Mr. Brickson, the best way to get a great deal on RE in Utah is to hire a Realtor in that area. They know the best deals in your area of interest, and also know what the up an coming subdivisions are. If you need a suggestion of an expert in your area of interest let me know. I know a great agent in Provo. Another suggestion is to look for properties and make offers during the week. Generally speaking, sellers get less offers and showings during the week, so they are more willing to negotiate. I hope this helps.

Steven Mueller
Real Estate Consultant
Keller Williams Realty
Charlotte, NC

posted 4 months ago

Keith,
The Best deals are going to be Foreclosures. Here in Central Florida ( Orlando) that is what is moving because the banks have priced them below market value.
We are seeing bidding wars for many of these.
The prices are hard to beat until the sellers of non distressed homes come to the market.
Realtor Rick.

Links:

• http://www.orlandorealestaterick.com

posted 4 months ago

Mr. Brickson...I totally agree with the other two responses. Find an experienced Realtor who knows & works the areas you may be considering. A Realtor can access a broad range of available properties and provide you with a market analysis to help you negotiate the "best deal." Good luck in your home search!
Deborah Garza, Realtor
Phyllis Browning Co.
San Antonio, Texas

posted 4 months ago

Some of the best deals I've seem from people are simply coming from those that make aggressive bids for homes, and are prepared to accept 'no' for an answer and move to the next. In this market, there are those that need to sell their homes for various reasons, and those that won't sell, either because they can't, or they won't accept the current market. There's nothing wrong with that, however as a buyer you've got one concern, which I think you state well in your question.

posted 4 months ago

You used the word "home", not investment. If you are looking for a deal for an investment, the criteria is different than for a home. A home is where you come back to at the end of the day. You bring friends and family there. You take your dog for a walk. You sit outside and grill a burger. You say hello to your neighbors. An investment is all about price.

If you are truly looking for a home and not an investment, then search like you would at any other time. Decide the area that best suits your needs, and the kind of home you'd feel comfortable in.

Find the best home for you, and go from there. The best "deal" is not always the best home. And what makes it a "deal" today may mean that it has issues that will keep it from appreciating as much as other homes in the next few years.

A home that is in demand now, will appreciate at a higher rate in the future than one that no one ones now unless it's deeply discounted. So decide your priorities before you begin and let that dictate your selection.

posted 4 months ago

To get the best deal you'll either have to find someone you can trust that really knows the market you're interested in

OR

invest the time learning about real estate so you don't have to rely on others.

posted 4 months ago

I agree with Crissie. Too many clients just call me wanting a deal on a foreclosure or short sale. After I show them a few, they realize that distressed properties are not as glamorous as they once thought. A fixer upper may cost you more money in the long run, than a home that has been well maintained. If you want a distressed home, I would try to find a newer home (2000 or newer), rather than an older one. The roof, a/c, appliances, plumbing and electrical will most likely up to code, and the home will be more energy efficient!! This is crucial here in TX with a/c bills, maybe not as much as where you live. PS..Get an inspection..not to negotiate off price, but to protect you from buying a lemon!!

posted 4 months ago

Kieth, As it Realtor with over 20 years experience I find that buyers can save the most money when buying a home when they negotiate the "best" financing for their home purchase. Depending on your financial situation, home financing is the first and easiest place to save substantial money. In regard to the best deal, rely on an experienced Realtor to guide your search and navigate a "successful meeting of the minds" with the seller. The best deal is the house that suits your wants and needs, your lifestyle, at a value price.

posted 4 months ago

To follow up on the finance side of the question/answer: get a fixed rate note, and see if you can swing a 15 year note instead of a 30. The growth in equity will be phenomenal.
Robert Grant, MBA
Keller Williams Chapel Hill

posted 4 months ago

'The Best Deal' is a changing thing. As it seems you are looking for a home and not an investment property then I would suggest you define your needs.

