5 simple tips on how to find amazing real estate deals you won't believe are real
- Feb 25, 2018
- 2 min read
Updated: 7 days ago
1. Get Pre-Approved, Not Pre-Qualified
Do not start seriously searching until you have a lender-verified pre-approval letter. Sellers often ignore offers that are only "pre-qualified" because the information hasn't been verified. A pre-approval shows you are a serious, capable buyer and strengthens your negotiating position.
2. Seek Out "Nasty" Homes in Nice Neighborhoods
Look for homes that need significant cosmetic repair ("TLC") in desirable areas. Often, these homes sit on the market longer and have less competition, allowing you to buy for lower prices. Remember: you can fix a house, but you cannot fix its location.
Focus on substance, not style: Look past bad wallpaper, paint, or carpeting, as these are easy and inexpensive to change.
3. Look for Off-Market Properties
Don't wait for homes to hit the MLS (Multiple Listing Service).
Drive for dollars: Drive through target neighborhoods looking for vacant-looking homes or fsbo (for sale by owner) signs.
Network: Talk to neighbors, local business owners, and real estate agents about properties that might be available soon.
Targeted Outreach: Look for "absentee owners"—people who own property but don't live there (like landlords) who may be tired of managing it.
4. Search for Homes Sitting 30+ Days
Properties that have been sitting on the market for over 30 days are often prime for negotiation. Sellers might be getting anxious and are more likely to accept a lower offer, especially if they have already bought another home.
5. Define Your "Buy Box" and Act Instantly
Identify the exact criteria of your ideal property—location, size, price, and neighborhood—before looking. Once a property that fits your criteria appears, act fast.
Be decisive: Top investors aim to make an offer within 24 hours of a new, high-potential listing coming on the market.
Use the 3-3-3 rule: As a guide, try to review at least three properties that fit your criteria before making a final decision
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