1. Get pre approved and know your price range – The good deals go FAST!! You need to be ready to go before the property hits the market.
2. Find an agent you trust – Discuss buyer agency with your agent. Buyer agency will ensure the agent is working in your best interest.
3. Know what you are looking for – Location, bedroom, bath, garage size, yard side, age of home. Are you looking for a fixer upper?
4. Set up a listing cart or property alerts – you will know the day the property hits the market. You can do this at my website (aturriff.resource1home.com).
5. Create a list of homes; find your top 5-6 properties you want to take a look at. Continue to narrow down the properties as you view them. Many buyers say they purchased the home they live in now because it just felt like “home†when they walked in. With many photos and video tours online, try not to rule out a property because you do not like the paint colors. Keep an open mind, paint is cheap!
6. Drive neighborhoods that interested you, look for: foreclosures, for sale by owners, or any real estate signs.
a) Foreclosures = Uncut lawns and snow on driveways and sidewalks. Most foreclosures will be vacant for a period of time before they are listed. Some pre-foreclosures may have a “notice of foreclosure†sticker on the door. Contact your agent and have them research the property.
b) For Sale By Owner (FSBO) – Many buyers are unaware that your realtor can help you buy a FSBO property. If you have entered into a Buyer agency agreement your agent is allowed to show and help negotiate FSBO contracts. In most cases the agents’ commission will be negotiated into the contract.
c) Keep an eye out for signs. A property may have been just listed or may just be outside your price range. In most cases you can negotiate a few thousand off the asking price if the home has been on the market for any length of time. If you like the house and neighborhood, it is worth a shot!
7. Consider Short Sales.
Short sales are a common part of our market. The term “short sale†refers to the sellers’ lender being short on the final mortgage payoff. In today’s market most sellers and sellers’ agent have already had discussions with the lender and negotiations have started. The bank will not finalize negotiations until an offer is placed on the property. The banks final approval may take anywhere from 1-6 months, (sometimes it will not be approved at all). The key to a short sale is patience, be willing to wait. In most cases you are getting a good deal so it is worth the wait. If the property is not on the TOP of your list, move on to whichever property is.
8. Write an offer and close the deal! Remember one phrase; a home is only worth what the buyer is willing to pay. Keep this in mind. In negotiating, the buyer has some power. You will know when you step into a home that is a deal, it will show better and be more appealing than the other homes you have viewed. If you are ready and the timing is right you should have no problem seeing the uncommon deal.
Adam Turriff
Resource ONE Realty, LLC
Realtor, ABR
Call or Txt 920-217-5498
Email: [email protected]
Website: http://aturriff.resource1homes.com/
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