Even in a "Buyer's Market", it's sometimes hard to tell which houses you can really get for a great price. Here are 6 things that you can do to maximize your chances of getting a great deal.
1. Use an experienced real estate agent who can help you do your homework.
2. Pick your favorite 5 houses and rank them in order of your preference.
3. Line up your financing or source of funds.
4. Get an inspection done on each house before making any offers by a reputable contractor. Use a contractor so you can get an idea of what kinds of repairs you might have to make.
5. Make an Offer on your first choice, offering a low price, but a quick closing (less than 3 weeks), taking the house "as-is" without any further inspections, make the offer contingent on the Seller provding a clean pest inspection certificate and a 1 year termite bond that you will reimburse the Seller for at closing; making it clear that the offer is your highest and best offer; include a 12 hour Expiration of Offer clause.
6. If the Offer is not accepted on your 1st choice, move on the 2nd choice and repeat. Remember, you are not looking for your dream house - you are trying to get a great deal.
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