Can you help me understand how do I get a good deal when buying a house?”
This weekend I was cleaning house. We were finally putting the last of the Christmas decorations into the attic. When I got a call from a new home buyer. He had several questions. I could tell he was a Bargain Hunter when he asked me how to find a good deal on a house.
This is probably the second most common question buyers ask us. Right after the first most common question: How much do I need for a down payment?
“How do I get a good deal? Do you have any foreclosures or short sales?”
We get this question ALL the time.
It’s so common that agents use it as a marketing tool. They send out ads for a “Free List of Short Sales and Foreclosures” so that customers will request it and the agents can capture their contact info.
If you are an investor and able to buy houses with all cash or private financing then this could be a very valuable list. I’d be happy to send you a list of financially distressed properties.
But the average home buyer cannot compete with an investor that can pay all cash and close the sale in 10 days. So any property that is truly discounted has heavy competition from investors and property flippers.
So how does the average home buyer still walk away with a great deal on a home? I have a few tips.
- Look for houses that are owner or tenant occupied versus vacant and beautifully staged.
Maybe the owners have young kids or dogs or maybe the house is messy. If it’s hard for a buyer to get an appointment to see it, the less other buyers will look at it and there will be less competition and bidding.
- Houses that are dated. If it hasn’t been updated or remodeled in the last 20 years. We call that a ‘cosmetic fixer’ It only needs new paint and carpet or new countertops and appliances to really shine.
- Negotiate, Negotiate, Negotiate! Make sure your agent is a skilled negotiator. Ask for credits towards your loan closing costs. Ask for repairs to be done by the seller. Ask the seller to pay for a home warranty to cover any repairs you need during the first year.
Any and all of these tips will help you save money on the final price of the home you buy. If you’re willing to put in a little extra effort, you can save a lot of money.
What’s new with The Remy Fortier Team?
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