In today's foreclosure rich real estate market is very essential that you understand the numbers and the stats of yourmarket.
Even though prices are lower than they have been in years, it is still easy for buyers to make big mistakesthat cost them in the long run.
Here are 5 tips to help make sure that you are making a great move.
Research the area: Have to put together the detailed report of the properties that interest you, your work is not completed.
In now needto look at the surrounding areas such as the surrounding homes, the schools of the area, how fast the propertyvalues increase in the area, what type of recreational activities around the area, and the overall convenience oflocation.
Finding this information out before you view the property can save you a lot of time during the real estatebuying process, and can eliminate the need to drive all over town just a look at homes that do not interest you.
Contacting a professional buyer agent in the area is probably the best way to get this information.
View the properties: When she have a good list of properties to view you're probably going to need to schedule appointments to view ridgeproperty.
This is where you need to double check the listing information to make sure it is accurate.
Remember thatthe information on the listing is from the listing agent or from the owners and is not necessarily 100% accurate.
Make sure you take a look in detail of the home.
Think about things like water in the crawlspace, roofing, carpet,plumbing, heating, AC, and sprinklers.
But she asks many questions as you can either to your buyer's agent, thelisting agent, or the owner themselves.
You might even want to talk to the neighbors.
How much should you pay: Once you have taken a look at all the properties that matched your criteria, you need to start thinking about whatprice you willing to pay for your favorite property.
You need to consider the most recent appraisal of the property, thesold comps of the area, and the actual market value of property.
Also take into consideration any improvements thatyou will need to make after you purchase the property such as carpet, paint, and structural changes.
You also needto consider the time frame of the foreclosure.
If the foreclosure date is coming up soon and you're trying to get theproperty on a short sale, you will most likely need to be more aggressive with your offer price because of theimpending foreclosure date.
Sometimes the banks will extend this date if they feel that the offer is viable and willclose.
Offer on the property: There is a different strategy when offering the property and especially when it is a foreclosure property.
If you go toolow the bank will flat out denied your offer.
You must understand that banks will not negotiate on their bottom line,but they are looking to make as much money on the transaction as possible.
Sometimes banks will can throw offthe deal based on a difference of only $1000.
Typically one property not selling is not going to break the bank.
Theyhave rules and regulations that they stick to very very closely, and if your offer does not meet their criteria they willeither counter your offer or reject it.
With that in mind make sure you take everything into consideration before youmake your offer and have a good buyer's agent on your side to help with the negotiations.
There are so many great deals out there right now.
If you're looking to buy and as an investor or as a homeowner,right now is an ideal time to start the process and just be glad you didn't buy last year.
Take advantage of themarket numbers, and get a great deal today.