As an example If you are recently married and do not expect to have children soon then maybe a house that needs some TLC and a few repairs would be a good choice in the neighborhood of your choice. If you are expecting then I would go for something needing very little work. Who needs the hassle of major home repairs while expecting a child. :)

Also a good deal isn't just in the price. Don't forget you can negotiate terms as well. You may get the seller to pay some of the closing costs or give a buyer credit for repairs needed or even seller financing. Go to more than one financial institution, so what if one says no, the next may say yes and have better terms.

So your needs and wants define what a good deal is for you and then you work from there.

posted 4 months ago

1. Find a Realtor you trust
2. Decide where you want your home.
3 Check out foreclosed and short sale properties. This sets a pricing range.
4. Search the price range for all homes within it. This will include privately owned homes that aren't foreclosed or short sales but are truly motivated.

This purely a search for "deals" on price alone.

posted 4 months ago

It varies by submarket, but in my market the best deals all need a little bit of renovation work. The most active buyers are first-timers taking advantage of the homebuyer credit, and they're overpaying for nice paint jobs. I call them "Pottery Barn Buyers."

So to get a "deal" go for something that needs updating. You don't want to tackle a reallly old home that needs rewiring, but something that looks like it has ugly carpet and ugly sinks.

I think maybe a 1960s or 1980s-era house -- and figure into your budget that you will renovate a couple of bathrooms and move a wall. Chances are that's going to be the best "deal" in your area.

For more homebuying tips, buy my book.

Ali
---
Alison Rogers
author, Diary of a Real Estate Rookie
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z

Links:

• http://tinyurl.com/2ag28z

posted 4 months ago

Many good points. I will comment from a mortgage lender perspective.

To buy an owner occupied home the minimum down payment is 3.5% of the price. The cost to make the transaction work is generally more than 3.5%, so you might want to consider making an offer with seller paying (seller concession) some of your closing costs (up to 6% of the price as long you put in the 3.5% minimum).

For advise on cash you need for transaction: Talk to your lender, or better yet, talk to several lender and find on that can get the job done and has low fees and good rated.

For advise on cost of home, seller concession: Talk to your realtor

posted 4 months ago

When it comes to purchasing a home, a REALTOR is your best source of information and help. Our job is to find you what you want in a home and negotiate the best deal on this home. I live in Canada, so things are different than in the USA, however I service my clients in this fashion and hope all people who call themselves a REALTOR would do the same. The clients wants/needs come 1st.

posted 4 months ago

Hi Keith:

I put together a small guide for our buyers that migh be of assistance to you. It is hosted on our web site and is free to download along with the required worksheets. It may be what you are looking for.

The link should be below, if not, it's www.kleinerrealestate.com and the guide is called "How to Get the Best Deal on a Home in Any Market".

Sincerely;

Roger Kleiner

Links:

• http://www.kleinerrealestate.com

posted 4 months ago

Keith, I'd like to add a bit to all of the great advice. When you look for a REALTOR, find one with an ABR designation. That means he or she is an Accredited Buyer Representative. Here's a site where you can find one in your area, and you can also request a free Homebuyers Toolkit to help you get started. Click on "Homebuyer Resources". Good Luck, here's the site:

Links:

• http://rebac.net/

posted 4 months ago

Keith;

I am a full time real estate investor. Your question is one I ask myself every day! Below are my recommendations:

1. Set a budget. Decide what your comfortable total initial investment should be. Do not let anyone tell you to go over this. Next, decide what the total monthly expenditures are best for you. Think about the utilities, taxes, insurance, upkeep, and monthly mortgage payment.

2. Financing. Get referrals. Talk to your friends and family, and see if they know someone they can refer that has helped them in the past.

3. Interview Realtors. After completing the first two steps, set up some appointments with Realtors to meet them. Don't meet at a house you are interested in first. It is very important you make sure you have a Realtor that understands your goals, and that you feel comfortable working with. This Realtor will also be able to refer you to loan officers. Make sure you complete this step prior to letting any of the loan officers run your credit. In this market, every point counts!

