Jim Valentine on Real Estate
Looking for the right property in a tough market can be frustrating. You are ready to buy, qualified with your lender, know where you want to be, what you want to buy, and there’s nothing to look at. Then a home pops up that suits your wants and needs and a cash buyer swoops in and beats you out. The first three times are frustrating, but after a while you start asking yourself, “is it really worth it?” You start doubting your agent, the market and just about everything having to do with buying a home.
If you are in that situation … relax. Start over with the basics. Review your wants and needs in a home, especially the needs. With five children you surely need more than a two-bedroom home. Where do you want to live and why? Can you adjust neighborhoods and find a home that still suits your needs? Will that move you out of the school district that you want, or take you too far from work? How much longer will you be working, or is another school on the rise?
There are many ways to look at your situation. Make sure you and your agent have the right perspective for what you want to get done and the means you have to do it with. When were you qualified for your loan? If it was six months ago, have you gotten a raise since then? Paid off a car? What has changed that can adjust how much you can borrow? What would the market do for you if you added, or lost, $20,000 in buying power? If you could get what you want/need with that $20,000 but can’t get more from your Lender, how about family? Most parents would love having their grandchildren living in a nice home and are willing to help a bit to achieve that.
If the right home isn’t currently on the market, maybe your agent can kick some rocks over and find it. If you are set on a given neighborhood your agent can call or write letters to property owners touting you as a buyer. Someone may have the desire to sell but not want to go through the process of having people coming through their home. A sale without the marketing “experience” can be good for them and you. It reduces the competition for you, i.e.- the cash buyers. You will still pay market price only without the feeding frenzy of competing buyers.
There aren’t many For Sale By Owner, FSBO, opportunities these days as the sale process is much more involved than it used to be and most FSBOs don’t know what they are doing. If you find one, you know they want to sell, but be careful as there is usually a reason they aren’t using an agent. They may have no equity resulting in a high price, or maybe they have disclosure issues they want to conceal. If you find a FSBO that you would like to pursue, have your agent work a deal with the seller for proper compensation and use your agent for your protection. Regardless of who pays the agent, the agent can work for just you if you prefer. That will be worked out by your agent with the seller before you look at the home.
To find the right property requires effort. You must establish what it is you want, what you need, where you want to be, and how much you are willing to pay. The clearer you are on your objectives the easier it is to act when the right home comes on the market. Be ready to act and submit an offer. The process may take time, but in that time you will get the right home. Be diligent, make sure your agent is diligent, and stay focused. The end result is worth the effort you give along the way. Be sure to look where others aren’t.
Buying the right home isn’t like buying the car of your choice. If the car dealer doesn’t have the right color he gets one shipped in. You need to work at buying a home, especially when others want what you want. Embrace the challenge and enjoy the fruits of your labor.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Gold Carson Valley, 775-781-3704. dpwtigers@hotmail.com