Posted by: Roby Robertson | August 2, 2008

Lake Norman Real Estate, How to Buy a Home Below Market Value

Learn How to Find a Lake Norman Home Below Market Value

Lake Norman Real Estate Bargain Hunters

I have been thinking about this post for a few days now.  I was reading an interesting article in the Charlotte Observer this morning which, for some reason, spurred me into acting.

The Observer article talked about buying a home with gas prices so high and how agents and clients are dealing with it.  This article actually is not about buying a home under market value, however it does emphasize the Internet which closely parallels my philosophy and this subject.

Let me give you what I believe are some of the most important points about finding homes that may be available below market value.

  • Patience
  • Remove Emotions
  • Hire a tech savvy and patient BUYERS agent
  • Be realistic
  • Get Pre-qualified

Lake Norman Emotional Buyers

Patience
This process will take patience because it will not happen overnight. Finding the right home and at the price you want to pay will not be as easy as it sounds. Couple that with the price of gas(see article above), much of the work will be done outside the actual viewing of the homes.

Emotions
Try very hard not to get to tied to just one home. Your emotions will take over and you will move from ‘like to have’ to ‘got to have’ which removes some of your edge.

Hire a tech savy BUYERS agent
The Internet is now king. There is research to be done. Days on the Market may not be real days on the market. There are things in archive to find that may help. There are tax records to research. There is information to be shared before actually driving all over creation. There is demographic information that important which Real Living In Style gives you with each listing.  I will give you one more thing to think about.  Some people think that by directly going to the listing agent, they will get a better deal because commissions can be negotiated.  In some cases this may be true.  However, it is not a guarantee.  Also, putting an agent in a dual agent situation can be touchy especially in this situation.  You need complete representation.

Be Realistic
You will need to be satisfied, at times, with possibly not getting a home exactly at your price. Charlotte and Lake Norman are still great markets. While bargains exist, you may not get the ‘steal’ you are thinking you might get. The thing to remember is equity. Obtaining instant equity is a good investment. Our market will stay strong.

Get Pre-Qualified
This is an important step. First of all your wasting your time looking if you have no idea what you can afford. Second, being able to show the ability to get funds puts you in a great bargaining position.

Last but not least is buying through an Auction.  Even if you decide to buy this way, you should consider hiring a Buyers Agent.  Most Auctions allow this and it will not affect the price you pay.  Plus, the agent can assist you in gathering the information you will need to make an informed decision.

Please feel free to contact your Lake Norman Area agent at 704 451 7051 if you need additional information or assistance.

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