TIPS TO SHOPPING WISELY:

• Shop with a list.  This will keep you from being drawn to items that you don’t need just because they are “on sale”.
• Be sure to use flyers from stores as well as the internet to shop around.  Many times when a certain store in your area has a product on sale, you will find that other stores in your area will reduce the price on that item even more.
• Know the prices of the items that you regularly buy.  This can help you spot what is truly a good deal.
• Consider buying items that you use a lot in bulk.  Some of these items can actually be purchased online and shipped to you for less.
• Don’t impulse shop.  If you have a specific need, then look around before making a purchase, don’t fall into the trap of I need it right now.  This can allow you to fall victim to price gouging.
• Don’t be afraid to wait.  Many times we just buy what we need because it is there, but it is truly best to buy everything when it is at its lowest possible price.
• Ask around.  Many times when you are looking for a good deal on something, the people you know can be your biggest helpers.  So don’t be afraid to ask, they may just know a friend of a friend or a bargain basement store where you can get a better deal.

It is important to use all the resources available to get the best prices these days.  So don’t just buy the ads that the stores are running.  Do the comparison yourself and you will find this method can help you really save big.

1. When buying a foreclosed property, you don’t get a lot of the information about the information about the property that you might receive during a traditional home purchase, and this can put you at a disadvantage, if you only have enough capital to take over the home, but don’t have enough capital to invest in repairing the property. Many foreclosed properties require major work and although you may be one of the lucky ones who gets a property that is in excellent condition this should not be counted on.

2.  If you are considering buying a foreclosed home, make sure that you can afford to pay the taxes on the property.  Just because you get a good deal on the property itself, does not mean that you can afford to hang on to it.

3.  Make sure that you are not spending money that you will need back right away.  It is important to realize that with this uncertain market, that although you can definitely make a profit on a foreclosure it may be a little while before you can turn the best profit.  This is why you need to think of buying a foreclosure as a long term investment, unlike real estate investments of the past, when you could quickly turn over homes for profit.

The important thing to remember is that foreclosures are an excellent opportunity to make a profit, but make sure that you can afford to buy one before you do.