Buyers have the upper hand in a down market, but this doesn't mean they will make money on the properties they buy.
Here are some important tips for you to consider
1. Do Your Homework. Buyers should check the internet and contact a local real estate agent or Realtor to get familiar with a particular area to get insights on pricing. Click here to receive a FREE up to date market activity for your area
2. Get your Documents in order. To make sure that when you find the deal of a life time you have your mortgage pre-approval, an attorney to handle your escrow and contract and an engineer or home inspector lined up.
3. Look for motivated sellers. Motivated sellers will be willing to negotiate. Look for sellers who have had their house on the market for several months and vacant homes too.
4. Avoid a bidding war. The last thing you want to do is be involved in a bidding war in a down market. The best way to protect yourself from paying more then you have intended is to set a bottom line or limit price for yourself and stick to it.
5. Don't be afraid to walk away. If you are not getting the deal that you and your Realtor feel you should get then walk away and try to buy the next home on your list. However, be realistic not stubborn. Click To get familiar with the homes that are available in the area you are looking.
6. Hire a Realtor. Always have a Realtor work for you to represent you and your best interests.
Now that you have learned the steps needed to take before buying a home, go ahead and get started.
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