So you are considering buying a home and would like to get
the best deal possible. It’s not that unique
of a situation but, many buyers fail to get the best possible deal for a number
of reasons. Below are eight of the most
important considerations for a bargain hunter.
- Act Quickly - Prices in most markets are going up and interest rates are still very low. Don’t miss this opportunity.
- Cash – If you can afford it, sellers always prefer cash offers. Especially with today’s strict lending guidelines, a cash offer is more likely to close and can close in shorter period of time.
- Savings and Credit Score – Most buyers require a loan to purchase real estate and the terms of your loan can have a huge affect on how much you pay for the property. The ability to put 20% down and having great credit can significantly improve the terms of your loan. Get your lender involved in the process as early as possible, so they can tell you if there is anything you need to do to improve your credit score to get a better interest rate.
- Be Flexible – Your dream home and the best deal in town are usually not the same property. If you truly want the best deal you may have to look for more motivated sellers rather than your favorite house in town.
- Consider Distressed Properties – Short sales and bank owned properties can offer some of the best discounts available. These properties typically take longer to close than conventional transactions (sometimes 6 months or more) and may need some work before you move in. However, patience is a virtue in this situation and even with some costs to repair, there are some great deals to be had on distressed properties.
- Clean Offers – You want to avoid making too many requests of the seller. You should always make sure your offer contingent upon an inspection, survey and appraisal but, try to limit it to that. If your offer is going to be contingent upon the sale of your current home and your current home is not under contract, you are not in a very good position to negotiate.
- Be Prepared – More and more we are seeing homes receive multiple offers. The only way to avoid this competition as a buyer is to get the property under contract before anyone else makes an offer. Once you find the right property for you, do not wait several days to make an offer. These extra days could cost you dearly if another offer comes in.
- Use a Good Realtor – Your Realtor is going to be negotiating on your behalf. If they are not a strong negotiator you probably won’t get the best deal. Ask your Realtor about their experience negotiating and if they are a Certified Negotiations Expert (CNE).
As always I can be reached anytime for a free buyer
consultation at the information below.
All the best,
Tyler MacGuire e-PRO®, SFR, CNE
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