4. Emotions. House hunting can be emotional. Always make sure you are making decisions for the right reason. Set your expectations up front with everyone you work with, so that no one will be disappointed.

The next six to eighteen months will be one of the best buying times in our lives, and I hope you are able to get an exceptional deal!

Tim

posted 4 months ago

Right now is the best time to buy. To save the most money is to have your credit score over 700. You should find a full time realtor that works in the area you want to buy and the surrounding areas. I can refer you to a good realtor in your area. It matters on your time frame of buying if you want to close quickly stay away from short sales. If you are not handy and don't have the extra cash flow don't buy a foreclosure. They can have hidden costs. If you are first time buyer you have the 8k credit till the end of the year. There is alot of factors that come in play when buying a home. Is it a home you are going to live in? If so you should find a home you like, but not get stuck on it. If you just want a good deal you might have to go in a neighborhood that you might have not normally looked in. We are not going to see these prices again so don't hesitate take the plunge and you will be happy you did. Whether first time, investor, 2nd home or place for children in college.

posted 4 months ago

Keith

I am an independent buyers agent - I work for international clients finding the best deals in any location in the US.

I work in similar ways as a traditional real estate agent - with the added bonus that I am not tied to anyone listing or group of listings - I truely work for my clients in all regards

If your interested in sourcing your home with my services call or email

Daniel Rosenthal
212-444-9044
dan72ros@yahoo.com

posted 4 months ago

Keith,
I want to answer this from two perspectives.

First as a homeowner my biggest advise is to spend money to save. Interview Realtors and hire someone who has the experience in Real Estate and in the area you are looking to purchase. As important is to hire a qualified Home Inspector. Many states did not license Inspectors so you may want to check their Professional Association (ASHI) website for lists in your area. We used a professional and what he discovered allowed us to negotiate $10,000 in savings. You need to find a realtor & inspector that is not afraid to tell you not to buy something.

From an insurance agent's standpoint I can suggest somethings to look out for to save on your insurance costs over the long run:
- Look for homes with updates in the Roof, Plumbing, Heating, electric, &
roof.
- avoid "knob & tube wiring" at all costs
- if you are in an area with Flood or Earthquake hazards investigate if there
are lower cost areas
- homes with alarms will get a credit on their insurance
- avoid homes with EFIS (type of spray on exterior finish)
- Find out from current homeowner if they have had any claims on the
property in the past 5 years (or more).

Good luck in your search

posted 4 months ago

Keith,

Nobody can advise you on how to find the best deal. The "best deal" will depend on your perspective and you have provided no insight into what your ultimate goals are and since everyone wants to find the "best deal" in town, your approach to the market place is no different than any other home buyer at any other time. People don't say "I want to find the worse deal".

If you plan on "interviewing" agents set a goal of three. Preferably agents from a reliable source, friends family etc. Since there are hundreds of thousands of agents out there and anyone can pitch their services as an "expert" or "specialist" make sure to have them show you a list of homes they have listed and or sold. Trust but verify. Notice I did not use the term "Realtor". Not all licensed agents are Realtors. The designation "Realtor" is for those who join the trade organization and has absolutely no bearing on whether or not the individual listing or selling any particular home is a professional regardless of the number of acronyms behind their name. We are in a unique market where very few agents and Realtors alike are experienced with REO and Short Sales. I have seen accredited buyer representatives, ABR's fumble through transactions just as easily as greenhorns. The bottom line is you will need to have some level of faith in your choice.

DO NOT waste anyones time until you become pre-approved. Generally speaking, two types of transactions are dominating the real estate market. Short Sales and REO/Bank owned homes and neither one (with an experienced listing agent) will entertain an offer from someone who hasn't been pre-approved. Shop around for a lender first. Find one you trust. Get the financing process started so you can have them ready to generate a letter of pre-approval when and if you find the "best deal". Then go find an agent. That way you are shopping for homes you know you can afford.

