Okay, so you�re ready to make an offer during the recession. You
want to look for the best deal possible, obviously, and the only way to
find that great deal is to do your homework first. Keep reading for
other tips on what to look for during this recession.
Research � Research �Research
Do your homework and take a look at the amount that other homes in the
area have sold for, not for the amount that they are listed, but for how
much they sold. This is all public record. Take a trip down to the
county recorders office and you will find the information on any homes
that have been sold in your area.
Take A Look At How Long The Home Has Been On The Market
Be sure to look at how long the home has been listed. Homes that are
fresh on the market should be looked at as they are sometimes listed a
lot less than they should be by either an inexperienced or greedy real
estate agent. If the home has been on the market for less than a month,
chances are that the owner has delusions of grandeur and refuses to
believe that there is a recession. You can offer less, but chances are
that they are going to want to get other offers.
If the home has been on the market for a year or more, there is either
something really wrong with the house or they are not budging on their
price. This is a good one to skip. There have been houses that have
remained on the market for several years, vacant.
Be Pre Approved And Have Nothing To Sell
Although a seller will probably take any type of contract in this
market, you are a lot more attractive as a buyer if you have nothing to
sell and have been pre approved for the mortgage. A pre approval letter
is different than being pre qualified. Someone who has been pre
qualified has not gone through the gamut of giving in all the paperwork
needed for the loan. A pre approval letter means that you have gone
through the entire mortgage approval process and are ready to close.
Follow these tips before you make any offer on real estate in the market
today. You can invest in real estate during a recession - you just have
to understand how to go about making the right offer.
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