Getting the Best Deal on a Home
Buying a home is very often an emotional process especially if it's
going to be your primary residence. Well, buyers, fear not -- just make
sure you review these helpful tips before you make your next offer on a
house. It could give you an advantage over another buyer in the market.
There may be plenty of homes in a particular area where you are
house hunting, but that doesn't mean that they'll all be suitable for
your needs. Identifying how many homes actually could be right for you
will help to determine your negotiating power. Choices are always
critical to creating a better deal.
Finding properties that are vacant is a good opportunity to get a
deal. Very often sellers might have moved out because they purchased
another home and they don't want to now have to carry two mortgages.
The longer vacant homes sit on the market, often the more eager and
motivated the sellers become to begin negotiating with buyers.
Have you ever been shown a house and your first thought was, "This
is awful. Who would ever live here?" The home sells; the new owner
makes a few changes to it and puts it back on the market. You go see it
again and it feels completely different -- now it's charming and
pleasant. This is the diamond-in-the-rough scenario. A lot of buyers
will pass up a good buy on a home because they can't see its potential.
You may not have kids but you'll still want to look at the school
districts where you are planning to buy your home. This can be a good
bargaining chip with the seller. If the schools are really, really
great it re-affirms that there is underlying value in the property. If
the schools aren't so great then maybe it's a negotiating point.
Some houses that are considered good buys on the market are the ones
that frequently aren't easy to show. Whether it's because a tenant is
living there and won't cooperate, the seller has refused to allow a
lockbox to be put on the home or the showing hours are extremely
limited -- regardless of the reason, this is a home you should see.
Why? If you have a home for sale with minimal showings, then there are
likely very few, if any, offers. It's the perfect opportunity to bait a
seller by putting in an offer.
There are lots of reasons why sellers have to close escrow by a
certain date. They may be trying to move to get their children into
another school or they may have a job lined up somewhere else --
whatever the reason, if you can match your closing date with the
seller's you might get the best deal on the house. Make sure you know
when the seller wants to be out of the house before you put in an offer
and then do your best to meet the seller's closing date.
This method only determines the square footage of a home, but it
leaves out upgrades such as recently-remodeled kitchens or bathrooms.
It also doesn't take into account homes that have views or are located
on very busy streets. It gives you an idea of what you're paying per
square foot, but other details about the home may be the reason it is
priced higher or lower than a home in the neighborhood with similar
square footage.
If you can keep your emotions in check, practice patience and
follow the tips in this column, you'll find you're in a better position
to get the best deal on your next home.
Written by Phoebe Chongchua
Wondering What Your Home Is Worth? -- Let me show you.