Buying a Home in Coastal Georgia? Here’s How to Get a Good Deal

Are you going to be buying a home?  Your timing is impeccable!  There are more listings than ever before and lots of motivated sellers.  Here are some tips to help you find the best buy.

(1)  Go to a local Bank or Mortgage Lender to start your application.  This accomplishes two things.  The lender will tell you that you can obtain a loan and she or he will establish your price range.  If you are new to the area, call or email me and I will give you some recommendations for lenders and points of contact.  Use a local lender.  It is hard to reach some underwriter in Denver when you are supposed to close the next day!  If he or she is in Brunswick, you can go stand on their desk to demand information.

(2) Search the local MLS — http://brunswick.1st-place.com  — in your price range and $15,000 higher.  In this market, you may be able to negotiate some of these higher priced properties into your price range.  Learn what is on the market.  There is a link on my web site that will take you to the local MLS.  You might even drive to some of the neighborhoods that look appealing to you.  If schools are important, go to www.schoolmatters.com to check out the Glynn County system.

(3) Describe to your agent your ideal home or condo and your price range.  Let them know the areas that you favor.   Ask them for print outs on homes matching your description and price range.   Your agent will have more details on homes than you are able to see on the public side of the MLS.

(4) Have your agent set up some showings to see your favorites.  Ask to see no more than 6 homes per day.  Any more and they will all blend together in your mind.  Take notes at each showing and use your digital camera to help you remember the homes.   Try to develop a “top 3″ list of homes you would like to buy.  Remember, no home is perfect.  But, you can try to find the one that has the most positive aspects for you and your family.

(5) Now it is time to prepare your offer.  Ask your agent to run a comparative market analysis on recent sales of homes similar to the one you want to purchase.  This will give you a price range to negotiate for in purchasing the home.  Not all agents are adept at comparative market analysis.  So ask your agent to show you the analysis and explain how he or she identified the price range.

(6) Your offer “strategy” should be to negotiate into the price range defined by the recent sales.  One word of caution.  If you really love the home and no other will do, tell the agent to make a full price or close to full price offer.  In this case, you don’t want to be negotiating for lower while some other buyer comes along and takes the home off the market.  Otherwise, offer a price near the range.  Terms are important too.  If you are offering “all cash at closing,”  close in 2 weeks, a large amount of Earnest Money, and “as is,” the Seller is more likely to accept a lower price.  But, if your terms are contingent on your home selling, 45 days to close, a rigerous home inspection, closing costs, home warranty, and throw in the stainless steel refrigerator and the living room furniture . . . ,  you will have to go higher in price!

(7) If you are successful, congratulations!  If the Seller is oblivious to what homes are selling for and will not negotiate lower (even after your agent shows the listing agent the comparative market analysis), go make an offer on home number 2.

This is a fantastic time for purchasing a home.  Hopefully, these tips will help you get what you want at a reasonable price.