Home Buying Dos and Don'ts: Randa El Jurdi, Realtor in San Diego
Email address: reljurdi@sellandbuyhomessandiego.com
Website: sellandbuyhomessandiego.com
In this seller's market it's important to know how to play the game to win a home that you put an offer on. Here are few things that sellers look for in your offer:
1) Pre-approval letter or proof of funds (e.g., Bank statement).
2) Contingencies: Sellers don't like it when the buyer includes several contingencies in an offer. The fewer the contingencies the happier is the seller. However, you, as a buyer, need to protect yourself. So, talk to a trustworthy agent that will protect your rights and make the offer as compelling as possible.
3) Highest price, yet make sure not to overbid. Discuss the price with your agent. Another important point to mention when you're house hunting, don't forget to widen your search. Look at homes that have been sitting on the market for a while. These could be the best deals sometimes.
Invest in a professional inspector that will give you a report on all the problems in the home (e.g., plumbing, electric...). Once you know what needs to be fixed, do the math and offer a price that works best for you. This way you buy a home for a cheaper price and most probably without competition.
I've noticed that sellers don't usually disclose all issues in their homes (although they should!). Always read between the lines when reading what's written on a flyer or advertisement. Usually when they say cozy, it means small,. When they say As-Is, it means there are issues with the house. When they say Motivated Seller, it means the price can be negotiated.
From an investment point of view, always buy the ugly duckling in a neighborhood. The highly priced homes around it will increase the value of your home once you fix it. You'll get a higher return on investment and won't have a problem selling it in the future.
I, personally, try to buy homes where school districts are highly rated. The quality of school systems in an area greatly affects home prices. These neighborhoods are always highly desirable. As you know, the more demand there is, the higher the home prices will be. Always calculate the ongoing costs of owning the home you like. From taxes, HOA's to electric bills. You don't just want to buy a home, you should be able to maintain it and keep it without being house poor.
Contact me to discuss the home buying process.
Randa El Jurdi - Realtor® Coldwell Banker Residential Brokerage
Mobile: (619) 813-9246
Website: sellandbuyhomessandiego.com
Email address: reljurdi@sellandbuyhomessandiego.com
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