Powerful Buying Strategies in Summit County CO
By Craig Walsh
Buyers who follow the rules of the game have the best chance of winning the Summit County CO real estate of their dreams at the best price. I heartily suggest that buyers of Summit County CO homes heed the following points:
The way to make a strong offer on Summit County CO real estate (or Silverthorne or Breckenridge CO real estate, etc.) today is to get “pre-approved.” This happens after all information has been checked and verified. The buyer is actually approved for the loan. The only loose end is the appraisal on the Summit County Colorado real estate. This process takes a few days or weeks, depending on the situation. It’s very powerful and a weapon I recommend all my clients have in their negotiating arsenal.
Sell First, Then Buy
If you have a resort home/investment home to sell, sell it before selecting another one to buy! I haven’t seen a contingent sale work in the last three years, unless it’s with a new home builder who has other resort homes to sell and can afford to put one on a contingency. When selling first, specify the sale “subject to seller finding suitable housing.”
Buying before selling might cost you tens of thousands of dollars. Let’s pretend that we find the perfect property and you love it! You make an offer and ask the seller to reduce the price and wait until you sell your resort home. The seller figures there is risk of passing up another buyer who doesn’t have to sell a home while he waits for you. So, he says, “Okay, but only with a full-price offer! ” Now you have to sell your existing house in a hurry so you take a low offer.
Play the Game of Nines
Before house hunting, make a list of nine things you want in the new place and then a list of the nine things you don’t want. This is called the “Nine of This and None of That” and is used as a scorecard to rate each property that you see. The property with the biggest score wins! This game helps to avoid confusion and keeps things in perspective while comparing dozens of homes.
Keep in mind the difference between “Skin” and “Bones”. The Bones are things that cannot be changed such as the location, view, lot size, noise, school district, and floor plan. The Skin represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good Bones, because the Skin can always be changed to match your tastes.
Do Not Be Pushed into Any Resort House
Your agent can show you a complete list on the Multiple Listing computer. When homes are selling quickly, agents many times advise their clients to make an offer on the spot if they like the property. That is good advice only if you really like the property and you’ve seen enough to compare them.
Stop Calling Ads!
What’s not mentioned in the ad is usually more important than what is. Many resort homes have some drawback that is not mentioned in the ad, maybe traffic noise, power lines, or litigation on the unit.
You need someone looking out for your best interests. Your own agent will critique the property with an eye towards how well it meets your needs and will point out any drawbacks. So whether you decide to work with me or not, pick an agent you feel comfortable with and enlist the services of that agent.
Did you know that many homes are sold prior to any advertising? When an agent hears of a great buy, he’s going to call his client, who he knows will buy from him. So to get the best buy on a property, I always recommend that you pick one agent and stick with him!
Articles © Copyright 2006 by The Walsh Group