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San Diego real estate library
Making An Offer On Real Estate In A Recession
Okay, so you’re ready to make an offer during the recession.
You wan’t to look for the best deal possible, obviously, and the
only way to find that great deal is to do your homework first.
Keep reading for other tips on what to look for during this
recession.
Research … Research …Research
Do your homework and take a look at the amount that other homes
in the area have sold for, not for the amount that they are
listed, but for how much they sold. This is all public record.
Take a trip down to the county recorders office and you will
find the information on any homes that have been sold in your
area.
Take A Look At How Long The Home Has Been On The Market
Be sure to look at how long the home has been listed. Homes that
are fresh on the market should be looked at as they are
sometimes listed a lot lower than they should be by either an
inexperienced or greedy real estate agent. If the home has been
on the market for less than a month, chances are that the owner
has delusions of grandeur and refuses to believe that there is a
recession. You can offer less, but chances are that they are
going to want to get other offers.
If the home has been on the market for a year or more, there is
either something really wrong with the house or they are not
budging on their price. This is a good one to skip. There have
been houses that have remained on the market for several years,
vacant.
Be Pre Approved And Have Nothing To Sell
Although a seller will probably take any type of contract in
this market, you are a lot more attractive as a buyer if you
have nothing to sell and have been pre approved for the
mortgage. A pre approval letter is different than being pre
qualified. Someone who has been pre qualified has not gone
through the gamut of giving in all the paperwork needed for the
loan. A pre approval letter means that you have gone through the
entire mortgage approval process and are ready to close.
Follow these tips before you make any offer on real estate in
the market today. You can invest in real estate during a
recession - you just have to understand how to go about making
the right offer.
San Diego real estate library |
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