Smart Ways to Buy a Home Quickly and at a Bargain
Sometimes it can be quite a task to find a bargain even in a slow real estate market. This isn’t to say that there are no deals on the market. Many established companies in the real estate industry buy houses and sell them at a fair price for the seller. This makes the process of selling a home a lot simpler.
If you’re creative enough, you can record a high success rate in finding these companies. Here are ideas to get you started in finding a great deal when buying a house.
Take a closer look at MSL listings and target homes that have been on the market for long. Find sellers that are willing to make a deal, particularly if the buying season is almost over. For houses with a higher number of days on the market, you might notice a recent price reduction.
A drop in the price indicates that the seller is flexible in their asking price, or they haven’t received any offers yet.
You can also look for inherited or vacant homes. Some cities list available houses in categories one to three and publish on the city website. The list indicates how long each house has been empty, as well as its condition. Avoid homes in category three as they tend to be in the worst condition.
If possible, find inherited homes as they’re less likely to be in rough shape. Relatives of the deceased person might be trying to dispose of the property, and its responsibilities, at a fair price. Extend your search to farther-flung neighbourhoods and for-sale-by-owner listings.
While looking at listings, consider checking HDB sale of balance flats. These sales come with several advantages, including a shorter waiting time to close the deal. The cost might be slightly higher than for the other deals listed here.
Consider Off-Market Homes
Make use of your network and let them know you’re looking for a home to buy. Your contacts can notify you when someone they know has listed their home. Keep your ears open for job offers in a new state and make an offer before the seller lists the home.
Another tried and tested approach to buying a home entails door-knocking. Pick your neighbourhood of choice and drive around in search of homes that might fit your criteria. Talk to the owner and let them know your interest in buying the house if they ever plan to move. If they’re not selling, they might refer you to someone who is planning to move.
Short sales happen when the seller is headed toward foreclosure. The owner works with the lender to sell the home at a loss on the mortgage or outstanding amount.
However, take note that short sales can be risky, especially if initiated by the bank. If the seller doesn’t move out, you risk incurring the eviction cost after closing the deal. Banks sometimes collect several offers and hold on to them, trying to get the most of the property. This can cause some confusion on your part, yet you want to protect your investment.
To be on the safe side, search the court records for pre-foreclosures, which are sometimes listed online. Sometimes, you’ll have to go to the county clerk’s office or contact agencies specializing in representing short sales. Ensure they add you to their mailing list. Also, find a real estate agent experienced in such short sales to avoid getting the whole process wrong.
There are government-sponsored programs that can help you find affordable houses to buy if you meet the requirements. For example, you can take advantage of the Good Neighbour Next Door Program that sells single-family homes at a 50% discount on the list price.
However, the program is only open to firefighters, teachers, law enforcement officers, or emergency medical technicians. You can find the listing on the states’ website, and the homes are open for sale for seven days.
Other conditions are that you must sign a second mortgage note for the discount. You also must occupy the house for not less than three years.
HUD Dollar Homes
This program targets low-income families to enable them to own a home. They can buy houses that haven’t sold in the past six months and have a market value of not more than $25,000. However, ensure you meet income requirements to apply through the state’s website.
Strive to get creative when looking for a cheap home to buy. You’ll have to put in some work before you’re successful enough to stumble upon a bargain. Increase your chances of getting a house fast enough by enlisting the help of an expert real estate agent.