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Excellent Tips To Make A Real Estate Purchase Offer

Sep 2, 2008
What are the items you should take care while placing a real estate purchase offer for a property at the present time of recession?

You have to do proper homework before placing a real estate purchase offer. There are many excellent tips, which can be successfully applied to make a real estate purchase offer beneficial to the buyer and simultaneously workable.

- Mostly real estate agents quote the asking price at a higher level, as they are benefited with the commissions from the seller. So while making a real estate purchase offer, make sure that you put a maximum discount based on the market prices and the conditions of the property.

- You can go through the recent list of sales and find out the approximate price for the property. A proper search through the country recorders office will benefit you much in deciding a perfect real estate purchase offer.

- A thump rule for the discount you can ask is about 20%. This can vary depending on the area, condition of the property and the urgency of the seller. Earlier times people used to put 10% discount generally, but with the down economy, you can get the properties at low price.

- You may even get better discounts if you pay attention to the seller's requirements, market values, location of the property, demand for the property, and the legal conditions of the property. For example if you go for a foreclosure property, you will gain much more discount.

- You can see the demand of the properties. If the property has been in the market for a long time, you can make further discounts in the real estate purchase offer. Obviously there is not much demand for the property and the seller will be tempted to sell it off even at a reduced price. As a buyer you will gain.

- Before making a real estate purchase offer, you make sure that the loan is pre-approved. If you have any property to sell to purchase new property, make sure that you have got money in hand before making a real estate purchase offer.

As a buyer, you will have more attraction if you have whole amount in hand or already have pre approval. This will get you much more benefit than you expect. Pre approval simply tells that all processes for mortgage approval are over and it is only few days to make the cash transaction.

If you follow these simple steps, you will gain much in this real estate market investment. You can make a beneficial real estate purchase offer, if you do proper homework and put some efforts.
About the Author
Prue and her 1-of-a-kind site at http://www.realestatebloom.com (where else?)helps you to make money in ways you've never known. Discover how to be a millionaire making money via real estate investment within days, even in a down market!
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