Should you look on the NWMLS for Deals?
Let’s face, all buyers want one thing: A huge discount. So how do you find discount Seattle Real Estate for sale without getting ripped off or tricked into buying another overpriced property? Do you look on the NWMLS? Redfin? Trulia? Does it even matter? In this post, I’m going to discuss the most common obstacles you’ll face when purchasing properties like short sales, REO’s & foreclosures, and what you need to do in order to purchase a quality property at a true discount.
1. Bidding wars. Some listing agents love conducting bidding wars and other’s don’t. Bidding wars result in a ton of wasted time and more often then not, causes the price to shoot up past a desirable range. The key to overcoming this obstacle is to have “insider information” on “friendly REO agents” who will deliver your offer to the lender as soon as they recieve it.
2. Prices. Again, bidding wars will drive prices up. Emotional / obsessive buyers will find themselves bidding on properties at prices that are above and beyond market value. Don’t get caught up in the moment and certainly do not attempt to bid with one of those kind of buyers. You are here for a discount, not to see who wins.
1. They could take very long to close. Short sales take anywhere from 2 weeks to 2 years to close, depending on how far the process is into negotiations. The key to avoiding wasting your time on a short sale is to make sure that the negotiator has tons of experience under their belt.
2. Prices. More often then not, banks want top dollar. Again, the key is to make sure that the negotiator is experienced enough to politely but firmly, tell the bank to “stop dreaming.”
1. The fear of the “unknown.” When purchasing foreclosures, one may never have the opportunity to inspect the property prior to ownership. This is scary, since properties may have structural defects that may go unnoticed until after you make your purchase. The key to avoiding this is to focus on “failed short sales” that have previously been on the market and/or work with an agent who is aggressive enough to inspect the property on their own.
2. You need cash. At auction, you need to buy properties with cash, which most buyers simply do not have. Getting around this is easy, just borrow hardmoney under professional supervision. Just make sure that the property you are buying is a quality property at a true discount, and that you can get out of your high interest, hard money loan via refinancing.
In summary, it’s not a matter where you look for discount Seattle Real Estate For Sale but who you’re looking with. Nowadays, you (as a homebuyer) have as much access to property listing websites like NWMLS, Redfin, Trulia, etc as realtors do. The big difference, however, is that you probably don’t have enough experience to make sure that you are buying a quality property at a true discount that is bound to close.
I personally work with a team of short sale, REO & foreclosure buying experts who understand how to overcome the above obstacles and get you REAL deals on properties. So when searching for Seattle Real Estate For Sale, make sure you’ve got an expert by your side, because that, my friend, is how you get yourself a deal of a lifetime.
You wouldn’t want a realtor who has only closed 1-2 deals in their entire careers to represent you in a transaction, right? Well, searching for discount properties on your own (given that you are a first time or relatively new home buyer) is essentially the same thing. Your level of experience WILL determine your outcome.
Be smart. Use an expert and get yourself a real deal on a Discount Washington MLS Listings