REAL ESTATE LIFE TIME DEAL

If you have decided to take the plunge and buy a home. In this market, you know that now is the time to make a good deal. You've heard people talking about short sells and foreclosure deals and you think you want a part of the action. You just aren't sure exactly what all the buzz is about or what exactly is involved in buying a home at a bargain price. You may feel a little uncertain about where the market is headed.
You want to make sure that you do get a bargain price, what may be a good deal today may not be such a deal tomorrow. It all can be a bit confusing and overwhelming, but with a little work and a lot of patience, you can make a great deal on the purchase of a home in this current market.

The first step is finding a great agent. You will want a real estate professional that is familiar with the current market in your area. Every city and state is a little different and you want to make sure that your agent is familiar with your area.

More importantly, you will an agent that is familiar with the process of dealing with short sales and foreclosure properties. With short sales, you are dealing with a completely different process than a typical home purchase and you will want someone to help you understand the process and navigate you through the process successfully. Plan on giving yourself time to go through the process, which can take several months.

If you do decide to offer on short sell properties, don't get emotionally attached to any of the homes. Try to stay detached, as it is a somewhat unpredictable process. You will probably want to make multiple offers and just wait and see what happens. The banks are backed up and the ultimate decision is in their hands, not necessarily the property owners. Get your funding in place, so that you will be ready to go when you hear back from the bank.

Most banks will want to have proof that you are qualified for a loan when you submit your offer. The more solid your funding is, the stronger your offer is to the bank. They do not want to have to start all over because their buyers financing fell through at the last minute. If the bank has a choice of multiple offers, an offer with solid funding will be at the top of the list. If you have a cash offer, your position is the best and to get that perfect home you may end up with the deal of a lifetime.