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How to Buy Real Estate in Big Canoe
By kve | January 17, 2008
OK you found the Big Canoe home of your dreams but you are not sure what to offer. How do you go about getting what you want at your price? The right answer all depends on how flexible you are.
Step 1: FIND THE HOUSE
Big Canoe real estate is pretty consistant. A good home will sell between 93-100% of the asking price even in this market. You are hearing stories left and right about how a friend of a friend got their home for 20-25% off asking price and you want that same deal in Big Canoe! They are up here (few and far between) but you need the right guide to help you find them. If your Big Canoe agent (hopefully me!!) is familiar with Big Canoe real estate then she will know what is selling, what is not selling and who NEEDS to sell either due to pre-foreclosure, transfer or other reasons. The best thing to do is ask your agent to show you the homes that fit your price range, size and most of your requirements but ask her to show you the “gotta go” homes first. Like the Nordstrom Shoe Sale you stumble across a few red strappy Manolos. Even if they are a little big/small it’s worth a shot to make them fit!!! With the money that you are saving, you can pay for the remodel.
Step 2: MAKE AN OFFER
Making an offer on a house takes a bit of finesse and also the right timing, kind of like a first kiss. You like the home so you set your goals and your approach. Talk to your agent and have her feel out the listing agent to see how motivated the sellers are. Once all the info is gathered you need to go for it, but be prepared with your pre-qualification letter to look more attractive! Sell what you need to sell before you get ready to make an offer. Look in or around your price range. If you are able to close quickly (3 weeks or less), and you’re pre-qualified then you are in great shape. Make an offer that you and your agent feel comfortable with and present it with as much earnest money as you can to show them you are serious!
Step 3: NEGOTIATIONS
If your offer is accepted right off the bat then order yourself some Dom and fly in some Maine Lobster! Congrats!! This usually doesn’t happen. Be prepared for a counter. Remember that “friend of a friend” from the FIND THE HOUSE section abive? Well he was lying!! Expect a few rounds but meeting in the middle works to expeidite the process. Chances are you are still getting a heck of a deal, and now it’s time for the downhill slide. P.S. Buyers usually pay closing costs.
Step 4: INSPECTION TIME
No home is perfect! Inspectors are paid to find things wrong with the house. Make a list of things you absolutely can not live with (hazards, poly-pipes, wood-rot, electrical) and ask the seller to repair it. I advise you not to worry about the small things. Chances are they will fix it or agree to a rebate/price reduction/closing cost credit.
Step 5: CLOSING TIME
If you are going with a large bank for your loan, stay on them like a duck on a junebug! They tend to dawdle until the last minute. Keep in close contact with your agent. Once the loan is ready and all is well, you can close and live happily ever after in your Big Canoe Home!!! ENJOY!!!!
~Karin
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