier. There are so many foreclosed houses for you to choose that a planner is key to making important decisions. A planner can easily allow you to compare all the details about different foreclosures, so that you can more easily hone in on the properties that seem most promising. You can also keep track of your decisions about foreclosures in writing so that you can easily recall the decisions you have already made.
In addition to all these advantages, a foreclosure planner can also make renovations and clean-up easier. As you tour foreclosed properties, you can note in your planner the dimensions and measurements of windows, doors, and floors, so that you can easily plan for renovations. You can also note the items that will need your attention and any ideas you have about making the property more attractive. This way, even after you buy the property, your foreclosure planner will be invaluable in the next, renovation, phase of your purchase.
Joseph Smith has been educating buyers on the finer points of Foreclosure Planner at
Foreclosure-Support.com for over five years.
