In today's foreclosure rich real estate market is very essential that you understand the numbers and the stats of your market. Even though prices are lower than they have been in years, it is still easy for buyers to make big mistakes. Here are 5 tips to help make sure you are making a great move.
Research the area:
You have not completed your project. In now need to look at the surrounding areas such as the surrounding homes, the schools of the area, how fast the property values increase in the area, what kind of recreational activities around the area, and the overall convenience of location. Finding this information before you buy the property can save you a lot of time during the real estate buying process, and can eliminate the need to drive all over town. Contacting a professional buyer agent in the area is probably the best way to get this information.
View the properties:
When you're done, you'll probably have to go to the property. This is where you need to double check it. 100% accurate. Remember that the information on the listing is from the listing agent. Make sure you take a look in detail of the home. Think about things like water in the crawlspace, roofing, carpet, plumbing, heating, ac, and sprinklers. But you can ask either to your buyer's agent, the listing agent, or the owner themselves. You might even want to talk to the neighbors.
How much should you pay:
Once you have taken a look at all of the things that you want to pay for your favorite property. You need to consider the most recent appraisal of the property, the sold comps of the area, and the actual market value of property. So take care of the property as it does carpet, paint, and structural changes. You therefore need to consider the time frame of the foreclosure. If the foreclosure date is coming soon and you're trying to get the property on a short sale, you probably want to be more aggressive with your offer price because of the impending foreclosure date. Sometimes the banks will extend this date if they feel that the offer is viable and will close.
Offer on the property:
There is a different strategy when it is a foreclosure property. If you go too low the bank wants to flat out denied your offer. You must understand that banks do not negotiate on their bottom line, but they are looking to make as much money on the transaction as possible. Sometimes one can not afford to settle the money. $ 1000. There is no way to break the bank their criteria they either counter your offer or reject it. Your agent will be happy to help you with the transaction.
There are so many great deals out there right now. If you're looking to buy and as an investor or as a homeowner, right now is an ideal time to start the process and just do not buy last year. Take advantage of the market numbers, and get a great deal today.
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Source by Ben Janke