Buyers with a great credit score and history always hold the upper hand with sellers, though they usually don’t realize this. They’ve also got a stellar advantage when it comes to getting a loan, and dealing with their agent, and the listings agent. See: 7 Steps to Getting a Good Deal on a Foreclosed Home. Here are some ways that you can turn the hard-pressed market into your favor when your’e shopping around for a house.
If you want the very best deal on a home, you’ve got to do some studying. Tons of information about each individual home is listed online as public information. You can find out so much about a seller and about the property’s history, and projected future. You’ve got to know what a house is actually worth in order to know what to offer.
For example, there might be a great house that is priced pretty high, but if you do some digging, you may find that the seller is going through foreclosure. Had you not known that, you might have offered near-to full price! Note that if you go in with all of the information, and can prove that the home isn’t worth more than you found out it is, it’s likely that the bank will take that amount. This is why research is so important! Read: How Can You Find a Great Deal on a House on the MLS?
Always, always negotiate. Just about everything in life is up for negotiation. Usually, the agents split commission. This is why buyers agents like to tell their buyer that they don’t have to pay for their services. However, their agent gets a split of that commission. So, for example, when an agent tells you to offer a certain price, remember that they are looking out for themselves. They know just how much their split drops with each cent less that you offer.
Lastly, just always remember, that it doesn’t matter how cheap you find a property, if its in a bad area you shouldn’t buy it. For example, is it crime-ridden? Is it right next door to a high school? Is it steps away from the interstate? No one thinks about selling the home when they’re buying it, but that’s how you should think. Just about nobody stays in the house for the full 30 year mortgage. Be smart, and good luck! For further reading, see: 3 Ways to Know You’re Getting a Great Deal on a Home.