Our Buyer's Guide: The Essential Guide On How To Buy Like A Pro
Leverage the Power of the Internet
By using a combination of MLS searches, 3rd party property search sites, classified ad sites like Craigslist, and investing in Google and Facebook ads, we can help you hunt for real estate bargains from day one.
These property searches will also help you get your finances in order, and get a better idea of the size of the mortgage you’ll need to live in the neighborhood or area of your choice.
We can also run email marketing campaigns aimed directly at our network of contacts in order to help you find properties not publicly listed. These could reveal amazing deals impossible to find otherwise.
Find The Right Lender and Mortgage For You
Working with the right lender can make the difference in a smooth transaction and can even give you a leg up in having your offer accepted by a seller.
We have multiple lenders that we work with and will provide their contact information to you so that you can start to search for the best financial options for you!
Though interest rates from top lenders tend to be pretty similar, even a tenth of a percent in a fixed-rate loan makes a huge difference in the long run.
The right lender will also see if you qualify for a number of government-sponsored programs geared toward first-time buyers.
As always, our AREA real estate professionals can help you find the right lender to help you find the right loan.
Make a well constructed offer
The phrase “You snooze, you lose” is especially relevant for real estate buyers.
That’s because the buyer that makes the highest offer doesn't always get the home. We look at all aspects of each situation and structure offers to meet the needs of both parties.
If the seller is in a rush to sell, and the first offer is a good one, it’s quite possible the seller may simply accept the offer on the spot. Or, if the market is hot and the home is popular, they might gather multiple offers and pick the one that best suits their overall needs.
To make sure that your offer is competitive, you MUST get your finances in order. Before you start looking for homes, make sure to have your pre-approval letter from your chosen lender.
Once you’re pre-approved, don’t delay in making offers. Work with our team to establish the parameters for a good deal. And as soon as a deal that meets those requirements hits the market, let's make a plan.
Also, as you wait for a great deal to hit the market, we can keep an eye out for properties that have been stuck on the market for a long time. The owners of these homes could be more willing to sell at a discount because they’ve been stuck paying a mortgage for the entire time it’s been listed.
There are many strategies that we employ when working with buyers but the one thing we keep at the front of our mind is YOUR goals. We will work to structure offers in your best interest that will give you the best opportunity to buy the home of your dreams.
Shop during the slow season
Even if you don’t live in a place with a harsh winter, most home buying and selling activities take place during late spring and summer.
As a result of that seasonal increase of activity, home prices go up.
So if you’re willing to brave the cold and wait until winter, you may be able to capitalize on some amazing deals. People who are willing to list their homes in the middle of the holidays are typically very motivated to sell. This, of course, could lead to amazing deals for you.
On the other hand, there’s a downside to shopping for homes during winter: you’ll have fewer homes to choose from. And when making offers, you’ll have fewer recently sold comparable properties to help you calibrate your offers.
Look into bank-foreclosed properties
Banks are not in the business of homeownership. They are in the lending business. Homeownership comes with a lot of maintenance requirements, expenses, and taxes.
Which is why any time a bank ends up taking possession of a home by means of a foreclosure, the bank would want to sell it as quickly as possible. This usually translates into banks selling homes at a substantial discount.
On the other hand, not every foreclosed property is an amazing deal.
The foreclosure process is a lengthy one which could drag on for years. Many foreclosed homes are in serious disrepair. If you’re not careful, your bank-foreclosed property “deal” could turn into a nightmare scenario.
It’s extremely important to work with a professional real estate team that has plenty of knowledge and experience dealing with foreclosed properties..
Drive for dollars
A tactic commonly used by real estate investors is driving around neighborhoods they’re interested in to find good deals.
Yes... It really is that simple.
These investors would get in a car, drive around the area they are interested in, and look for homes that give signs of a potentially motivated seller. This includes homes with a “for sale by owner” sign, and homes in disrepair that are showing signs of neglect.
Let us know which neighborhoods you are interested in and we will do some research into potential sellers. The answer is always "no" unless you ask the question!
Look into new and pre-construction developments
If you’re not willing to look into fixer-uppers, another possibility is new and preconstruction developments.
Buying in the pre-construction phase of development will usually insure the lowest price point in the subdivision and built-in equity at closing.
Typically there is negotiation room during pre-construction in terms of price and deposit structure to upgrades and closing costs. Make sure to have a realtor who is experienced in the industry and will be able to negotiate for you. The best part is, buyers do not pay anything by utilizing the experience and expertise of their Realtor!
If you’re interested building, we can help you find the best pre-construction deals in the area.
Hire an Amazing Real Estate Agent!
As a home buyer, you have absolutely NO reason why you shouldn’t hire the best possible real estate agent in your area.
We bring a wealth of expertise, street smarts and knowledge to find you the right home at the right price. We can use those skills to help negotiate a far better price than you could get on your own.
Our services offer a buffer of protection. Thanks to our experience and expertise, we can see toxic deals a mile away and can warn you against them. We can also help you avoid common legal pitfalls in real estate which you could stumble into on your own.
In Conclusion
Don’t believe the naysayers. It’s not just rich real estate investors and brokers that find the best real estate deals.
Though it may take effort and patience, if you work together with a knowledgeable and experienced real estate agent, and know where to look, you’ll also be able to find some of the best possible deals in the area.