With the change in the market, buyers now, more than ever a looking for a bargain buy. There are tips to finding these great bargain buys.
Often you see buyers just coming in and low balling sellers that are priced to sell, right off the bat. That strategy does not work. It only angers the sellers.
Here are some tips to finding your bargain property:
- Look for a home that has been on the market for 3 months or more. Sellers are more willing to accept a lower offer after the home has sat on the market.
- Look for a home that has already been drastically reduced.
- Check out the Fixer-uppers. Sellers with fixer-uppers are normally looking for a fast settlement, and you can sometimes use this to your advantage.
- Stay away from remodeled homes. Sellers with major remodels generally have great care invested in their home, and are not willing to"give" it away.
- Look for homes where the seller has lived there for more than 15 years. This is a good indication that the seller has built up equity and can afford to discount.
- Look for an investor or home owner who may need to sell asap. This is a little harder to do, you need to have your feelers out for this one.
Also, I thought it was worth it to mention, with all the foreclosures today, don't count on getting a big bargain out of a bank. When a bank puts a home on the market they put their lowest possible price on the home from the beginning. I can assure you the bank is looking to sell the property fast!