All Forum Posts by: Fred Eckert

Real Estate Buying Tips from Fred Eckert

Use a Realtor and if not paying cash, get a good lender. Get pre-approved for a loan!Buy when others aren’t buying!

Get information about the property you are interested in from Chicago Title! Online registration at www.chicagotitle.com in the upper right.Once registered, you can also get our free application that gives you property profiles on the fly!

We can tell you when the owners bought it, what they paid, who they are, how much they may owe to lenders, whether a spouse died etc.!

Find out, if you can, the seller’s motivation.Are they taking a CalifiorMoving, Death of Spouse (survivors have two years to claim the $500,000 exemption), Long Term Care, Needing a Handicapped Friendly Home, Downsizing, 1031 Exchange, Job change, Medical reasons etc.!

If you see the property, write the owners a note telling them how much you like the property! If you have children and they like the home, have them write a short note to the sellers too! If you visit the property, consider sending a thank you note and maybe flowers to the owners, thanking them for holding their home open for you to see!

Look at the photos, awards, and military or sports connections and mention these in your note or comments!

Get sales comparables from your Realtor and from Chicago Title (we have FSBO sales too)!

Is the lot splittable (more value later)?Is the home movable (ask me about Yanking the Land/Severed Improvements)?What is the zoning of your desired home and others nearby?

Overlook cosmetic issues!Get a Home Inspection! Check the schools, the walkability, and the ease of access, the neighborhood, the neighbors, and more!

Does the home comply with state law…smoke detectors, water heater safety straps, radon tested, carbon monoxide detectors.

Has the home been inspected for mold?What is the crime rate? Are services you require nearby?

Think about the future.Is it a single story and if not, where could an elevator go.Is it handicapped friendly?Could you install a stair chair? In California, ask me about proposition 110 and a request for reasonable consideration!

You should discuss Buyer’s Remorse (paid too much, wrong house etc.) as you will experience it!

Consider buying with and option or a lease purchase, if you are not sure of the home, property, schools, neighbors etc.!

Is there a Notice of Default on the home? Will the property be part of a 1031 Exchange?

Use www.chicagotitlesd.com and its consumer information links to help answer questions, like how to hold title, who pays for what etc., and get our 45 page comprehensive Buyer’s Guide!

Even if the home is not listed, you can make an offer!

Don’t have emotion when buying, only when you have succeeded in buying!

Buyers will probably have Buyer’s remorse as they think they have paid too much, bought in the wrong neighborhood etc.Make sure to discuss this with buyers!

Use the Chicago Agent free application to see the Seller’s full closing costs.

Knowing their closing costs, allows you to consider offering to pay for some of the closing costs, instead of increasing your offer price!Consider paying for a home warranty or some repairs!

Consider getting a binder from the title company (usually 10% of the basic rate)…just in case you have to sell within a few years!

Use the PRO/CON method of making sure the purchase is right for you! List the pros and cons of whatever endeavor you are wanting to do and only after listing all possible ones, make a decision.

Luis,

Thank you for the kind words.

THE SELLER’S OFFER

By Fred Eckert –Chicago Title

619.507.5688 [email protected] www.fredeckertgroup.com

You have a listing or investment property for sale!  Buyers look at it, but don’t make an offer! 

Remember, it is not always about the sales price!

You contact the buyer or buyer’s agent and ask questions to find out why they didn’t make an offer!

You find reasons like these….

It is on a noisy street.

It doesn’t have a pool/spa.

They don’t like the schools.

No room for their dogs.

Too far from work!

Want to be on the golf course!

Not enough storage space!

*Yard or room is too small!

Etc.

*This means they have furniture or a play set/patio set that won’t fit in the homes space & they won’t buy the whole house because their $1000 worth of stuff, isn’t going to fit! Go figure!

So this is what you can do.

Make a written offer from the seller to the buyer (yes, it is ok to do) on an addendum.

Offer to fix the reason/reasons that they didn’t make an offer.

For example…

The Seller could offer to…

-Install double pane windows.

-Give them a two year membership at a spa, club etc.

-Pay for a year of private schooling.

-Pay for landscaping services for some period of time.

-Pay for dog walking services for a year.

-Buy them a hybrid car, an electric car, motorcycle,segway etc.

-Pay for a golf club membership.

-Pay for a Storage unit or RV Storage, close to the home.

-Buy their old furniture, play set, or patio set and buy them new ones that will fit.

-You don’t fix anything, unless the buyers respond to your offer to sell, so there is no money out of your pocket, until you have an accepted offer!

If you solve their problem with the house, you just might make the sale!