I can’t think of a buyer I’ve talked with in the last couple of years that has not been looking for “a deal”.  Of course, the definition changes for each individual, but there is always a “deal” component.

New development near Drumrooske Pristine and r...

New development near Drumrooske Pristine and ready to be occupied, but there is no rush of buyers in the current financial climate. (Photo credit: Wikipedia)

There are a few keys that go into getting that deal, though…

  • Be READY.  Not just ready, but READY.  The first key to getting a good deal is to be ready to jump on it when it appears.  I have watched some great properties at excellent prices hit the market and get multiple offers on the same day.  Despite the idea that persists among buyers that this is a “Buyer’s Market“, if you are looking at properties under about $300k (depending on area and neighborhood), it isn’t.  That is borne out by the Market Reports, too.
  • Have your financing lined up.  I can’t stress enough that buyers need to pre-qualify.  Not a weak, “chat on the phone” for a minute kind of pre-qual, but a “pull credit reports and let the lender know EXACTLY what is going on” pre-qual.  Some lenders may refer to it as a pre-approval.
  • Be “In the Know”.  Sign up to get listings delivered every day.  If you don’t jump fast, the best properties will be gone.  When the property that meets your needs and desires hits the market, you want to know.  It doesn’t matter how approved you are if you don’t know the properties that are hitting the market.
  • Along the same line, being in the know means looking at property in order to recognize the deal when you see it.  There really isn’t a substitution for getting into properties and seeing what they look like, smell like and how they flow.  Pictures help… lots of pictures help more… but that isn’t a replacement for seeing some properties.  It also helps with the mental frame of mind to be prepared to make an offer.  If you have seen several properties, you may be less likely to wonder if the next property is going to be just a little better.
  • Avoid “Analysis Paralysis”.  Look at the deal.  Be ready when you recognize a good deal.  Make sure you are comfortable.  Pull the trigger.  I’ve watched a lot of buyers lose the house that they really loved because they wanted to think about it for just a couple more days.  It might still be there… or it might not.  The better the deal, the less likely it is to stick around.

Failing all of that, there is another thing which goes a long way toward getting a deal.  Don’t care about the house…  That is why investors get such great deals.  They offer and then move on.  If they get it, cool.  If not, still cool.  It isn’t about the house… it is about the deal.  Of course, they don’t actually live in the houses they are buying like that.

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