If you want to find property at the best possible prices, you need to learn these exclusive deal-locating strategies. They’ll save you thousands!
89% of millennials want to own homes. But with house prices continually on the rise, is that dream attainable? Even commercial properties cost more than ever before.
Are you struggling to find property you can afford? Don’t throw in the towel. Although the real estate market is stiff with competition, you can still come out on top and save tens of thousands with the right property-buying strategies.
If you want to know how to find real estate deals, look no further. These 7 strategies will help you snag a great property at an unbelievable price.
1. Save With FSBO Properties
An FSBO property is for-sale-by-owner. This means that the owner is selling the house without the help of a real estate selling agent.
Normally, a selling agent requires a 6% commission fee. Many homeowners sell their home at a higher price to make up for this fee. But if a home is sold FSBO, there is no commission fee to worry about so a seller can list their home at a lower than average price.
There lies your opportunity to find a cheap house for sale. Of course, some owners choose to sell the home at full price in the hopes that they can pocket the savings.
Make sure you’re familiar with the neighborhood’s real estate market. And don’t waste your time negotiating with a home seller who doesn’t understand the selling the process.
2. Offer Below the Asking Price
Some of the best house deals require a bit of extra work. If you’re looking for a cheap house for sale, you may be tempted to stick to properties at the low end of the price curve. But that could cost you.
The owner’s asking price is often negotiable and counteroffers are expected. For some owners, a listing price is the lowest payment they’ll consider. But others will be happy to cut ten thousand dollars or more off the cost, depending on their situation.
There’s no harm in making an offer below the asking price. Just take care not to set the bar too low or you may upset the owner.
And don’t write off specific neighborhoods either. You can find affordable homes even in Myrtle Beach if you know where to look.
3. Prepare for a Long Search
Finding a property is hard enough. And the search is even worse when you’re trying to find some of the best, most coveted deals around. Rein in your expectations and expect the housing search to take some time.
If you want to save a lot of money, you’ll need to do a lot of footwork. You’ll likely look at over a hundred homes before you find one in decent shape and at a low cost. And you should know that you aren’t the only one trying to snatch up cheap housing.
You’re going to have some competition. Just like a job search, prepare to buckle down and trudge through dozens and dozens of possible housing options until you find the right opportunity.
4. Find Property With Absentee Owners
You may have to put yourself out there to come out ahead of the competition. Even in hot markets, absentee owners are an opportunity to find great deals. An absentee owner is someone who legally possesses a property but doesn’t live there.
And why is this an opportunity? Well, they aren’t using the home. They may have inherited it or otherwise don’t need it.
When you come along and ask if the house is for sale, you may find that some absentee owners are open to the proposition. This is your chance to offer a lowball price. To find homes with absentee owners, your best bet is to use a list of public records.
Rental housing deals often come from absentee owners as well. Keep an eye out for great rental housing and you may find homeowners who would be happy to sell instead.
5. Look for a Foreclosed Property
It takes some time for a bank to officially foreclose on a home. During the wait, the home has slowly fallen into disrepair. Banks are also desperate to sell these properties before they get any worse.
For this reason, foreclosed homes are some of the best deals you’ll find anywhere. But you won’t find them in great condition. Be ready to put a significant amount of money and elbow grease into one to make it habitable.
6. Avoid the City
Hot locations come with hot prices. If the location of your property doesn’t matter, search for housing in rural areas. These houses come at steep discounts since they aren’t in popular locations and can be inconvenient.
The problem is you’ll have to travel far out of your way to inspect these houses, which can make for an exhausting housebuying experience. As an alternative, you can search for houses near less popular metropolitan areas. Although they may not have all the bells and whistles, the essentials will still be nearby.
7. Find a Wholesaler
Why not let someone else do the work for you? A real estate wholesaler is a professional who finds great housing deals and sells them to others. Although they do offer the deal at a higher price to earn a commission, you’ll still snag a property on the cheap.
However, wholesalers often accept cash only and most of their homes are not in great shape. Keep these footnotes in mind before pursuing this option.
Ready for Great Real Estate Deals?
Then what are you waiting for? Now that you know how to find property at low prices, massive savings are just around the corner. These strategies can save the day whether you’re looking for a starter home or a commercial office.
Remember to keep a positive mindset. It can seem like you’re wasting time as the process drags on. But once you land a great deal, it will pay dividends.
Looking for additional information about finding or owning a home? Take a look at our home blog for more great tips.
