Buying Strategy

[propertysearchaddiction]

We are going to officially start looking at houses and making offers next week and probably well into next year. We are currently renting. We are looking to get a good deal over finding our dream home. We are putting 10% down, have 6 months living expenses in cash, and our payment including taxes will be 20% of our income. Yes I am aware of PMI. I am hoping to have the seller pay closing costs and prepay the PMI for $8000. $8000 looks more attractive than trying to save another $60,000, which is like $100,000 pretax.

Before we throw down half a million dollars I would love some free advice.
What do you find is the best strategy for finding a good deal in this market?
Are there any specific things we want to have in our offer?
Is it reasonable to ask for 3% in closing to be included in the sale or do they always add that on to the sales price?

Any other Piggs wisdom would be appreciated.

[sdduuuude]

Be patient. Learn the market first before buying.

Watch houses come on the market and get sold. Keep a spreadsheet of houses you like with asking and selling prices so you know what is really a deal and what isn’t. As time goes on, narrow your search to just the streets you like.

Look for comp killers so you know when the market is changing again.

[sdduuuude]

Be patient. Learn the market first before buying.

Watch houses come on the market and get sold. Keep a spreadsheet of houses you like with asking and selling prices so you know what is really a deal and what isn’t. As time goes on, narrow your search to just the streets you like.

Look for comp killers so you know when the market is changing again.

[sdduuuude]

Be patient. Learn the market first before buying.

Watch houses come on the market and get sold. Keep a spreadsheet of houses you like with asking and selling prices so you know what is really a deal and what isn’t. As time goes on, narrow your search to just the streets you like.

Look for comp killers so you know when the market is changing again.

[sdduuuude]

Be patient. Learn the market first before buying.

Watch houses come on the market and get sold. Keep a spreadsheet of houses you like with asking and selling prices so you know what is really a deal and what isn’t. As time goes on, narrow your search to just the streets you like.

Look for comp killers so you know when the market is changing again.

[sdduuuude]

Be patient. Learn the market first before buying.

Watch houses come on the market and get sold. Keep a spreadsheet of houses you like with asking and selling prices so you know what is really a deal and what isn’t. As time goes on, narrow your search to just the streets you like.

Look for comp killers so you know when the market is changing again.

[jamsvet]

I couldn’t agree more about learning the market. When I was buying investment property, I must have looked at 500 sets of units. I knew the pros and cons and when I found just the right one, I knew it instinctively. Immediately upon walking into each of the buildings that I bought, I just knew. Ones that I thought were great in the beginning weren’t really that great in hindsight.

Get your education first then leap. Make a game of it and look at lots of houses. You’ll know when the right one comes along.

[jamsvet]

I couldn’t agree more about learning the market. When I was buying investment property, I must have looked at 500 sets of units. I knew the pros and cons and when I found just the right one, I knew it instinctively. Immediately upon walking into each of the buildings that I bought, I just knew. Ones that I thought were great in the beginning weren’t really that great in hindsight.

Get your education first then leap. Make a game of it and look at lots of houses. You’ll know when the right one comes along.

[jamsvet]

I couldn’t agree more about learning the market. When I was buying investment property, I must have looked at 500 sets of units. I knew the pros and cons and when I found just the right one, I knew it instinctively. Immediately upon walking into each of the buildings that I bought, I just knew. Ones that I thought were great in the beginning weren’t really that great in hindsight.

Get your education first then leap. Make a game of it and look at lots of houses. You’ll know when the right one comes along.

[jamsvet]

I couldn’t agree more about learning the market. When I was buying investment property, I must have looked at 500 sets of units. I knew the pros and cons and when I found just the right one, I knew it instinctively. Immediately upon walking into each of the buildings that I bought, I just knew. Ones that I thought were great in the beginning weren’t really that great in hindsight.

Get your education first then leap. Make a game of it and look at lots of houses. You’ll know when the right one comes along.

[jamsvet]

I couldn’t agree more about learning the market. When I was buying investment property, I must have looked at 500 sets of units. I knew the pros and cons and when I found just the right one, I knew it instinctively. Immediately upon walking into each of the buildings that I bought, I just knew. Ones that I thought were great in the beginning weren’t really that great in hindsight.

Get your education first then leap. Make a game of it and look at lots of houses. You’ll know when the right one comes along.

[bsrsharma]

Along with the previous two posters, I can add some more:

1. In this market condition, focus on REOs

2. Don’t hire a buyer’s agent. If you need a buyer’s agent, you haven’t done the home work – you are not ready to buy.

3. You get the best deals in REO by using the listing agent to represent you as buyer & cash or high down payment offer. The deal you get improves with cash (I know cases where REO sellers didn’t really care about purchase price offered as long as it was all cash)

[bsrsharma]

Along with the previous two posters, I can add some more:

1. In this market condition, focus on REOs

2. Don’t hire a buyer’s agent. If you need a buyer’s agent, you haven’t done the home work – you are not ready to buy.

3. You get the best deals in REO by using the listing agent to represent you as buyer & cash or high down payment offer. The deal you get improves with cash (I know cases where REO sellers didn’t really care about purchase price offered as long as it was all cash)

[bsrsharma]

Along with the previous two posters, I can add some more:

1. In this market condition, focus on REOs

2. Don’t hire a buyer’s agent. If you need a buyer’s agent, you haven’t done the home work – you are not ready to buy.

3. You get the best deals in REO by using the listing agent to represent you as buyer & cash or high down payment offer. The deal you get improves with cash (I know cases where REO sellers didn’t really care about purchase price offered as long as it was all cash)

[bsrsharma]

Along with the previous two posters, I can add some more:

1. In this market condition, focus on REOs

2. Don’t hire a buyer’s agent. If you need a buyer’s agent, you haven’t done the home work – you are not ready to buy.

3. You get the best deals in REO by using the listing agent to represent you as buyer & cash or high down payment offer. The deal you get improves with cash (I know cases where REO sellers didn’t really care about purchase price offered as long as it was all cash)

[Author]

Posts