A Smarter Buyer Strategy for Buyers

FORMULA FOR SUCCESS
The formula for success in obtaining a "Best Buy" starts by picking the right Realtor for the job.
Look at it this way, it's your money. You've heard that before. But seriously, you work hard for your money and you should not buy any property with just anybody - not without putting into play, some real, basic rules right now - before you start shopping.

Here’s why: Purchase a property with hidden defects and you may find yourself with thousands of dollars in defects - all without the money to do the needed repairs. Imagine finding yourself with that kind of problem? It's sad, but many buyers have done just that.
Fact: Sellers don't like tell the truth about the condition of the property. Some downright lie about it. The property disclosures reports may not be reliable. What's worse, even some Realtors play dumb because they really don't have real working construction experience.
Fact: All properties demand maintenance. Most investors limit the amount money spent during their owner ship. You need to make sure you are not inheriting any problems.

KNOWLEDGE AND EXPERIENCE
Your Realtor should be prepared to review every aspect of the property you have interest in. For example, you deserve the right to know what price the Seller actually paid. In that way, you can estimate the potential increase in property taxes.

NEGOTIATIONS
The Realtor you choose should be prepared to present your offer(s) either in person or very detailed cover page and phone conversation. You can't expect negotiation happens on its own via Fax machine.
You need to know right up front, that your Realtoris available when you need him. He or she must provide you with real information about the property, and equally important, the real motivation of the seller.
Remember, there are usually two reasons why the Seller is selling his property. First, is the reason they tell you; second, is the real reason. Trust but verify and qualify all information. Bottom line, it's your Realtor who protects your bottom line. Your agent's job one is to help you make and save money.

IMPORTANT ITEMS TO CONSIDER
Caution: The Realtor you meet at an open house often, not always, represents the Seller. Ask the agent hosting the open house if they are the listing agent. If they are, then their allegiance is to the Seller, not you. Don't attend open houses without revealing that you are working with your Realtor - your Buyer's Agent.
The list price in today's market is the price the Seller would like to get. It's not the price the Seller may settle for. Only research plus face-to-face negotiations well help you achieve the price the Seller may accept.
What if the Seller's lender has authorized a "Short-Sale" for less than the Seller owes?
Perhaps the property has been listed for 90 days or more. You need to know the total days the property has been on market. In most instances property stays on the market because they were overpriced, to begin with.
Never buy a property without a mortgage pre-approval, signed by an officer of the Bank or Mortgage Broker.
Never, buy a property without investigating what's behind the paneling - especially in the basement (if practical). Never buy property without inspection reports.
Always consider the real value of a home Inspection and a roof-walk. It will save you money in the long run.
All contract offers you submit should reveal that you will have an attorney, just in case you may need one or all disputes shall first be submitted to mediation.
Don’t be dazzled by the new paint and furniture.
Make sure your contract is written with contingencies for bowing out, if necessary.
Once you purchase a property, the entire buying and lending process may take 30 days to Close.

This blog is listed in Local Real Estate Directory in Zillow.com


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