How can I get the most house for my money?

Asked by Neil Kugelman, Philadelphia, PA Sat Sep 27, 2008

There are many parts to this question that every Buyer asks. Choose the neighborhood first, not the house. The location is the determing factor for value. It's like picking the best line at the grocery store. You need to project where the neighborhood is heading in the future. The more risk you take, the higher the leverage, the more you stand to gain. The better the perceibved neighborhood, the "safer" your investment, the less likely to depreciate. Wherever you can invest sensible sweat-equity (do the work yourself in a professional workman-like manner), the better your payoff will be when selling.

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6
Bill Eckler, Agent, Venice, FL
Sat Sep 27, 2008
Eileen,
Multiple sellers...

We coach our bargin hunters to identify 3-5 homes they really like ranking them in order of desirability.

Starting with their #1 home an contract offer is presented. Once this has "failed" we notify the seller that our interest in the property remains but that we are moving on and place our offer on the buyers "second" choice. The buyer interest is identified as active, up until there is an executed contract.

When offer #2 fails, we move on to choice number 3 and follow the same procedure. In essence the buyer is trying to identified the truly motivated seller. Important to this process is making each seller's agent aware of the buyer's course of action...

In a small world and a buyers market, unless you are really "bottom feeding," something will materialize.
1 vote
Eileen Musser…, Home Owner, York, PA
Sat Sep 27, 2008
Hi Neil,

I assume we all know that we are continuing this thread for the benefit of the readers who are listening in since you are a Pro, not a consumer.

Bill, thanks for the clarification. That's pretty much what I meant by "NEXT!" Glad to see we are on the same page; the details in your answer are bound to be helpful to both pros and consumers.

It is a tricky time to be buying and selling real estate, but I think there are great choices out there. Buyers should not miss this chance to roll back the inflationary trends we saw over the last several years. Lock in that interest rate and get a great home!

Rah! Rah! Real Estate!!!
0 votes
Eileen Musser…, Home Owner, York, PA
Sat Sep 27, 2008
Bill, if you are still "in the area" will you explain further what you mean by negotiating with more than one seller at a time?
In my area that is difficult to do unless you are in a position to buy more than one property, or are willing to give up the deposit if two sellers were to accept your offer at the same time.

Eileen
0 votes
Eileen Musser…, Home Owner, York, PA
Sat Sep 27, 2008
Very simple! Repeat after me.........NEXT!

Just remember, if you take this hard cold approach you will be offending sellers, wasting Realtors' time, putting yourself at risk of buying a pig-in-a-poke, and generally going agains lots of current wisdom.

I don't know..........Is it worth it?

If not, then listen to the great answers you have been given here.

If getting the most house for the money means you want the deal of the year, you have a lot of work to do. If it were easy anybody could do it.

If it means finding a great home that you can afford, your buyer's agent has a lot of work to do. YOUR CHOICE!

Eileen's Green Team at Gateway
0 votes
Chris & Step…, Agent, Philadelphia, PA
Sat Sep 27, 2008
Neil,

Good points. The next step would be to have a buyers agent who is an expert in that neighborhood, one who knows all the comparable properties and sales. That knowledge can create leverage from a negotation standpoint. Further, the consultation and advice is priceless.
Web Reference:  http://www.thesomersteam.com
0 votes
Bill Eckler, Agent, Venice, FL
Sat Sep 27, 2008
Neil,

We feel the best way is by doing your homework, knowing the local market, and tough negotiations. Often negotiating with more than one seller at a time.
0 votes
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