Find the right deal!
In any transaction, everyone wants to make the best deal possible, and real estate is no exception.
We will help find the right deal for you
Finding the right deal on a piece of property is the goal of every buyer. As a real estate broker, one of my favorite responsibilities is looking for a great deal for my clients. I consider it a fantastic adventure! It’s an exciting aspect of real estate that I share with other realtors at our Century 21 MVP office location. It is our passion, and we train and position ourselves to find these great deals for our clients day in and day out. One reason we are so successful at reselling clients’ homes is that we found them a great deal to start with. A wise man once said, “You make your money when you buy a property, not when you sell it.” Hmmm… think about it. So true!
So how do we find that great deal? When working with clients, I have a set of criteria I follow with them to do just that.
- Be patient. Be prepared to dig, be patient, and work hand-in-hand with your realtor. Do your homework. You first need to know what a great deal in the current market is, discuss this at length with your realtor and look at recently sold properties so that you understand a great deal when you are looking at it.
- Anticipate needs. Great deals, 90 percent of the time, will have some kind of problem you and your agent will have to “troubleshoot.” Get ready to be creative, flexible, and quick to solve these issues. If you cannot deal with problematic properties the great deals are going to be few and far between, but don’t despair. Be realistic about the amount of time it may take to find that good deal. Unfortunately, it might not happen ever.
- Get your ducks in a row. When a great deal does surface you will most likely need to move fast, get your lending lined up with a preapproval letter (it might have to be undated at the last minute, but that can be done in an hour as opposed to the number of days if you are already preapproved). If you are paying cash, go through the process of getting prepared to prove you have funds to close. Also check out the options for renovation loans. Very likely the “great deal” will be missing, appliances, flooring, a HVAC system etc. that will make it impossible to get a regular loan. However, don’t despair. Ask your realtor about creative loan options. There are some very good products that are just emerging.
- Be prepared to be unprepared. You very well might have to write an offer without all your homework complete, do it and place contingencies in the offer that give ample time to complete your inspection, research etc.. Do not insist that you have all data before you write the offer that is the purpose of contingencies. Tying up a potentially great deal is often necessary. If it is really a great deal you will have competition to purchase it.
- Look everywhere for opportunity. Where can you go to look for great deals? Everywhere – on the MLS system, on the web, driving by houses for sale, signs on properties, hearsay from the neighbors, etc. When you see a prospect, send the address to your realtor and ask them to track down what’s going on with it. Be wary, however, as there are some websites that list property for sale that isn’t and will never be. Unfortunately there are some unscrupulous websites that advertise pre-foreclosures in an attempt to lure you in order to get your contact information. They will then “sell” your information as a lead to realtors hungry for business. Most importantly, never pay to use internet sites that list houses.
- Keep an open mind. Remember, it doesn’t have to be a foreclosure or a short-sale in order to be a great deal. Always be open to the possibilities!
We want to help you find the right deal in one of our fine communities in the Great Smoky Mountains. Contact me at 865-765-6157, or email me: deborah-korlin@gmail.com.
