Connecticuts Top Real Estate Expert
"Giving Clients an Unfair Advantage over the Competition"
** 6 Free Tips for buying your next home**
1.) A general rule of thumb is to offer 10-15% below asking price initially, you know that if your first offer was accepted, you offered to much!
2.) Consider resale value when purchasing your home. The last thing I want to see is a client buy in a bad area and not get a good return in the future.
3.) Be sure your agent gives you recently sold comps before putting in an offer on a property. Knowing what recent comps sold for gives you a good sense of what kind of offers were being accepted on similar properties. (Many times in todays market, a home listed for 230k will sell for 205k, so dont sell yourself short.)
4.) Buy the ugliest house on the nicest street. This strategy is good for getting a good return when you decide to buy up.
5.) If considering to purchase a short sale property (Pre-Foreclosure) be ready to wait. The influx of homeowners who refinanced to take out equity for buying boats, rvs, cars, and luxurious vacations are now paying the price. Their homes are now over leveraged and they can't afford the payment because they may have lost thr job. Anyways, the banks have thousands of these files and not enough manpower to work them effectively. Be prepared to wait 2-5 months for a yes/no on your offer and 4-12 months for a closing.
6.) Get preapproved. In todays market, all banks who own property and most retail sellers require a preapproval letter just for a seller to put in an offer. DONT WAIT UNTILL THE LAST MINUTE. Get the preapproval BEFORE you look at your first house with an agent.
I hope these tips help you have a better, more informed real estate experience!
Regards,
Luke J. Florian