5 Tips For Recession House Hunters
When real estate sales are down and there is an abundance of homes for sale, buyers have an “opportunity” to get a house at a good price. There are times to jump and times to restrain and avoid an impulse buy. Knowing the difference can save you thousands of dollars.
1. Homework – Buyers normally have advantages in a down market, but do your research. Search the internet for available homes, inquire with a Real Estate Agent and check the newspaper to obtain knowledge on particular areas. Make yourself familiar with the price range for the area you are interested in.
2. Be Organized – You are not the only bargain hunter searching the market. Get pre-approved for a mortgage. Have a home inspector and insurance agent lined up.
3. Find a Motivated Seller – Some homeowners need to sell their homes in a hurry, this gives you bargaining power. You can ask the seller to pay all or half the closing costs. How do you identify a motivated seller? The home may have been on the market for several months and has had several price reductions or at the showing the house may be empty, which suggests the seller has moved and may be paying two mortgages. A real estate agent can look in the MLS and obtain price changes. Many states the deed records and home sale information is available to the public on the internet.
4. Negotiate – The seller is not the only person you can negotiate with, you can also negotiate with the real estate agent.
5. Make Sure There Is A Clear Title – During hard times, sellers may be forced to sell because they are upside down on their loan, the property itself may have a lien from a contractor, service provider, bank or other financial institution. It is always wise to use a title insurance company and have a title search completed.
This information was taken from an article on msn.com
