Goal To get the best deal buying the home you want. And make the purchase choice as much of a buying and/or investment opportunity as possible. How to Search, Research, Offer, Negotiate for The Best Deal
5 steps‌
1. Define WANTS and NEEDS 2. Pre-qualify 3. Search 4. Research 5. Negotiate
Before you get started…Know
• Foreclosure – the act of foreclosing a mortgage or a pledge • Pre-Foreclosure – about to start the act • Short Sale – value is below mortgage. bank doesn’t want it, owner doesn’t want it, and they have to agree how to sell it. negotiated payoff = loss.
• REO (real estate owned) – by a bank or corporation - they got it back • Corporate Owner – re-lo company or maybe somebody else got it back • Motivated Seller – i don’t want it any more, i’m tired of trying to sell it • Bank Owned – the “act” is over, the bank got it back
How to Search…
Goal? Timetable? Budget?
• Drive by, drive by, drive by. • Set up viewings 3-5 (2 hrs) • Rate every home you view inside 1-10.
3 Best Ways To Search • Set Up “Custom” MLS Search With Realtor • Search Realtor Site Search Engine • Search With Listingbook “Client Account”
Let the MLS SEARCH OPTIONS work FOR you … check with agent on MLS status before chasing homes on Trulia, AOLHomes, AuctionSites, CraigsList…to avoid wasting YOUR time and energy….. Even MLS is not perfect but at LEAST it is updated…Realtor.com at least is tied in to MLS.
MLS Search ‌Lower Page – there is NO REASON for you to look at 100 houses, unless you are buying 5. There are over 300 options for specific searches. More Homework = Less Legwork!
location. . location . . location
YOUR CUSTOM MLS searchs – Front Page SAMPLE with 3 searches
Select one search to see results . . .
Select one property to see specifics… Like it – Possibilities. Map it – Drive by it. Still like it - Favorites
How I Research For You… • Pull home “sales” history via address • CMA by subdivision • Basic tax search for history and possible mortgage info
How to read an AGENT MLS information sheet
ACTIVE
MLS Sheet LOWER HALF…what AGENTS see
Address HISTORY Search…What I LOOK FOR…
Neighborhood CMA (or area)
Tax Record on Egret Home - - top portion
Tax Record – lower portion
Tax COMPS Agents “Insider” Choices –
Tax COMPS Agents “Insider” Choices –
Review -
• Pre-Qualify. • Search
price – area – features
• Research
cma - tax search - prop history
• Buy at best deal
fast close - seller concessions
My suggestions…
1.
Biggest investment you can make.
2.
Work with a system/plan. And keep it simple as possible.
3.
Do your “due diligence”. And have fun, and have a little faith.
Invest in planning.
Goal/Timetable/Budget
This will work out.