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I understand where you are coming from. I'm not a realtor but I also understand what he was trying to say.
If a buyer looks at 20 houses a day, it's likely that he hasn't done his own homework and relies too much on the agent. He will probably forget each house, after seeing all those houses. A smart buyer (especially out of towners) will spend time on researching each property online and then narrow down the search. I'd rather spend 1 hour on each house than 15 minutes. But I was open to my agent's suggestions.
I think 5 could be too low. Instead, plan 5 showings per day. For example, if you have 2 days to look, then pick 10. In my case, I had 3 days. After 3 days of house hunting (15 total), we liked 2 properties at the end: one was my own pick and the other was my agent's suggestion. It was a difficult choice but also gave us backup option during the negotiation period.
I'm not saying what I did is ideal for everybody. You have to find out what works for you. But narrowing down the search is not a bad advice.
I am a realtor and I also have bought many homes over the years. I have to agree that you should limit your viewing to 5 houses a day. After that, they begin to blur together. I also give my clients a checklist to fill out as they view a property. This helps a lot after seeing 5, 10 or 15 homes to know what features you liked about a specific property.
I was a seller and am now a buyer and I'll help. I think the lower the price the seller will take is directly proportional to how badly he or she wants to get rid of the property and move on. Many sellers who really want to move are just taking low ball offers, and moving on. The buyers that get the best deals are those that don't listen to agents who say that low ball offers are "offensive" to sellers. In my case, I don't think the buyers could afford to pay any more.
I say the worst thing that can happen is that the seller will refuse the low ball offer. I countered and the buyer raised the price a little which was too little so I returned the binder check. Then six weeks passed with the buyer's agent calling me weekly to "check-in" which wore me down. I DID want to move to another part of the country so I told him I'd accept the last offer they made.
Considering I had returned the binder check they could have said they no longer were interested in even paying THAT much and made even a lower offer once they learned I was considering their offer after all. Lucky for me, they did not do that.
I'd disagree with the advice to limit your search artificially. Doing that would get you to buy more quickly, generating commission for the agents involved, but doesn't make that much sense from a buyer's perspective. Would you marry one of the first 5 people you met after moving to a new area? Maybe, but why limit yourself that much?
Despite the emotional pleas to buy a house that "feels like home", this is a business transaction - be smart about it.
Had you read you'll note that I said this assumes a local buyer familiar with area.
I'd like to start a thread to collect some general ideas on smart home buying tactics. This thread is in no means trying to minimize importance of the advice and guidance of a RE Agent but more for those like myself that like to do all I can do to help myself and get the best deal.
Below is what I have so far not in order of importance. Please.. anyone (Buyers, Sellers or RE Agents) help me add revise or strike things from the list. My list assumes that you are always using your RE Agent for guidance on everything on the list, so please no flack on this.
Looking
1. Find the Best Websites for looking up MLS listings in my area.
2. Find the Best Websites for looking up REO's. - Will add my list later.
3. Find the local Government website that lists prior sales data and property taxes.
4.
5.
6.
Research on prospective properties/showings.
1. Go to all showings day, night and the weekends. Walk the area.
2. Pickup a neighborhood newspaper from a Gas station.
3. Use Greatschools.net to check area schools.
4. Get Online Crime Stats from local authorities, read census bureau fact finder and your states Sex Offenders registry.
5. Use Google Maps Satellite view to get a birds eye view of the neighborhood and check the traffic feature during rush hour to get an idea of commute issues.
6. Google the address with and without the street number to find out anything News worthy on the block and surrounding blocks.
7. Ask Questions on City-Data.
8.
9.
10.
Making Offers
1. Be Pre-approved or a cash buyer
2. Offer a quick Closing date
3. Limit the number of contingencies
4. Offer a significant amount in earnest $.
5.
6.
7.
Had you read you'll note that I said this assumes a local buyer familiar with area.
Relo's are a whole different game.
Even being familiar with the area, I still think narrowing the search that much without looking at houses can be pretty limiting. I've had enough experience looking at houses which looked great on the internet and bad in person (and vice versa) to try to be too selective without seeing them in person.
And that also depends on how big the area is. If there are many different areas more within your acceptable commute to work, you could be looking at 2 or 3 distinct locations at the start of your search. I wouldn't want to feel like I had to make a decision based on a house I kind of liked after only seeing 1 or 2 in a particular area, or after seeing 5 in one location and none in the others.
Again, in most places in the country, there's absolutely no urgency for buyers to move quickly on anything. I can see limiting the number of homes you look at per day or per week, but buyers have time to be picky.
Even being familiar with the area, I still think narrowing the search that much without looking at houses can be pretty limiting. I've had enough experience looking at houses which looked great on the internet and bad in person (and vice versa) to try to be too selective without seeing them in person.
And that also depends on how big the area is. If there are many different areas more within your acceptable commute to work, you could be looking at 2 or 3 distinct locations at the start of your search. I wouldn't want to feel like I had to make a decision based on a house I kind of liked after only seeing 1 or 2 in a particular area, or after seeing 5 in one location and none in the others.
Again, in most places in the country, there's absolutely no urgency for buyers to move quickly on anything. I can see limiting the number of homes you look at per day or per week, but buyers have time to be picky.
Most people know the area want to live in if they are from and familiar with an area.
Murphy's Law of Real Estate: The home you liked today that you might make an offer on tomorrow someone else liked yesterday and is making an offer today. The best homes and deals are still selling. If you like it someone else probably will too.
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