Special offer

How do I find the best house at the best price?

By
Industry Observer

Home buyers have some great advantages today that were not available to them a dozen or so years ago.  With the advent of the internet and almost all active home listings visible to almost all house hunters, the search for the best home at the best advertised price is a snap.  It's possible to spend a few minutes searching for and finding the best deal in town.  Of course it's possible for everyone looking for a new home to do the same thing, and they all do the same thing.

Often these homes, apparent loss leaders, will receive multiple offers and sell to the highest bidder over asking price.  Occasionally, a quick tour and a quicker decision to make an offer will land the buyer a real prize.  The point is that, in today's atmosphere of instant information, everyone can and will find the best listed property at the best listed price.

There is only one best listing, and that is true if there are ten listings or ten thousand.  Although the question was how to find the best, let's rephrase just a little and discuss how to actually get it.  The most important ingredient in a successful house hunt is adequate preparation.  Buyers have to be prepared to make a credible offer immediately upon recognizing a great opportunity.  That means that you have to be pre-qualified for an amount that is at least equal to your offer.  All assets, income, and credit have to be verified by a loan originator.  You also have to know exactly what you want and that the home in consideration adequately fits your wants and needs.

If you're considering a lender owned property, it's imperative to know that there are differences between them and a traditional sale.  The time to decide whether a lender owned property is within your tolerance is not when you are standing in the house with a pen in your hand.  Go over the dozen differences ahead of time, and decide whether you're up to it.  Yes, bank owned homes are marked down, and yes there is a reason for it.

Go over a few possible scenarios ahead of time.  There are often trade offs that may be worth considering.  Can you trade the extra bedroom you want for an extra garage stall?  What if the house is perfect except for the train tracks behind the back yard, or the airport nearby, or the street traffic?  Spend some time sorting out your levels of tolerance for items that you may be willing to trade off for something else.

Once you've prepared adequately to make a buying decision, it's time to begin viewing homes.  Arrive with your checkbook, knowing exactly what you are willing to buy, and make your buying decision, not in haste, but with prompt determination.

Posted by

 Mike Carlier  Lakeville, MN

 

612-916-3033

 

Comments (4)

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

I believe the best way to find the proper home for the client is a good opening interview.  Then we can match buyer to the best home for them.  Good blog post.

May 14, 2012 02:26 AM
Margaret Goss
@Properties - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Being prepared, especially as it relates to financing, is the best advice we can give.  I like your link to the dozen facts about foreclosures.

May 14, 2012 02:36 AM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Tim, there is a lot that a buyer can accomplish in the orientation meeting.  Of course, the ultimate goal is to help them find a home that doesn't come with a landlord;)

Margaret, prequalification and meeting with a good home financing professional can go a long way toward honing a buyer's expectations.  Once you know you're ready and able to make payments, the rest gets easier.  And the dozen foreclosure facts, they always remember #12 right after they ignore it once.  Too many times I have heard a client say, "Oh yeah, number twelve!"

May 14, 2012 03:44 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Best way to find the best home at the best price is work with ONE Realtor and make sure you tell that person EVERYTHING!!!

May 14, 2012 12:30 PM