Inventory Tips
It all begins with an idea.
If you’re interested in buying a home, the first and best thing you can do is to visit a mortgage broker to determine a price range that gives you a monthly payment that fits your budget. Different lenders may have somewhat different programs and one may be the best fit for your situation. Once you get an idea of what you can afford with a conventional loan, then we can begin the creative work:
First, we will look at the available listings on the MLS.
If the market does not have a house you find appealing, we can look through recently expired listings. Those owners have shown an interest in selling and some are more flexible if they are paying only one side of the commission.
You may want to review properties advertised for rent either privately or through management firms. Some of those owners might consider a sale, rather than going through another tenant placement.
We can locate and work with sellers who are selling independently (“For Sale by Owner”).
I can also help you to create your own listing. There are many owners who would prefer to sell but who, for any number of reasons have been reluctant to enter the marketplace.
Step One: Visit the neighborhoods that most interest you and seem to have prices in your ballpark. I can help you to reach the owners and to estimate the value of their properties.
Step Two: You can write to the owners of the houses you find most appealing to see if they would consider selling. This outreach is called a Letter of Interest. Let me know if you’d like to learn more about this process. The personal connection you make with the owner may also open doors to favorable interest rates or other terms as you will be able to speak directly with the owner to understand their needs and explain your situation as well.
I am happy to help with any or all of the 5 methods above. As mortgage rates come down, the cost of ownership will be less. This will likely increase the number of buyers. However, these 5 methods are focused at producing opportunities beyond those presented by conventional sources like the local MLS. It’s best to review all possible sources to determine the best opportunity and then negotiate price and terms, knowing you can refinance later.