As an experienced real estate investor, one of your most sought after strategies is buying property "on the cheap." This strategy has been very popular for many years, but there is actually more to it than meets the eye. The fact is, buying property "on the cheap" can be risky business if done incorrectly. To avoid falling into the pitfalls of purchasing homes on the cheap, I recommend asking any real estate investing veteran for their opinion. Below are some of the most common misconceptions about buying homes on the cheap.
First, sellers should never sell property "as is." Every real estate transaction is unique, and buyers should never accept a home as-is. When selling property, sellers should always have an inspection. No matter how carefully the seller documents the condition of the home, buyers should always have access to a thorough inspection report detailing the condition of the home. This inspection should be part of a Seller's Portfolio/MSI (statement of conditions) or a Sellers brochure/listing. At need to sell my house fast they will help in inspecting the conditions of the house to ensure their clients have the best property.
Another myth is sellers need to pay more for home inspections. In fact, a well written Sellers Portfolio/MSI is the only complete document that buyers should purchase when selling a property. The statement of condition is just a portion of the total property cost. The rest of the sale price (buyer's earnest payment amount, closing costs, real estate commissions and any other fees) can be negotiated during the short sale process. And, of course, any other fees involved are always negotiable, so buyers should never feel pressured to pay anything above and beyond what is fair market value. If a seller offers something above and beyond what is fair market value, buyers should always have options to negotiate or to walk away. Selling my property for cash will help negotiate pricing to the best deals.
There is another myth that is often heard, which is, "a short sale won't close a real estate transaction." Nothing could be further from the truth. Negotiating a short sale is much like negotiating a lot of other transactions including: lease negotiation, open house negotiations, private sale negotiations, etc. The buyer really wants to get a good deal, and if they can do so with a short sale - they should get a good deal. Short sales are not "drowning losses" but rather they are opportunities to buy low and sell high.
The third myth is, "mystery shopping is a waste of money." Again, this is not true. Mystery shopping can actually save a seller thousands of dollars on a short sale if the mystery shopper accurately determines the value of the home's many aspects. A competent mystery shopping company will conduct an assessment of many aspects of the real estate, including; location, condition, and taxes, among others. These companies will provide the seller with a report, in writing, that will include the complete information on the condition of the home, listing price, gross rent, and other aspects.
Mystery shopping can not only save sellers money, it can also save the buyer's money. One of the main reasons many buyers fail at transaction is because they don't fully understand the market and how the real estate works. If a seller didn't provide the information necessary to make an informed decision about the property, then the buyer may end up paying higher closing costs, or even getting into a bad agreement. Mystery shopping allows the buyer to have the upper hand and provides the seller with a chance to come clean and correct any misconceptions. Mystery shopping is a great way to make sure you get a fair market value for your investment properties. Follow this link for more info about selling property: https://www.huffpost.com/entry/how-to-pick-a-real-estate-agent_n_5a5fbe5ee4b0ccf9f12121d2.