The housing market isn’t exactly what it was ten, fifteen or twenty years ago. In fact, a lot has changed. If you’re in the market to buy a home in Georgia it’s likely you’ll have tons of friends and family members giving you their advice on how to do it and how to get what you want. There are a lot of people saying “it’s a buyer’s market,” and while this isn’t exactly wrong, it’s not exactly right either. There are a lot of great deals you can get if you’re shopping homes, especially shortsales but there are some things you want to keep in mind to make the process as smooth as you possibly can. Consider these mistakes that many people commonly make and if you work hard to avoid them you’ll be happier for it.
Don’t Make A Low Ball Offer
If you’re shopping homes that are on the market in a traditional sense a low ball offer might make sense and might even get you one heck of a deal. If you’re shopping shortsales in Georgia this might be the worst thing you can do. First of all, you’re going to wait to hear back from the bank and then it’s likely you’ll wait a little longer. You don’t want to extend this process by having to make several offers before you get in the ballpark. Banks have likely already had a mini-appraisal through a local broker and have a sound idea of what the home is worth currently and this is what it’s listed at. Try to bear this in mind and be realistic when making your offer.
Every Bank Isn’t Going To Behave The Same
Take a moment to find out who owns the mortgage. Some banks are straight forward and more willing to negotiate while others drag the process out and make it more difficult. If you do your homework you’ll have an idea of what you’re up against and be better prepared to make an offer.
Don’t Get Your Hopes Up About Closing In 30 Days
Shortsales in Georgia are anything but short. Even if it’s listed to be able to close in 30 days you’ll likely find a few things that need to be tied up making extensions probable. The bank may need more paperwork, your lender may need more information and mistakes get made. If you like the home, be prepared to settle in and play the game.
Don’t Shop Without Pre-approval
The biggest reason deals fall through is the financing falls through. Before you even start looking at homes, line your financing up. This will make the process that much easier and you’ll know what kind of home you can afford.
Don’t Expect To Get Exactly What You Want
It’s easy to go into the buying process with the idea you’re going to get exactly what you want. Likely those friends and family members that mean well are telling you, “it’s a big purchase so make sure it’s exactly what you want,” as well. When it comes to shopping shortsales you’re far better off to be prepared to get creative and go after a few items that are critical on the want or need list and have a few that you can let go of when shopping shortsales in Georgia.
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