“Downturns don't last forever, however, and profits usually result for those with enough dry ammunition to be able to participate in the next upturn.” Wall Sreet Journal.
There are several types of opportunities in today buyer's market. You are either planning to buy a second-home by the beach, you are looking for a long-term investment or the combination of both.
Cash buyers have the advantage to offer better terms to the seller’s, such a quick closing date. In addition, if Seller’s bank is involved in the transaction, cash buyers are looked at by the bank as the more solid alternative to a deal. Banks are in the business of wholeselling money not real estate, so if you can help them turn their liabilities into assets you can make profit from a great purchase.
"Price is today the single most important consideration when buying or selling a home in today's marketplace"
Choose a real estate professional that specializes in the market area where you are planning to buy your luxury property. The more specialized your real estate professional, the better. Your real estate professional might be able to locate properties that many times are not “listed” in the Multiple Listing Service (MLS) and give you “inside” information that could benefit you and make the difference to win at the time of negotiating a property.
Use the information to your benefit. Ask your real estate professional to send you the latest “closed sales” comparables in the building. The bank looks at comparables for the most recent closed sale in the last six months. However in this rapidly changing business environment, the prices within a building can vary on a day-by-day basis. If you do not find “closed” comparables in the last six months try extending your search to the last 12 months. Cross-check the “closed sales” in the MLS with the Tax Rolls for greater accuracy.
Opportunities are abundent. Search for foreclosures, bank owned properties (REO’s), approved short sales or defaults. Regardless what was the original asking price of a property, review the latest comparables of SOLD property and compare based on “price per square foot” as a better indication of value.
Most important, if you see a great deal in a building that you like, don’t hesitate, take it. If it is such a good deal it may not be available in the market tomorrow. Times are tough and the market is slow, but you are looking at the most desirable properties in the high-end market niche. There are other sophisticated cash buyers out there, waiting for the right opportunity to snap it out of the market. Do your homework, be knowledgeable and make a fast educated decision. The best negotiators are the ones that actually make the transaction happen, not the ones that that procrastinate or push the deal so hard that they lose the opportunity to somebody else that is more ready, willing and able.
In the end, it is all about finding the property of your dreams for you and your family to enjoy and give you many many years of fun, relaxation and good health. So why not start now? Good luck in your search for your dream home.
Preview the Best Foreclosure Opportunities in the Miami Metro Area. CLICK HERE
Home Top of the Page
