TIPS AND TRICKS

To get the best value for your money, follow these simple steps:

1 KNOW WHAT PRICE YOU CAN AFFORD

This is the first step to avoid paying too much. Get preapproved in writing.

2 TAKE YOUR TIME

Based on our experience with the real estate market and knowledge of the characteristics of various locations, we can help you choose the right place at the right price. We will help you to research facts such as rate of return, crime rates, school quality, shopping, transportation, flood areas, and commute time.

3 WORK WITH A TOP-QUALITY BUYER'S AGENT

It's best to work with just one buyer's agent at a time. Property shopping can take months, although sometimes the first or second property you inspect is just right for you. We offer exclusive representation contracts, usually for between 30 and 90 days, with the possibility of extension. A top quality buyer's agent will help you negotiate the best price using their understanding of culture specific negotiating tactics which you may not be familiar with.

4 ASK QUESTIONS

Ask lots of questions before making a purchase offer. Your buyer's agent will help you to find out the true reason the seller is selling because this will influence if you can buy at a bargain price.

5 INQUIRE ABOUT THE TRUE PROPERTY VALUE

In many cases there are professional assessments of the property available which will help to guide your offer. Your buyer's agent will translate these into English for you. Property assessments may be either below or above market price as is the case with city and country properties. Your buyer's agent will help you decide on the best strategy.

If the property has been owned for many years or restituted from the government, the seller's cost basis is far below today's market value. In such cases you may have lots of negotiation room to buy a bargain. However, if the seller purchased within the last few years and has a large mortgage, there probably isn't much room to negotiate on the price.

6 WHEN YOU FIND A PROPERTY, EXAMINE A COMPETITIVE MARKET ANALYSIS (CMA)

Your buyer's agent will prepare a CMA for you. The CMA shows (a) recent sale prices of comparable properties, (b) asking prices of similar properties now listed for sale, and (c) asking prices of recently expired listings (that were probably overpriced).

Your buyer's agent can then help you arrive at an intelligent purchase offer price so you don't overpay. Remember you can always raise your offer price, but you can't lower it after the seller accepts.

7 DISREGARD THE SELLER'S ASKING PRICE

Although you may be told differently, everything is negotiable. It is true that some unique properties sell above their asking price but this is not common. A few listing agents and their sellers will deliberately underprice a home, hoping to create a buyer's frenzy.

When the asking price isn't justified by your CMA, you'll know the property is overpriced. If the asking price is far too low, find out why before making a purchase offer.

This holds true especially when participating in public auctions. Know what you are willing to pay and instruct your representative accordingly.

9 IF YOU WANT TO PROFIT FROM YOUR PROPERTY PURCHASE, BUY A FIXER-UPPER BELOW ITS MARKET VALUE

BUT beware of the potential pitfalls, such as unexpected repair costs. You may subcontract work yourself or there are firms, which your buyer's agent can recommend, which will do all of the work start to finish and hand you the key. Fixer-upper houses and apartments can be extremely profitable if you don't overpay.

10 EVEN BRAND NEW PROPERTIES HAVE PROBLEMS

Please be aware that no property is perfect. Even brand-new properties have their problems. Buying a property is a series of compromises, the most important of which is to negotiate the purchase price at or below market value to avoid overpaying.