I hear this all the time....."I don't want to deal, I want to steal"! Don't get me wrong, I want the best price for everything I purchase too. But when it comes to purchasing a home, there are some things you can do to insure you get the best deal without all the hassle. Most likely the home you make an offer on will be distressed, meaning bank owned or short sale. These are two different kinds of situations but the goal is the same, get this property sold in the least amount of time and for the most the market will allow.
First, make sure you work with a Realtor. Realtors are bound by a code of ethics and will fight to get you the best deal possible. Not all agents are Realtors so look for the "R".
Second, be realistic! Your Realtor® should do the homework for you but make sure the price and condition of the home you like is in line with the sold comps in the neighborhood. The market is over 50% bank owned or short sale properties currently. In some areas more and some less, but overall these are deeply discounted prices to begin with.
Third, listen to your Realtor and make an offer that will get noticed. Again, I want the best price possible too but making an offer of $50k on a $150k house is not smart! It's a huge waste of your time and will most likely not even draw a counteroffer. Working with asset managers on a daily basis I can tell you their thought process is this.....will this offer get this file off my desk with minimal effort? If you submit an offer $100k less than list the answer to that question is no, it will not get that file off their desk. It will create more work for them by having to draft many counteroffers and probably never work out. That is if they even answer it. 99% of the time those offers are met with a counteroffer of list price or not even answered.
Lastly, make the cleanest offer possible. Don't clutter it up with requests for appliances and new carpet and paint. If you're looking at a home missing these items or one that needs lots of work and you don't have the capital, move on! There are plenty of homes on the market that are move-in ready.
If you want to take on the task of renovating a home there are options for renovation financing. 203k is the most popular now and can be used to make repairs and/or updates to $35k. Just be prepared for an extended period to close as these loans are very complex and take time to put together.
There are many other tips I can share with you to make your home buying experience less stressful and successful. If you want to learn more, email at steverider1@gmail.com or call my cell 404 663 7063.
www.SteveSellsGwinnett.com Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking to purchase or sell a home in this area please contact me at 404 663 7063 or steverider1@gmail.com.
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