Tips That Could Save You Time, Money and Aggravation
Before You Begin Your Search
Establish your Maximum Purchase price and Your Down Payment.
Be very sure of Your housing/ business requirements.
- Pay out /down your outstanding loans/credit cards.
- Consolidate your loans to bring down your total monthly payments.
- Check your credit for any inaccuracies.
- If you do not have any credit-establish one at least six month prior to your purchase by taking some credit cards and using them wisely and according to the terms.
- Get a pre-approval of a mortgage.
When You Begin Your Search
- You must zero-in as to where and what you want to buy--Looking haphazardly would invariably cost you valuable time, money and aggravation.
- Be realistic in your expectations--if not, your search for a good buy could result in -"Good Bye".
- Remember, there is no such thing as a "Perfect" property. Real Estate is bought by the process of "Elimination" -where you pick the best from what is available in the market place.
- Do search for the right property and a good value , however, once you find a property that meets most of your requirements, submit an offer as early as possible. Any delay could put you back to the beginning of the search just like a missed chance in the "Snake and Ladder" game.
- Make provisions for any and all conditions in the offer. Once an agreement is reached, neither you nor the agent representing you can change the terms unilaterally.
- Your offering price and terms should reflect the market and not necessarily the Asking Price. This aspect is crucial especially when there is more than one offer on the property.
- The terms of your offer should be attractive enough for the vendor to negotiate with you-an unrealistic offer could offend the vendor and put you at a disadvantage.
- Studies have repeatedly shown that most of the buyers who make unrealistic offers either lose the choice property, or waste too much of their time or invariably end up losing in the final negotiations.
- It is a myth out there that "Good Value" is obtained only when the vendor comes down in price.
- Do not allow time to lapse during the negotiations -it is much easier to finalise an agreement when there is momentum to gain one.
- While negotiating, remember, you are simply negotiating a business transaction. It is not a negotiation of either your's or the other party's "Principles".
- "Buying" is not the time to pretend that you know it all. Such pretensions could cost tens of thousands. Do no not hesitate to ask questions, if you do not know the answers.
- To become an Appraiser or a skilled Negotiator, it takes years of training and extensive related field experience-Unless you have similar credentials, please do not try to be one. Feel free to ask for help, We are here to help you at every step.
- Define your needs and be realistic in your expectations
- Remember there is no "Perfect Property".
- Be quick when you find the right property.
- Submit an offer subject to all your concerns and conditions.
- Your offer should reflect the value of the property and the market activity.
- Do not hesitate to ask for advice if you do not know the answers.
If you follow these guide lines
You are sure to save yourself Time, Aggravation and get the most for your Money!!