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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Shopping For A Home In A Buyer's Market
Colby Sambrotto, COO of ForSaleByOwner.com, a no-commission real estate marketplace, offers these rules for shopping for a new home in a buyer's market:
(my comments included in blue/bold)
• Don't limit yourself. While you should look for homes that are listed with real estate agents, don't discount properties that are for sale by owner. They make up about 25% of the market, and you may be able to find a good deal with one of them thanks to a lack of agent commission and fees. If you go this route, take dual signed instructions directly to the title/escrow company.
• Hold onto a property for a while. Now is not the time to buy a condo or home to flip quickly for a profit. Make sure you buy a property at a good value -- you're more likely to have a good sale in the future. - Always buy a property at a good value. It's the key to making money. And, I have never advocated for flipping a property.
• Take your time. There's no need to rush in this market, so don't worry about putting in the highest bid or writing a check the minute you like a place. Research the neighborhood to find out if the asking price is consistent with other homes in the area. - But, don't think that you can't find a screaming deal early in the process. You'll know it if you've done your homework.
• Ask for incentives. To sell their homes, owners may be willing to throw in extras such as appliances, work sheds, drapes or even patio furniture for the asking price. Try negotiating some extras. - Always aks for more even in a good market. Just be sure to "tie-up" the property in a seller's market if you're a buyer.
• Shop around for a mortgage. To get the best deal available, ask for as many quotes as you can. If you get a pre-approved mortgage, you'll have even more leverage at the negotiation table. - Today, you simply must get pre-approved prior to submitting an offer. Two quotes is quite enough: one from a broker and one from a direct lender to not waste time.
Market Report: Buyers Out In Full Force in NYC from UrbanDigs
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