In today’s session, we’ll be discussing five tips that will allow you to maximize and get the best for your buck and get a great deal in today’s market.
Here are the 5 tips:
- Get yourself a qualified agent, guys
Stop working with your grandma, who hasn’t done a deal in the last three years. I’m serious. I’m not trying to bag on the people that are passively doing this or doing this part time, but it’s plain and simple, this is all skill, and whatever you don’t use, you lose. Negotiating on your behalf, contract writing, and finding you a deal is a skill that comes with practice and experience, so do yourself a favor and find a qualified agent.
- Repeated Price Decreases
Stop judging the book by its cover. Spread love, stop judging. Go out there and see the property, and see if you like the property, because there could be a hundred different things that could of went wrong. It could have been a buyer that was going to buy the property, their financing didn’t come through, it could be a lot of different things. You don’t know why the seller is decreasing the price, so don’t judge, look at the property, do your homework, and it could be a great opportunity for you to pick up a property, especially with properties that a seller is continuously decreasing the price on.
- Vacant Homes
Well, what happens in a vacant home is, there is usually a tenant that’s leaving or an owner that’s moving out of state, or in some cases, you have people, investors that are flipping properties. In all those three scenarios, you know the seller is very, very motivated to sell, so they want to sell and get it off their hands quickly. So, when you see a vacant home and you like the place, look at it, be interested in it, and try to make a move on it because it could be another great opportunity for you to execute on.
- Days on the market
If you’re getting listings from your agent, it usually says D-O-M. Well the acronym stands for days on market. So, if you’re seeing, well typically in the Bay Area, we see when the market’s hot, properties are moving between 15 to 20 days, they’re gone off the market. In some cases, you can see 30, 40, 45-plus days, and that can raise a red flag in a lot of our heads. Again, judging hey, what’s going on, well we really don’t know what’s going on. It could be a stubborn seller that is not accepting offers, or it’s just was put at a time where the market sort of had a little dip, like we just had a dip in the latter half of last year. So, you really don’t know what’s going on there, and it can again, be a good opportunity for you to take advantage of. Don’t allow that number to throw you off. Go see the property, do your homework again, and see if this is something that fits your criteria of buying a home.
- know your numbers
If you’re working with a great agent, that agent will bring you the data, will bring you the comps, but you yourself should educate yourself on the home that you’re going to buy. Just know what kind and how many homes in that same area have sold in the last six to seven months that are apples-to-apples, and what have they sold for. That will give you a realistic number on what offer you should put on this home, so that way you can really leverage the negotiation process.
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Thank you, once again this is Karan Singh. Until next time….