The Essential Guide On How To Buy Like A Pro
Leverage the Power of the Internet
By using a combination of MLS searches, 3rd party property search sites, relationships with numerous local agents, and investing in Google and Facebook ads, The Bannon Group helps you hunt for real estate bargains from day one.
These property searches will also help you get your finances in order by getting a better idea of the size of the mortgage you’ll need to live in the neighborhood or area of your choice.
We also have the ability to utilize our network of real estate contacts in order to potentially find you properties not publicly listed yet. These could reveal amazing deals impossible to find otherwise.
Find The Right Lender and Mortgage For You
Just like you would always get a second opinion from a doctor, you should always get a second (or third, or fourth) offer for a mortgage loan.
Though interest rates from top lenders (major banks being some of the most popular ones) tend to be pretty similar, even a tenth of a percent in a fixed-rate loan makes a huge difference in the long run.
At the same time, the right lender will help you see if you qualify for a number of government-sponsored programs geared for first-time buyers.
As always, our team of real estate professionals can rely on our estavblished network of highly capable mortgage brokers that can help you find the right lender and loan.
Don't hesitate to make a strategic offer
The phrase “You snooze, you lose” is especially relevant for real estate buyers. I always tell my clients that real estate moves slow...until it doesn't.
To make sure you put yourself in the ideal position to purchase a home, you MUST get your finances in order; and that's not as much of a headache as you think it is. We will consult with you and lay out a simple strategic plan regarding this. Before you can make an offer, you must have your pre-approval letter from the bank (and if you’re able to pay in cash, have your proof of funds ready to be shared with your Realtor®).
Once you’re pre-approved, don’t delay in making an offer; this is where you don't want to snooze. We'll work with you and advise you on what a good deal looks like for any particular property you want to make an offer on.
Also, as you wait for a great deal to hit the market, we can keep an eye out for properties that have been stuck on the market for a long time. The owners of these homes could be more willing to sell at a discount, because they’ve been stuck paying a mortgage for the entire time it’s been listed.
Ask the Seller to pay closing costs
Though the buyer is typically expected to pay for a number of closing fees, (especially those related to the origination of the loan), it’s not a law written in stone. Like pretty much everything in real estate, closing costs are negotiable. Once thing is for certain...You'll never receive closing costs if you never ask for them.
Of course, sellers don’t like to sell homes for less than their bottom line. Not just because they don’t want to lose more of their earnings, but also because there’s always an ego element attached to any home sale.
Home sellers are keenly aware of how much their neighbor's homes sold for, and would hate to sell their home for less.
If the sellers are adamant against bringing down their asking price, we can negotiate for the seller to cover the closing costs.
Not only does this allow the seller to save face and keep a larger final price, but it could also save you thousands of dollars.
Shop during the off-season or holidays
Even if you don’t live in a place with a harsh winter, most home buying and selling activities take place during late spring and summer.
As a result of that seasonal increase of activity, home prices can go up; ultimately we'll advise you of this as we consider other factors that impact the big picture for you.
People who are willing to list their homes in the middle of the holidays are typically very motivated to sell. This, of course, could lead to amazing deals for you.
On the other hand, there’s a downside to shopping for homes during winter: you’ll typically have fewer homes to choose from and getting into showings may prove difficult with sellers having visiting family. However, we've got enough experience with this to ensure you can still find your perfect place even during the holidays or off season.
Look into new and pre-construction developments
Developers looking to finance the next phase of their development may be willing to offer homes and condos at a significant discount, include incentives on the build, or offer special financing if you use their preferred lender.
Of course, the catch is that you need to have access to pre-construction offers, and you need to have enough cash to make your down payments.
Rely on your agent to determine the negotiation room on pre-construction from everything in terms of price and deposit structure to upgrades and closing costs. Make sure to have a Realtor® who is experienced in the industry and will be able to negotiate for you
If you’re interested in finding pre-construction deals, we can help you find the best pre-construction deals in the area.
Hire an Amazing Real Estate Agent!
As a home buyer, you have absolutely NO reason why you shouldn’t hire the best possible real estate agent in your hyperlocal area.
We bring a wealth of expertise, street smarts and knowledge to find you the right home at the right price. We can use those skills to help negotiate a far better price than you could get on your own.
Our services offer a buffer of protection. Thanks to our experience and expertise, we can see toxic deals a mile away and can warn you against them. We can also help you avoid common legal pitfalls in real estate which you could stumble into on your own and end up costing you thousands of dollars.
KEY TAKEAWAY
The absolute cornerstone to a successful real estate transaction is working with a knowledgeable and experienced Realtor®. Ideally, finding an agent with both year of experience behind them and that has invested in themselves through additional professional trainings that lead to real estate certifications and designations (all those letters you see behind a Realtor's name) ensures you're being advised by someone that you know separates themself from the average agent. Do you want to settle for average representation when dealing with what is likely your largest financial asset? You know the answer to that, so dont delay any longer and scheduel a strategic meeting with an elite agent at The Bannon Group now!