Everyone wants to pay as less as possible and get the best deal they can, no matter what it is. Real estate is a big investment and is one of the biggest purchases a human being makes today. So it is only natural that you want to find a house that is both perfect and a good deal. So how do you find these houses? Here are some tips to help you find and land those incredible real estate opportunities.
1. Consider bank-foreclosed properties
When someone fails to pay the mortgage on their home, the lender, usually the bank repossess the house and removes the occupants living there. It is then put on sale on the market to be sold through real estate listings. While it is sad that someone got kicked out of their own home, these foreclosed properties are one of the best deals you can make. This is because a bank is only interested in the business of lending money and do not care about managing real estate. So they try to sell off these properties quickly using large discounts to get rid of them. You can try to get the price further down if you buy it before they renovate the place (which can several years at times) but the problem being you will have to do the renovation yourself. Talk to real estate agents or look around yourself and take full advantage of this opportunity .
2. Be the first or be the last
In real estate, the adage ‘the early bird gets the worm’ is true. But not all the time. So, more often than not, it isn’t the highest offer that gets accepted but the first. So being quick about making an offer can play in your favour and get you a great deal. Otherwise look at properties that have been sitting on the market for a long time. Most times, the owners want to get rid of it as soon as possible. You can use this to your advantage to get a better deal than most because they will usually entertain any offer.
3. Approach Absentee owners
There are many houses that are just left empty, mostly because the owner has a separate place and if they are a landlord who hates their tenants, there is a glimmer of an opportunity of a great deal. There are also homes that people inherited but don’t know what to do with it. But the only challenge is to find these properties because they won’t be listed. Here are some ways to try your luck
• Drive around and look for vacant houses and track down the owner through public records.
• Calling landlords using listings on services like Craigslist. They would most probably advertise ‘for rent’ so let them know you are interested in buying rather than renting.
4. Look at a lot of deals
Looking at a lot of deals. You need to understand it is a numbers game. The more deals you look the better your chances of getting a better deal. Usually, you need to look at a few hundred deals from which only one or two get to the stage of your offer being accepted.