1)  GET PRE-APPROVED!  Meet with your lender and find out what price range you are pre-approved for.  This will not only help you to know what property to look at, but will help you negotiate a better price when you submit an offer. Get a letter from your lender before you start looking.  (If you need a lender, we'll be happy to suggest a few names.) In today's market, Buyers have an opportunity to take advantage of some great deals and negotiating your price is easier if the Seller knows you are pre-approved. If you are looking at Foreclosures, most Sellers will require a pre-approval letter, and some will require a pre-approval through their lender (even though you are not obligated to use their lender.)

2)  Cash is King!  If you can spare the cash, you will have even more clout with Sellers.  With the equity markets depressed at the same time that mortgage loans are harder to come by, cash speaks volumes.

3)  Talk to us about what you are interested in and what your criteria is for the property you are purchasing. This makes it easier to narrow down what we should look for.

3)  Have earnest money available.  A good rule of thumb is 3% of the sales price. Another result of today's market is that more Buyers are backing out at the last minute. The more earnest money you have to put down, the more sincere you will look to the Seller.

4) Negotiate for extras. Sellers are more willing to negotiate with furnishings, appliances, maybe even association dues, insurance for a year, or taxes.

5)  GET AN INSPECTION!  A good home inspection can save you a lot of money in the long run, and can help you and the seller determine if there are repairs that need to be negotiated before closing. However, if a home is fairly new, you may want to buy AS IS and get a lower price. The cleaner the contract, the easier it will be to negotiate your best deal.

6)  Line up your insurance and/or get an idea of what it will cost for the types of properties you are looking for.

7)  If you're willing to be patient, ask your agent to look into short sales and foreclosures. You will definitely have to be pre-approved in both instances and it can take some time to work through the sale, but it may be worth it in the long run. Foreclosures tend to move more quickly than most short sales because the price has already been set by the lender rather than waiting for a contract, then negotiating the price.

8)  Allow enough time to paint, make repairs, etc. before you move in.  These things are much easier to have done before your boxes and furniture are in the home. 

9)  MAKE IT YOURS!  No matter how great the house is, there are always things that you can do to make it yours.

                                  Home     Listings      About Swiger & Company, Realtors      About Angie & David       Market News