Your financing/buying power will help the agent determine how to structure the purchase and sale agreement. If you're a first time home buyer you have a huge learning curve ahead of you and you need an agent able and willing to educate you. Do you have money for a down payment? Do you have V.A. eligibility? Does the home AND you qualify for a USDA loan? Do you have enough to pay your own closing costs or will the seller need to "consider" helping you? Short Sale sellers with FHA mortgages will only be able to contribute 1% toward your buyers closing costs per HUD Guidelines, so if you're looking at a FNMA product or a "short" seller with an FHA loan your agent will need to know that up front to avoid changes to the contract down the road.

The best deals right now are bank owned homes referred to as REO (Real Estate Owned) and "Short Sales" The competition for REO homes is stiff and their pockets are deep so many REO homes sell for over the list price and sell in AS-IS condition. Short Sale homes generally sell for up to 30% below market but take a long time, 90-120 days just to obtain approval and only close at a rate of about 12% nationally.

Although you may want the "Best Deal", the best deal may not be within your reach so you have to know what your reach is. If you have specific questions feel free to send an email.

Gene

posted 4 months ago

You need to seriously consider the employment great professionals on your behalf that you trust to guide you. A great Realtor and Mortgage lender. Their advice is going to save your more money than anything else in the transaction.

posted 4 months ago

Hello Keith

To save the most money on your home is a simple question.

If you are going to be financing your home the answer is the interest rate.

The way to save the most money is to have the lowest interest rate.

The best way to do this is to utilize a seller buydown strategy.

Lets say you were to buy a house today. lets say that the house you wanted was for sale for $200,000. If you were to make an offer on this house you wouldnt offer $200,000, not in today's market your realtor would probably advise you to offer 190,000. On top of that if you were to lock in the interest rate today your interest rate would be 5.5%. If you were to go with an fha loan your down payment required would be 3.5% of the purchase price. This would give you a principle and interest payment of $1,059.56 per month.

Now if you were to utilize a seller buydown strategy it would work like this:

Instead of offering $190,000 you could offer the seller a purchase price of $193,900.

We would ask the seller to pay 2% of the purchase price or $3,878 towards your closing costs.

We would increase your closing costs by 2% or $3,878 in order to buy down the interest rate.

This would give you a 5.00% interest rate instead of the normal 5.5%.

Even though your loan amount is going slightly up your monthly payment is going down. Your new monthly payment with the lower interest rate would be $1,022.04. This is a $37.52 monthly savings to you.

On top of that over the life of the loan the amount of total interest you are going to pay is going to drop to $177,546.10.

This is a total savings of $17,225.63 over the life of the loan.

If you want the best deal when buying a house, I always recommend a seller buydown strategy.

Many people on this forum have advised you to buy a foreclosure or a short sale. Now foreclosures and short sales offer great deals however I do not think that is the best option for getting the best deal.

Buying a house is an investment, but it is also the place that you live. You should choose the house that you like the best. You should choose the house that fits your family the best. You should choose a house in a neighborhood your family loves. You should not choose a house simply because it is a foreclosure and is a great deal.

also, choosing a house that is a foreclosure gives you an upfront lower cost, but what about the long term costs. Foreclosures typically are not always in the best shape and you may have to spend thousands of dollars on repairs. Also what interest rate are you getting. The interest rate really determines what the cost of your house is over the long term. This is why I always recommend going with a seller buydown strategy.

Keith, I am located in Salt Lake City and if you would like to learn more about the seller buydown strategy I would be more than willing to sit down with you and discuss how much money you can save by going this route, and also some other creative stradegies I use in order to save my borrowers the most money.

Please visit my website for my direct contact information.

www.anthonyvandyke.com

Thanks and have a good day.

Anthony VanDyke

Links:

• http://www.anthonyvandyke.com

posted 4 months ago