How To Buy A House Sooner And Cheaper!

Purchasing a home is most likely the biggest and often the best investment that you will ever make. So what’s the hold-up, dear friend?

If you are focusing your savings on investing on a new home, say, maybe within two to five years, then consider the following tips culled by our cognoscente of real estate specialists.

Don’t buy from just any seller – look for a motivated seller. A motivated seller is someone who has a house he or she wants to get rid of quickly. It could be that the owner was unable to sell the house on his or her own or that, even though the house was listed through a real estate agent, it just didn’t sell. Because only about 5 percent to 10 percent of sellers are truly motivated, you may need to relax your must-have requirements in a house.

Find a seller who doesn’t need cash upfront. Most of the time, sellers are planning for their next home when selling their old one. Look on the other side of the fence – people who have since moved into a new home before selling the old one. Vacant properties or homes that have been rental properties also are good candidates. The reason being, the people who are selling these homes would most probably have the luxury of waiting for their cash to come in.

Imbue your offer with some strategy – how about setting it up as a lease purchase? This means renting the home for the first four to five years with a set monthly fee – do not buy it outright. This way, it’s a win-win situation for both sides – the seller can take care of the property’s costs while you, in the meantime, can live in the home, have time to spend for down payment and make the purchase when the time is right. This strategy would not be complete if you do not offer the option to buy the home at a price no greater than the present value. If the seller is not willing to go along with this, then look for someone who is more motivated to sell.

Our experts have a bonus idea you might want to try – see if the seller is willing to credit the purchase price for each month you are paying him/her your rent.

Using these ideas, you’ll be able to buy that special house this year rather than waiting another two years or more. And another great thing about integrating the above ideas of the game plan is the extra income involved – say, your home is worth $200,000 as of the present, you can make up to $40,000 more with a 10 percent appreciation rate!

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