5 Secrets To Get Best Value!

1.   Get "Pre-Approved" - Not "Pre-Qualified!" If you want the best property for the least amount of money, make sure you are in the strongest negotiating position possible. Price is only one element in negotiations, and not necessarily the most important one. Other terms, such as time or convenience, are what is critical to the seller. Don't be misled by 'Get "pre-qualified" first' words! This means that you may spend a few minutes on the phone with a lender who asks you a few questions. Based on your 'honest' answers, the lender confirms you "pre-qualified" and will issue a certificate which you can show a seller. Sellers know these certificates are WORTHLESS, and here's why! None of the information has been verified! Underlying problems may exist. Some may include things like recorded judgments, alimony payments, glitches on credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients' bank account long enough, etc. The strongest position for you is to be "pre-approved" first. Pre-approval is given AFTER all information provided to the lender is checked and verified. You are actually APPROVED for the loan and the remaining loose end is appraisal on the property that you choose. This process takes anywhere from a few days to a few weeks depending on your situation. It is VERY POWERFUL when it comes time for negotiations. 2.   Sell Your Property First, Then Buy the House. If you have a house to sell, sell it before selecting a house to buy! Offers that are contingent on selling a home aren't nearly as strong as Offers where the buyer is ready, willing and able. Consider this scenario: You've found the perfect house that you want to buy. You present an Offer to Purchase to the seller. However, you want the seller to reduce their price and wait until you sell your house. The seller figures this risky, since he may pass up a buyer who DOESN'T have to sell a house while he's waiting for you. So he says OK, he'll do the contingency but it has to be a full price offer! You will now have to pay more for the house than you could have, because of the contingency, and you have to sell your existing house quickly! Otherwise you may lose purchasing the property that you want. In an effort to sell fast, you may accept an lower Offer than if you weren't rushed. Bottom line - buying before selling can cost you BIG. If you're concerned that there will not be the perfect house on the market for you if you sell first, go window-shopping now. You will see that there you will be able to identify possible houses and locations without falling in love with a specific house. Only when you feel this confidence, will you put your house on the market. Another tactic is to make your sale "subject to seller finding suitable housing" added to your listing contract. By adding this phrase to the listing means that WHEN YOU DO FIND A BUYER, you will have some time to find the new place. If you don't find anything to your liking, you don't have to sell your present home. 3.   Play the Game of Nines. Before house hunting, make a written list of things you want and things you don't. Use this list as a guide to rate each property that you see. This will help you avoid confusion and keeps things in perspective when you're comparing dozens of homes. When house hunting, keep in mind the difference between "STYLE and SUBSTANCE". The SUBSTANCE are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. The STYLE represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good SUBSTANCE, because the STYLE can always be changed to match your tastes. When viewing any property, imagine it as vacant. Consider each house on its underlying merits, not the seller's decorating skills. 4.   Don't Be Pushed Into Any House. Your agent will show you everything available that meets your requirements. Don't make a decision on a house until you feel that you've seen enough to pick the best one, even if it ends up to be the first one that you saw. Not that long ago, homes sold extremely quickly, sometimes, the day of listing. In that market, agents advised clients to Offer on the spot if they liked the house. That was good advice then. Today, there isn't always this urgency, unless a home is drastically underpriced, and you'll know if it is. 5.   Stop Calling Ads! Ads are sometimes created just to make the phone ring! Many of the homes have some drawback that's not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What's not mentioned in the ad is usually more important than what is. For this reason, be very careful when reading ads. Remember the person writing the ad is representing the seller and not you! The most important thing for you is to have someone looking out for your best interests. Your own agent will critique the property with an eye towards how well it meets your needs and will point out drawbacks you should should be aware of. Pick an agent you feel comfortable with and enlist the services of that agent as a buyer's agent. Then, you are a client with rights, benefits, and privileges created by this agency relationship, and you're no longer just a shopper. Did you know that many homes are sold WITHOUT A SIGN ever going up OR an AD EVER BEING PUT IN THE PAPER? These "great deals" go to those people who are committed to working with a real estate agent. When an agent hears of a great buy, who do you think he's going to call? His client, who he has a legal obligation to work hard for, or someone who just called on the phone and said "keep your eyes open"? Get the best buy on a property - hire your own agent. If you want to talk to a real estate professional Realtor, be sure to call one of our HomeLife Real Estate Professionals TODAY!

 

HomeLife Welcomes You & Extends PROFESSIONAL SERVICES!

 

 

from Dana, Hanna, Joanna & Barb!
Real Estate Specialists
HomeLife Real Estate Professionals Ltd.

#200, 12907 - 97 Street

Edmonton, AB  T5E 4C2

Phone: (780) 457-5100
e-mail:

Dana Wloka, Broker
Hanna Drozdowski, Agent
Joanna Wloka, Agent
Barbara Grodaes, Agent