1. Know Exactly What You’re Looking ForMake sure you know what you want in a home, how much you can afford to pay, and where you want to live.
2. Know the Market Where You Buy
You need to know the local market. Seek the help of a real estate agent to assist you with this.
3. Get Your Financing in Order
Talk with your bank or mortgage company to find out how much you can afford and get a letter of preapproval. When you make an offer on a short sale, financing or proof of funds must be in place.
4. Look at Properties Inside and Out
Once you know what you want, it's time to view properties. Viewing properties is a process. You should start with a list of properties that interest you. A real estate agent can help you gain entry into the properties you want to see.
5. Make the Offer
The offer you make will be based on a few main factors:
* How long has the property been on the market?
* Are there other offers?
* Competition in the price range
If the property has been on the market for a long time, going low makes sense. For short sales, you will often wait for weeks or months for an answer from the banks, so patience is needed. You have a better chance of going low with short sales. The decision on making an offer on a property is yours and depends upon you more than anything else. A real estate agent can offer guidance, but you need to make the decision.
6. Once Your Offer is Accepted
Once your offer is accepted you must get a property inspection done. An inspection is necessary for you to protect yourself. If things are found that require repair you can use this to negotiate your price down or if the repairs are more than you want to deal with you can walk away from the property. You won’t get your property inspection fee back but you’ll get your deposit fee returned.
