Everyone loves a deal. They seek with great determination the elusive "deal of the decade"- but it seems that public perception may be a bit skewed and littered with misinformation causing frustrated consumers to view what happened with 20/20 hindsight. The public at large is missing key information which they need to scoop up the best deals in Real Estate.
THE KEYS TO UNLOCKING A BARGAIN 
WORKING WITH AN AREA EXPERT is an efficient way to streamline the process. The Internet is a wonderful resource for locating a REALTOR® who is an expert in your target market- try using a GOOGLE Search.
RESEARCH WHAT YOU WANT
The Internet is a great source of information- in fact 80-85% of buyers use their home computers when first beginning to look at homes in an area. You can get an overview of what is available. However, the Internet should not be your only resource. As often homes still appearing, may not be available when you are ready to go and see them.
"IT'S A BUYERS MARKET"
Assuming it is a buyers market, can be a big mistake. Home sales have risen consistently over the past three months of 2009, despite a bleak economic outlook. What this means is that in certain price ranges there is stiff competition. As lower priced homes are sold, lender owned properties can command more money and they are. Underestimating buyer competition causes buyers to lose the homes they want.
"NEGOTIATING YOURSELF OUT OF A HOUSE"
If you enjoy negotiating, the K.I.S.S. theory is one to keep in mind. The more you ask for; the less likely it is that you will have the winning bid when the deal is done.
To win you are best putting in your Highest and Best Offer < if you haven't read this you should.
KEEP YOUR EXPECTATIONS WITHIN REASON
If you are looking for a $500,000 home for $50,000 you may never find it. Most homes that are Bank Owned, or Real Estate Owned will need something to be perfect. The banks have carefully researched the current market prices of property. Often they have acquired what is known as a Broker's Price Opinion or an Appraisal the two are different. What they are basically is a study of the market, comparable properties based on condition, age, and location and a comparison of sold properties fitting the same profile.
Based on that information they have obtained- They know what they have and what it will bring on the market.
A Professional Realtor can pull recently sold properties which will assist you, as a buyer in determining a fair offer based on current information. This will assist you in successfully positioning your offer well.
UNDERSTANDING THE SCREENING PROCESS
Banks may require buyers to be Approved by their mortgage experts. Don't be put off even if you have a letter from your own lender in hand-due to the mortgage crisis and credit restrictions, complying with mortgage pre-approval, will not force you to use their lender, it is a verification that you have the ability to complete the transaction. Be aware that certain properties may not be willing to consider an offer without approval by their preferred lender.
Re-negotiating a price or offering well below market value off the cuff is more like trying to buy a home by the seat of your pants.
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