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Real Estate Tips For April 2014

Here are 30 Secrets that significantly help home buyers purchase properties at the best possible price, in the shortest period of time and under the best terms and conditions.

Phil Mitsch Is America’s #1 Economic, Real Estate, Financial And Motivational Trainer.  He Is Also The Real Estate Industry's All Time Top Producing Residential Realtor.  www.PhilMitschForAmerica.com  @PhilMitsch
Phil Mitsch Enterprises

Secret #1
Work with mortgage loan officers who are knowledgeable and experienced.

Secret #2
Work with mortgage loan officers who can provide you with a mortgage pre-approval certificate (a conditional mortgage commitment) rather than a mortgage pre-qualification certificate prior to looking at properties.

Secret #3
Work with mortgage loan officers who can provide you with a mortgage pre-approval certificate with up to 9 different mortgage amounts on it.

Secret #4
Work with mortgage loan officers who can provide you with a mortgage pre-approval certificate that specifies whether you need a FHA, VA, conventional or other type of special mortgage program.

Secret #5
Work with mortgage loan officers who can provide you with a mortgage pre-approval certificate that specifies the length of mortgage that is best for you based upon your financial and psychological needs.

Secret #6
Work with mortgage loan officers who can provide you with a mortgage pre-approval certificate that specifies the maximum amount of monies that you will need to purchase a property including deposit, downpayment, settlement cost, escrows and seller property tax, water, sewer, etc. reimbursements.

Secret #7
Work with mortgage loan officers who can provide you with a mortgage pre-approval certificate that specifies your maximum gross (before tax reimbursements) and net (after tax reimbursements) monthly mortgage payment.

Secret #8
Work with mortgage loan officers who can provide you with a mortgage pre-approval certificate that specifies whether you are a psychological or real sale of home contingency buyer that either does or does not have to sell and settle another property. The certificate should also specify whether or not you have any other hidden contingencies.

Secret #9
Work with real estate agents who are knowledgeable and experienced and are extremely familiar and successful at selling homes in the specific geographical areas you are interested in.

Secret #10
You increase your odds of finding the right home that meets your financial and psychological needs by having knowledge of all homes for sale in the geographical areas you are interested in. By “all,” I mean duress and non-duress homes that are for sale in the following categories: 1) real estate agent listings, 2) for sale by owner, 3) new construction, 4) handyman specials, 5) pre-oreclosures, 6) foreclosures, 7) short sales, etc.

Secret #11
Always verify property taxes before making an offer.

Secret #12
Always verify lot size before making an offer.

Secret #13
Always verify cost of utilities before making an offer.

Secret #14
Always verify that any improvements made by sellers were done in accordance with local governmental regulation before making an offer.

Secret #15
Always review association by-laws before making an offer. Doing so will prevent a lot of arguments, misconceptions, misunderstandings, threats of lawsuits and actual lawsuits taking place after final settlement.

Secret #16
Always determine the current market value of a property before making an offer so that you know if the asking price is realistic.

Secret #17
Don’t’ hesitate to attach a competitive market analysis to offers so that sellers know that you are aware of current home values in their area. Doing so will result in more accepted offers.

Secret #18
Don’t’ hesitate to attach a letter to your offers spelling out the specific reasons why you are offering a specific price, terms and conditions. Doing so will result in more accepted offers.

Secret #19
Don’t’ hesitate to periodically resubmit offers that have been rejected, especially on overpriced properties. Doing so will result in more accepted offers because persistence does pay off.

Secret #20
Submit offers in the form of an agreement of sale rather than an offer to purchase form. Doing so makes sellers, listing real estate agents and attorneys aware of all terms and conditions of your offer rather than only some of them and will result in more accepted offers.

Secret #21
Make your offers contingent upon a home inspection so that you will be aware of all cosmetic and functional deficiencies and potentially repair costs.

Secret #22
Agreeing to purchase a home “as is” without having knowledge of all cosmetic and functional deficiencies and repair costs can potentially lead to a financial disaster.

Secret #23
Make thorough interior and exterior inspections of a property prior to making an offer.

Secret #24
Make thorough interior and exterior presettlement inspections of a property prior to final settlement to ensure that any seller warranties pertaining to the condition of the property have been fully complied with.

Secret #25
If a presettlement inspection reveals a seller warranty violation pertaining to the condition of the property there are 6 potential options to resolve this problem. Make sure you know what they are.

Secret #26
Make sure any changes in price, mortgage amount, financing, repairs, etc. that are agreed to after agreements of sale have been signed are put into writing in the form of an agreement of sale amendment that should be signed by all buyers and sellers.

Secret #27
Always have your maximum amount of monies needed to complete final settlement confirmed prior to final settlement in order to avoid any financial and psychological problems from developing.

Secret #28
You have the option of working with a real estate agent as either a client or customer.

Secret #29
If you opt to work with a real estate agent as a client you should sign one of the 4 types of buyer agency agreements permitted by real estate law. This agreement requires the agent to provide you with 6 fiduciary duties. Make sure you know what they are.

Secret #30
If you opt to work with a real estate agent as a customer you should sign one of the 4 types of transaction broker agreements permitted by real estate law. This agreement requires the agent to provide you with 3 fair and honest duties. Make sure you know what they are.

Happy house hunting.

Remember to look for my “Real Estate Tips For May 2014” article in about four weeks.

Respectfully,

Phil Mitsch

Agents’ Note: Phil Mitsch is America’s leading economic recovery, real estate, lending and motivational coach. He is also the real estate industry’s all time, top producing residential Realtor. His 1) biography, 2) testimonials, 3) seminar topics, 4) books, 5) videos, 6) audios, 7) economic recovery tips, 8) real estate tips, 9) lending tips and 10) motivational tips can be found at www.PhilMitschForAmerica.com. For further information, contact Phil Mitsch Enterprises in Cherry Hill, New Jersey at 856-665-6569, on Twitter at @philmitsch, or by email to philmitsch@verizon.net.