20 Must do things in order to get the best deal on a home
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1. Know your score. It's especially critical because the government has started cracking down on mortgage lenders offering nonstandard financing. Know your score.
2. Get preapproved for a mortgage. Preapproved means these things have already been checked and verified. Prequalified simply means you're good for the loan -- if your income, debts, credit and other factors are exactly as you stated and can be documented.
3. Determine your dollar limit.
4. Make a list, check it twice.
5. Do your homework. Study the quality and cost of living in the neighborhood you’re considering. Test the commute. Scope out the schools. Read the newspaper. From water quality to zoning, you're likely to get the inside information you really don't get anywhere else.
6. Hire a buyer's agent.
7. Don't trash the house. It’s a crucial mistake to shake the sellers confidence and make them angry because then they can’t negotiate.
8. Study comparables. Study list price and sales prices and see how much room you have to bargain
9. Stay current. Watch for the for-sale signs go up and down. Compare sales, asking prices and value
10. Find real value. Don’t look just at the listed price, but look at comparables based on tax records. This helps you have how much the house is exactly worth
11. Research the sellers.
12. Look at the real numbers. Look at the listing records and determine just how long, in total, these owners have been trying to sell that home. This can make a big difference in the offer you can make
13. Leave room for a second offer. Knock $20,000 off the price the first time around, you're looking for a counteroffer that will reduce the asking price by $10,000, for example
14. Have a backup plan. Don’t only focus on one house.
15. Put all extras in your first offer. Include all concessions or repairs in the beginning rather than drop them in at the very end.
16. Don't let them play mind games. If you make a good offer, within the realm of reasonable, and the seller rejects it outright, move on.
17. Surrender where you can.
18. Call your insurance agent. Some areas are seeing large increases in premiums in the wake of natural disasters.
19. Call the power company. Call the power supplier in the neighborhood you're considering .
20. Educate yourself. People have trepidation and fear because they realize that real estate doesn't go up every year. Know the market trends!
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