Top 3 Tips on Getting Great Real Estate Deals

Top 3 Tips on Getting Great Real Estate Deals

You must be tired of hearing it now; real estate is arguably the best investment there is. This is especially true when you don’t have enough money for most of the properties you are usually interested in. However, you would be doing yourself the greatest service by investing in the right property.

Think of yourself as the chips-holder. You offer what you have based on what you see, and anticipate to enjoy or reap, based on whether you are getting it for the purpose of a home or for a commercial purpose. This narrows-down what you can get against how to get it for the best deal within your budget

Top 3 tips to get great real estate deals

READ ALSO: Being a Real Estate Agent: The Risks, The Challenges, and The Opportunities

We all love the idea of getting the best property for the least amount of money possible. Here are some tips to make this seemingly impossible dream become a reality.

1. Consider acquiring a bank-foreclosed property

When someone is unable to fulfill payment of a mortgage over a long period of time, the lender (bank) eventually takes back the property and evacuates the residents. As soon as the occupants are out, the lender lists the property for sale via avenues like meqasa, through local agents, or real estate companies. 

These properties can be the best real estate deals you would find on the market. Why? Banks like to be in the trade of managing money, and not properties. Hence, there is the haste to sell off the property by means of offering large discounts. They “need” to get it off their books as quickly as possible, so you can suit-up with your best negotiation skills to get the best deal out of it. 

2. Check for Unsold Properties on the Market

A great way of getting an amazing real estate deal is to look for properties that have been on the market for a long time. Many times, these properties haven’t been sold and their owners are starting to get all sorts of ideas for them. 

Those owners are mostly willing to sell at a discount, because they are sometimes tired of holding onto the property, and have been paying money for maintenance of the house, or for its listing on a website. This opens them up for any reasonably good offer; and that could be your chance. 

3. Be Ready with your Finances or Paperwork

Have you ever tried selling your personal item to a prospective buyer, and after all the negotiations and reductions you had to eventually give to settle on a number, you have to wait a while for payment? It’s not fun, and certainly not a position any property owner wants to be in. 

Many times, it’s not the highest offer that gets through, it’s simply the reasonably readily-available offer that does. Why? Property owners and agents usually mean business as there might be the need for the revenue expected from the property. For the average agent, brokering a major deal provides huge commission which sets them up for a while without being in need for moving fees, which prospects find pesky and exploitative. 

Long and short of the story is, the quicker they sell, the better; so being ready with your finances or paperwork (cash or pre-approval from a bank) means you get to move in quick and make the swoop with the right deal.

READ ALSO: Investment Opportunities in Ghana

Entreprenuer.com put it best, “whether you are looking to buy an investment property, purchase a home for yourself or buy real estate for another reason, remember: You make your money when you buy. If you want to have immediate equity in your property, which can help you build wealth in the future, or save you in case of an economic turn-down, you must find great real estate deals.”

So don’t settle for less, or should we say don’t settle for more. Don’t settle for more expensive real estate deals; and with these tips, you should find and close great real estate deals like it’s a charm.

 

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