"I Want a Deal" - 3 Tips for Getting a Real Estate Deal in Sturbridge MA
"I want a deal." These are the four most common words I hear from buyers in real estate these days. Well, there is a lot of competition for the deals. So, here are my 3 top tips for getting a real estate deal in Sturbridge MA:
1. Hire a buyer's agent and get access to the MLS. With the availability of information on the Internet, many buyers try to go it alone. They do research online. They sign up for listings on dozens of real estate sites. They keep an eye on what has sold. But they neglect to go to the professional who has inside access to property information: their local real estate agent.
An agent can provide you with the fastest, most accurate information on deals as soon as they hit the market. An agent can do some of the research for you and prepare you for the type of hurdles you may have to jump over in order to actually secure that deal. An agent can help you get an edge over the competition.
2. Have proof of funds ready. You want a deal, but you have not yet spoken with a mortgage lender. You have no pre-approval letter. You don't know if you qualify for a rehab loan. You want to pay cash but don't have a proof of funds letter from your bank. Big mistake that can cause big delays for you.
If you want a deal in real estate, you have got to be ready to jump when the right property comes along. You must be able to prove that you have the funds, or can get a loan, in order to make an offer. No seller is going to accept your offer if you do not have the backing of a bank. And that means you will miss out on some good deals, because by the time you get that letter in your hand, some other buyer will have snatched up that property.
3. Be prepared to make repairs. This is probably the area where I see buyers fall down the most. Many of the properties that are priced as deals require significant repairs and are priced accordingly. Yet I find that buyers want a deal but expect the seller (or foreclosing bank) to make repairs for them. Not going to happen.
That $99,000 property that you want? The septic system has failed, it is banked owned, and no the bank is not going to install a new septic system for you. That lovely 5-year-old $220,000 home on the cul-de-sac? Last winter the pipes froze and burst. Now there is plumbing to be repaired, and also mold growing in 50% of the house.
The repairs are all on your shoulders - that's part of getting a deal. If you lack the resources (cash, loans and contractors) to handle major repairs, then a deal is probably not the best option for you.
Are you still thinking that you want a deal? Give me a call! I can provide you with access to the real MLS, inside info on a home's situation, and guide you through the steps you need to take so you can move quickly and take advantage of this great buying market.
Telling it like it is in real estate,
Kathryn Acciari, REALTOR
RE/MAX Professional Associates - Sturbridge MA
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Kathryn Acciari, Brand Ambassador
Century 21 Real Estate LLC
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