- Know what “Great Deal” means to you so you can know when you get it . . . and so you can describe it to your REALTOR.
- Find a REALTOR you KNOW and TRUST and be LOYAL to that REALTOR. Tell her EVERYTHING about what you want – Your Goals short and long term . . . Sign an exclusive representation agreement with this REALTOR and pay her well.
- Find an equally great Mortgage Lender (The REALTOR probably has a few recommendations) who you KNOW and TRUST and be LOYAL to that lender. Meet with this lender and tell him EVERYTHING about what you want to accomplish – Your GOALS short and long term . . . Make full loan application and secure FULL approval for financing.
- Localize your search. Define a SPECIFIC location (neighborhood) for your focus and LEARN IT. Find out about any new developments in the immediate area, zoning issues, available house inventory, prior sales trends, values . . . EVERYTHING – (Hint – Your REALTOR can help you with these things).
- Build a profile of the house you will buy. What style? Lot description? What condition? Are you willing to do some work on it? How much work? Do you know contractors who can help you? (Hint – Your REALTOR can help you with this)
- Know WHEN? Are there any time constraints? Do you have ample time? What is the ultimate date for your move?
- SAVE MONEY! Accumulate enough liquid cash to make this transaction as easy as possible. Your negotiating strategy will improve significantly if you have loan approval AND cash available. This also will help with the possibility of emergent condition issues
- Know your EXIT strategy from the place you live now. If you are renting, can you break the lease? If you own a house, are you going to have to sell it . . . or are you keeping it to rent. Your “Great Deal” gets significantly less “Great” if it has to be contingent upon you getting clear of your current living arrangement.
- How ’bout “3rd party decision makers?” Is there someone other then YOU who has influence on this purchase decision? Uncle Joe? Mom? Dad? Spouse? Boss? It’s fine to get opinions from all these folks . . . but dangerous . . . These outside influencers tend to muddy the waters and may talk you out of your great deal and into a not-so-great deal. This is YOUR dream (not theirs), and you hired this REALTOR to advise you.
- Be ready, willing, and available to JUMP on that Great Deal when it shows up . . . When your REALTOR calls, JUMP! RUN! (don’t walk) . . . Great deals don’t linger on the market waiting for you.
Hunting “Great Deals” is FUN for me as a REALTOR because . . .
As far as I’m concerned, EVERY deal I negotiate is a “GREAT Deal” for my clients.
Give me a call when you’re ready for me to help you find yours.
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