Want to increase the chances that you get a good deal on a house when you buy one?
Of course, you do. Who doesnât?
But most people go about it all wrong. They think that you have to find a desperate seller or some overlooked, underpriced home thatâs a steal.
Sure, those are ways to get a good deal, but there are always people waiting in the wings wanting to scoop those up if and when they appear. But most arenât ready and able to do anything about it.
Here are 6 tips to help you be able and ready to get those deals when you find one.
1. Be flexible with your closing date.
This sounds so easy and simple. And it is. Many buyers simply cannot be flexible with their closing date. They need to time the closing of the sale of their home, or the end of their lease, for instance.
People selling their home are no different. This is a super common issue. And finding a buyer who can be entirely flexible is a huge benefit to a homeowner. Such a huge benefit that it can help you negotiate a better price and terms than someone who canât be flexible.
2. Have cash.
Youâve probably heard the term âcash is kingâ. And itâs true, to a degree. A homeowner isnât necessarily going to give you a steal just because you have cashâŠbut they might if theyâre in a rush, or theyâve been burned by a previous buyer who was turned down for a mortgage.
The weight of cash will vary from seller to seller. And, obviously, having enough cash to buy a home outright isnât something a lot of people have. But, if you have the cash, it can certainly help.
3. Be pre-approved for a mortgage.
This is also pretty much a basic in the world of real estate. Talk to any real estate agent and theyâll tell you this is a must-have.
However, youâd be surprised at how many buyers donât have a solid pre-approval in hand when they find a great deal. So, have that figured out and ready so that when a good deal shows up, youâre ready to roll.
4. Be ready to jump.
Oddly, a lot of buyers looking for a good deal feel like it makes sense to wait a bit once they find a good deal. Let the owner stew a little bit, and come begging for an offer.
That can workâŠ
It can also cost you a great deal. All it takes is someone else coming across the deal and scooping it up before you even make an offer. In the least, it can create a bidding war between you and someone elseâŠand then it might not be such a deal anymore.
Another thing many deal-seekers do is..wait to see if a better deal comes around. Deals donât necessarily come around every dayâŠor weekâŠor month. Maybe not even that many in a year.
So, donât wait. Go after a deal when you see it.
5. Go after houses that have been on the market for a long time.
So many buyers ignore houses that have been sitting on the market for a long time. They often think something must be wrong with the house, or feel like the owner isnât going to listen to lower offersâŠso why waste their time.
But, those are great opportunities.
Those sellers are most likely desperate for anyone to simply come see the house, let alone make an offer. Sure, they arenât necessarily going to love you coming in with a low offer. But, since most buyers are ignoring the house, and itâs been on for quite some time, the chances of you having any competition are slim. So, you can take more time negotiating the best deal possible.
6. "Donât" have multiple real estate agents looking for you.
So many buyers who are specifically looking for a great deal feel like it makes sense to have as many agents looking out for deals for them as possible.
This backfires. All it leads to is a bunch of agents whoâre half-heartedly looking for you. Agents will figure out if you have other agents looking for you as well, and will likely not pay you the attention you need if youâre going to get the best deal.
Be loyal to one, rather than having a bunch of half-looking, half-caring agents. Be all in.
Your loyalty and commitment to the agent and the process of finding and buying a great deal will pay off.
The best way to find and get yourself a great real estate deal is to be ready. So many people just go around saying, âGot any hot deals?â to every real estate agent they come across.
However, they arenât actually able and ready when and if the time comes. Or they think that itâs about driving a hard bargain when negotiating, or playing some sort of game with the seller.
Nope!! The best way to get a deal is to be a solid, ready, and able buyer, who can give sellers something beyond a higher price.
Your Realtor friend or family member,
~Tanjy Thomas ~
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