Buying Cheap Property Through Agents
Buying A Cheap Property Through an Estate Agent
Most private and investment buyers do so through estate agents. These often charge the vendor a fee of 1 to 2.5% of the total sale price. You might be able to get a slightly better deal by checking private advertisements. The estate agent should be viewed by investors, as a useful person to ask advice on investment property and to help them get to know the area. In a sellers market, such as what we have in early 2004 in the UK, they may be very busy – so investors should try and be as efficient as possible with the use of their time.
Estate agents add a lot of value in holding property deals together, solving problems and negotiating tricky issues for you with the seller. However remember they represent the interests of the seller, so be careful with advice you are given on specific property.
The best plan is to get to know one or two estate agents in your chosen area very well – make sure they know exactly what you want – be very honest with them. Tell them up front how much you are looking to spend what type of property you might be interested in. Ask them if there are any particularly good deals around for such an investor. You will be surprised what might turn up.
Tell them you like to buy under normal market value since you have finance already arranged and are an experienced investor with a strong track record. Offer to give references.
If you are interested in a particular property, ask about the vendor – what do they want apart from a good price? Are they in a hurry to sell? Are they looking for an investors to purchase their property? Do they have to sell because of moving jobs, divorce, financial problems? This information will give you an idea about how low a price you can offer. As a general rule, most sellers like investors because they are not in a chain, they often have finance already arranged and they are normally experienced, with high levels of commitment to purchase.
Estate agents often have their own websites that you can check property details on. Some estate agents also advertise with internet portals so you can see many different agents details on the same website.
If you think there is not any competition for the property, this is the best situation to be in. Put offers on a fax describing the conditions of your offer, advertising your strong points and saying the offer is subject to contract. Having something in writing for the estate agent to give to the vendor always goes down well and demonstrates your commitment.
If you are desperate to get your offer accepted and do not mind risk, you can offer say a small non refundable deposit in cash within say two days of the offer being accepted. This is to show how serious you are – of course the vendor can accept, take your cash, then sell to someone else, but the chances of this underhand behaviour happening is very small.
Try to get to know the vendor and strike up a business like relationship with them. Be nice to them, be friendly and courteous. If they like you they are far more likely to accept your offer even if it is low.
Andrew Stefanczyk has been involved in property investment for fifteen years and also runs a website for property investors.
Properties For Sale
Most private and investment buyers do so through estate agents. These often charge the vendor a fee of 1 to 2.5% of the total sale price. You might be able to get a slightly better deal by checking private advertisements. The estate agent should be viewed by investors, as a useful person to ask advice on investment property and to help them get to know the area. In a sellers market, such as what we have in early 2004 in the UK, they may be very busy – so investors should try and be as efficient as possible with the use of their time.
Estate agents add a lot of value in holding property deals together, solving problems and negotiating tricky issues for you with the seller. However remember they represent the interests of the seller, so be careful with advice you are given on specific property.
The best plan is to get to know one or two estate agents in your chosen area very well – make sure they know exactly what you want – be very honest with them. Tell them up front how much you are looking to spend what type of property you might be interested in. Ask them if there are any particularly good deals around for such an investor. You will be surprised what might turn up.
Tell them you like to buy under normal market value since you have finance already arranged and are an experienced investor with a strong track record. Offer to give references.
If you are interested in a particular property, ask about the vendor – what do they want apart from a good price? Are they in a hurry to sell? Are they looking for an investors to purchase their property? Do they have to sell because of moving jobs, divorce, financial problems? This information will give you an idea about how low a price you can offer. As a general rule, most sellers like investors because they are not in a chain, they often have finance already arranged and they are normally experienced, with high levels of commitment to purchase.
Estate agents often have their own websites that you can check property details on. Some estate agents also advertise with internet portals so you can see many different agents details on the same website.
If you think there is not any competition for the property, this is the best situation to be in. Put offers on a fax describing the conditions of your offer, advertising your strong points and saying the offer is subject to contract. Having something in writing for the estate agent to give to the vendor always goes down well and demonstrates your commitment.
If you are desperate to get your offer accepted and do not mind risk, you can offer say a small non refundable deposit in cash within say two days of the offer being accepted. This is to show how serious you are – of course the vendor can accept, take your cash, then sell to someone else, but the chances of this underhand behaviour happening is very small.
Try to get to know the vendor and strike up a business like relationship with them. Be nice to them, be friendly and courteous. If they like you they are far more likely to accept your offer even if it is low.
Andrew Stefanczyk has been involved in property investment for fifteen years and also runs a website for property investors.
Properties For Sale
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Source: http://www.articlealley.com/article_115683_33.html
Source: http://www.articlealley.com/article_115683_33.html
Labels: real estate, Realtor
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