Buying a home will likely be the largest financial transaction of your life, so, naturally, you want to get the best deal possible. But in today’s market – with low inventory and rising prices – that’s often easier said than done, especially for first-time buyers. Still, there are some tips and tactics that can help you find the best deals. So read on to discover how to find the best deals on Los Angeles homes for sale.
Be the First (or Last) to Make an Offer
One of the best ways to get in on the best deals on Los Angeles homes for sale is by acting fast . . . or slowly. You have an advantage if you’re the first to make an offer or the last to make an offer when the home has been on the market for some time.
“Oftentimes, it’s not the highest offer for a property that gets accepted: it’s simply the first. Therefore, if you are looking for a great deal, be quick about it! Get a pre-approval from a bank so you can jump at any property right away, and have your real estate agent set you up with automatic email alerts notifying you of any new property that hits the market. Then, don’t delay – check it out quickly, and make an offer the same day if possible.”
While the early bird usually gets the worm, so does the late bird sometimes. So in order to find good deals on homes for sale look for properties that have been on the market for several months. These sellers may jump at your offer simply because it is the only or last one they have received. They “are often far more willing to sell for a discount, because they are tired of holding on to that property. Many times, they will have been making two mortgage payments for months (or years) and will entertain almost any offer.”
Be sure to consult your Los Angeles agent to find out how to deploy these strategies most effectively. To discover more, just call 562-881-9811.
Seek and Approach Absentee Owners Directly
You can also find great deals on Los Angeles homes for sale by finding properties with absentee owners, those who live in another town or another state.
Go outside the MLS to find these and then contact the owners/sellers directly, asking them whether they would consider selling. The advantage here is that you get a shot at the home before it is listed and before other offers come in.
One way to find these deals is to simply drive around looking for vacant houses, and then you can access public records to find the owner. It’s also a good idea to keep an eye on such selling sites as Craigslist. And it always pays to enlist the aid of your agent, who will have her finger on the pulse of the local market.
Consider Foreclosed Properties
Another option for finding the best deals on [market-city] homes for sale is to consider bank-foreclosed properties. These are homes that a bank (or other lenders) are in the process of repossession because the owners failed to make the mortgage payments. The bank then lists it to unload it and recoup some of their losses.
“While the foreclosure, in itself, is, of course, sad (no one rejoices when someone loses a home), once the deed has been done, these properties can be some of the best deals you’ll find in real estate. Banks want to be in the business of lending money, not managing property, so they are often quick to offer large discounts just to get the deal off their books. Translation: You can get a great deal on foreclosed properties if you know how to buy foreclosures right.”
An added benefit is that these properties are often distressed or in disrepair because foreclosure takes a long time, sometimes years. And this means that the bank may even further reduce the price for buyers willing to buy as-is.
Use Facebook to Find Deals on Homes for Sale
And don’t neglect to leverage the power and reach of Facebook to find deals on homes for sale. In particular, this means scouring private groups for real estate agents and perusing Buyer Need pages.
“The best ninja move for getting ahead of the competition is to look on Facebook for real estate agents’ private groups. Sometimes they make you request to join, but it is worth putting in the request because that is where many agents will first post about a listing they have that is Coming Soon before it makes it on the listing service.”
“Another frequent type of Facebook post is Buyer Need, where they list the specific criteria their clients are looking for and ask if anyone has a listing that isn’t on the market yet that fits the description.” You could ask your agent to post one of these for you or even do it yourself.
Take Your Time
This may seem to contravene our first tip, but it really doesn’t. As with shopping for anything, including homes for sale, taking your time shopping is a good way to find good deals.
Industry pros almost always advise against rushing when you’re househunting. In fact, they sometimes recommend that buyers rent for a few months so that they can take their time and find a really great deal.“While it might seem like a waste to pay rent when you could be building equity, the amount you overpay due to a hasty purchase – or the cost of having to move again after buying a house that doesn’t meet your needs – could dwarf the cost of a few months’ rent.”
Use a Los Angeles Agent
You can indeed find great deals on Los Angeles homes. It just takes some knowledge, effective strategy deployment, and patience. Your Los Angeles agent can supply all these and help you find the best deal for your needs. So if you truly want to find the best deals on Los Angeles homes for sale, contact us today at 562-881-9811.