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How to get the best deal
  Like yourself, there are many home buyers and investors looking for good deals
in the San Diego real estate market. Good deals exist everyday and new ones
come on the market every day. Getting a good deal is about time and effort, yours
or yours and your agents. Typically the main obstacles to solve are competition
from other home buyers, securing financing, and most importantly your ability to
confidently move quickly.

Being the best offer beats the competition, and getting pre-approved secures your
financing. Having the ability to confidently move quickly and be the best offer
involves understanding the market and being confident in the true value of that
particular property, essentially it means doing your homework beforehand.

Most properties listed for sale that are good deals, i.e. can be bought below what
they are truly worth are listed on the MLS or Multiple Listing Service. Simply doing
your homework on the type of home you want and what features it must have,
getting your financing approved, and working with an agent to research the market
data for that area and type of home will lead you into multiple opportunities to get a
good deal.  

"Getting a good deal" can mean different things to different people. In this article it
means purchasing a property at 3% or more below the real current market value of
the property. If your looking solely for a good deal and not a specific home type or
location then you have a better chance of getting a better deal since you are
focused on finding the best deal in the market and not one type of home. If you are
looking for a specific home type, size, and location, etc.... then you're more likley to
be closer to a price thats 3%+/- below true value since you have limited properties
from which to choose from.


The key ingredients to getting a good deal are:

Speed:
The best deals go fast, you must be ready to write an offer the same day the listing
comes on the market. Because of this there are some "must haves" for a home
buyer to really be competitive with the other buyers in the market.

  1. You must have access to daily listing updates to be able see a property
    immediately after it's listed.
  2. You must have access or an agent to view homes on short notice.
  3. You must be able to get pre-approval letters for varying purchase prices
    within a few hours of identifying a potential property and know what seller
    concessions you want or need for that particular deal.
  4. You must be able to quickly determine a competitive offer price your willing to
    pay for that property that you will be happy with.
  5. You must be prepared to close in 30-45 days.

These items typically require preparing weeks or months in advance. Getting
financing figured out first is mandatory. Home buyers who are prepared and know
what they want can put an offer together that they are truly excited about quicker
and in the manner best suited for success.

Offer Quality:
An offer to purchase is more than just the price your willing to pay. It includes many
other terms and conditions. Offers from different buyers will have various terms and
conditions, along with varying degrees of pre-qualification and/or pre-approval
documentation.

Foreclosure sellers' (banks) generally want to enter escrow with the buyer who is
the most likely to close escrow. Home buyers with full loan approvals, down
payments, and bank statements showing cash assets are better than those without,
or those with only pre-qualification letters. Lower priced offers can be better
"quality" offers and thus beat out higher priced offers.

Price, seller concessions, and likelihood of closing are the motivating factors for
most foreclosure sellers.


What's the best path for finding the right home at the right price?

The best way and in a lot of ways, the only way, to get a good deal on a property in
today's market is to work with an agent experienced in the regular as well as
distressed properties markets. There are some technical, practical, and logical
reasons for this:

To name a few that are relevant in today's market:

  • The vast majority of foreclosures and short sales are on the MLS and
    licensed agents have immediate access to the listing data and to physically
    view the properties.

  • An agent will keep you up to date on new listings and search daily for
    additional possible opportunities for you.

  • An agent will provide you with current sales and other data relevant to the
    property your buying and help you be prepared to make informed decisions.

  • An agent will provide and complete all the required forms and disclosures to
    make an offer on each particular property type, as many foreclosures have
    unique offer forms that must be used.

  • An agent will review all disclosures, inspection, title and other reports during
    escrow to ensure there are no issues that may effect the property.
    Foreclosures are sold "As Is", there is no going back after the sale closes.

  • An agent will make sure all hurdles are cleared and your purchase closes
    escrow on time ensuring you don't lose the deal to a higher offer that came in
    after your offer got accepted.

For more information about findng the best deal for you, please contact us today
with the form below. Please provide us as much information as possible.
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