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Real Estate Guides Home Buyer's Guide 4 Things to Do to Get a Good Deal on Your Next Home
Real Estate Guides Home Buyer's Guide 4 Things to Do to Get a Good Deal on Your Next Home
Last Updated on Wednesday, 24 September 2008 10:30 Written by Clancy Fort Monday, 26 November 2007 23:26
Everyone wants a good deal when they go out to buy a home. Most people don’t. So, why is that? Lots of reasons, but mainly the buyer isn’t educated in the process of buying property. So, as a buyer, what should you do and what do you need to know?
Everyone wants a good deal when they go out to buy a home. Most people don’t. So, why is that? Lots of reasons, but mainly the buyer isn’t educated in the process of buying property. So, as a buyer, what should you do and what do you need to know?
1. Get a good Realtor to help you.
- Interview the prospective Realtor
- Have the Realtor go through the purchase agreement with you and explain what makes a good offer compared to a bad offer.
- If the Realtor tells you that a good offer is based only on the purchase price, find a new one.
- If the Realtor can’t show you where in the contract, you can make you offer stronger without spending anymore money, find a new one.
- Ask if the Realtor will work to present your offer in person to the seller. This is really important. You are hiring the Realtor as your intermediary. If the Realtor is just faxing you offer over, they are not doing their job.
- Hire the Realtor. Sign an exclusive agreement with the Realtor that says when you buy a property, this Realtor will represent you in the transaction.
- If you hire the Realtor, the Realtor will work twice as hard for you because they know that you are officially a client and won’t be buying a property with anyone else.
2. Get your money in order.
- Go to a mortgage broker and get yourself locked into a loan. Have the broker give you a pre-approval letter which should have the following items…
- Your FICO score
- The loan you are approved for with the interest rate
- Your down payment
- The total value of home you can buy
3. You pick the price you want to pay for the home.
If your Realtor is going to present the offer, you can pick something very low to start. This is a fishing offer. You’re trying to see where the seller really is as far as price goes.
- IF YOUR REALTOR IS FAXING YOUR OFFER AND YOU MAKE A LOW OFFER, YOU DON’T GET TO NEGOCIATE. The odds that the seller will be insulted by your offer and not respond are very high.
- If the Realtor is presenting, the Realtor can then illicit a response (Counter) to your offer. You want this.
4. Make strong offers with a low purchase price.
- You have to prove to the seller that you can perform. If you can show these three items to the seller, you can make low price offers and likely get a deal.
- You have the money or the bank is going to give you the money.
- You can close in a short period of time.
- You are willing to do you investigation of the property in a shortened period of time and put your deposit at risk in the transaction.
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In every transaction there is usually a request for repairs given to the seller by the buyer. The work order is usually backed up by a third party inspection report. The following is a list of some possible work orders. The work orders must be completed prior to closing and the seller is responsible for having them done. Check with your local authorities for specific requirements. 
A plan is something that most people over look when going into a new home purchase and if you don’t have one it could cost you lots and lots of money. A good REALTOR® will be able to help you with your plan. The biggest issue with your plan is TIME.