SOME BARGAINS REALLY AREN’T BARGAINS

Everyone wants to get the best deal when buying a home. But sometimes, what appears to be a bargain may be more trouble than it’s worth! Will you know a bargain when you find one? If you follow these steps, you will have a much greater chance of success.

What’s the Value?

Unless you really know what the value of property is, the most important action you can take is to work with a successful REALTOR® who will be happy to search the market for you and identify those bargains out there, if there are any.

Pocket Listings

 Oftentimes, REALTORs® might have a "pocket listing" that only they know about. That’s a home that is not yet listed in the area Multiple Listing Service, but one where the owner has told the agent to bring any potential buyers over if they may have an interest.

Of course, the bargain you want may be listed with the local MLS. The REALTOR® you are working with will quickly identify the properties that may be of interest to you and schedule appointments to show them to you.

Set a Price Range

 When you tell the REALTOR® the specifics of the search you want them to conduct, don’t be too restrictive on price. Give the agent a range in which to search. The sellers may be willing to offer concessions such as a redecorating allowances or help with the closing costs.

Home Inspection

 It is imperative that you have a professional home inspector conduct a thorough home inspection to verify that the home is structurally sound and has no major defects. The inspector will check all appliances as well.

Sweat Equity

 If you are handy and don’t mind putting some sweat equity into the home, you can include in the search those homes that need some work. Of course, these homes should be in good neighborhoods, structurally sound and have modern appliances and fixtures.

Hire Contractors

If you can’t do the work yourself determine if it is worth it to hire someone to do the work for you. Anyone you hire should be licensed, insured and is authorized to do the work.

Check Classifieds

 Watch the newspaper classified ads for bargains. Sometimes, you will find a real diamond-in-the-rough. Of course, it is always smart to consult with your REALTOR®.

Seasonal Shopping

If feasible, do your home shopping at the time of year when sellers may be more flexible on price and terms. In the winter months, sellers in frigid states may be more willing to work with you because there are far fewer buyers looking at homes when snow covers the ground.

Your REALTOR® will have other ideas about how you can maximize your buying power. Use the REALTOR’s® knowledge and experience to your advantage.