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The Essential Guide On How To Buy Like A Pro
Leverage the Power of the Internet
The Internet can be an overwhelming place. When you are looking to buy a property it can be hard to know where to start or know what information is reliable. You may find conflicting information or outdated or incomplete listings. This is not the time to go solo and DIY. Find a trustworthy and hard-working Realtor like Wana Crouch with National Agent Network to help you navigate the complexities of the market and save you time and money by allowing your agent to do the digging for you.
A skilled Real Estate agent will use a combination of MLS searches, 3rd party property search sites, and classified ad sites to help you hunt for quality listings and great bargains. They will also invest in ads and email marketing campaigns which are aimed directly at their network of contacts to find properties that may not be publicly listed, revealing amazing deals that would be impossible to find otherwise. Coupled with a strong understanding of the East Texas Real Estate Market, your local Real Estate agent can leverage their resources and knowledge (and the power of the Internet!) to help you find the home of your dreams!
We provide tailored dream home searches to your unique needs and specifications. Whether you are looking to buy a first home, forever home, investment property, or are looking to relocate, downsize, or upsize, talk to Wana or one of our National Agent Network Realtors today to get started!
Find The Right Lender and Mortgage For You
Just like you would always get a second opinion from a doctor, you should always get a second (or third, or fourth) offer for a mortgage loan. Though interest rates from top lenders (major banks being some of the most popular ones) tend to be pretty similar, even a tenth of a percent in a fixed-rate loan makes a huge difference in the long run.
Having had 5 years in the mortgage business before becoming a Real Estate agent 17 years ago, Wana Crouch has the essential knowledge and contacts needed to help you secure the best loan for your unique situation. Whether you are a first-time homebuyer, seasoned investor, wanting a fixer-upper, buying a manufactured home, or anything in between, Wana can help you find the best loan officers and mortgage companies to help you achieve your home ownership goals!
The right lender can make all the difference in whether you can buy the property you want. Some companies offer down payment assistance, or will turn your mortgage into a renovation loan so you can make those essential changes you want to get the home of your dreams. For investors, there are DSCR loans with flexible options that help you build your portfolio faster.
Mortgage loans are more than the basic Conventional, FHA, VA, and USDA loans. Talk to Wana or her team to find a qualified loan officer or mortgage company that can work with your specific needs to custom-tailor a home loan for you! As always, our team of real estate professionals can help you find the right lender and loan!
Be the first to make an offer
The phrase “You snooze, you lose” is especially relevant for real estate buyers in this market. That’s because the buyer that makes the highest offer doesn't always get the home. In many cases, it’s the one that makes the first offer. If the seller is in a rush to sell, and the first offer is a good one, it’s quite possible the seller may simply accept the offer on the spot. So when looking for a great deal, you must be ready to make the FIRST offer. If you wait, you may lose out on the home. And if it's the home of your dreams, don't wait--put in an offer quickly.
To make sure that happens, you MUST get your finances in order. Before you start making offers, make sure sure to have your pre-approved loan by the bank or mortgage company (and if you’re able to pay in cash, even better). And once you’re pre-approved, don’t delay in making offers. Work with our team to establish the parameters for a good deal. And as soon as a deal that meets those requirements hits the market, make an offer in the same day.
Homes in the best condition, most coveted neighborhoods, and most desirable school districts do not stay on the market for long. Talk to your Real Estate Agent about the qualities you want in a home so they can set up a personalized alert to let you know when those homes hit the market. One way you can do this is by creating a profile on WanaRealtor.com and setting up notifications via her website. You can also contact her or her team directly, and they will personally send you notifications when homes that meet your criteria become available.
Also, as you wait for a great deal to hit the market, your Real Estate Agent can keep an eye out for properties that have been stuck on the market for a long time that fit your real estate goals The owners of these homes could be more willing to sell at a discount, because they’ve been stuck paying a mortgage for the entire time it’s been listed. Wana and her team are skilled at going to bat for their clients in negotiations and can often find a way to get a good deal that is appealing for both buyer and seller. This has been an effective strategy to get more buyers into their dream home.
Making the first offer can be key in securing the home you want, but so can making a fair and data-backed deal on a home that's been sitting on the market for a while. Trust Wana and her team of professional Agents to guide you in the best course of action!
Ask the Seller to pay closing costs
Though the buyer is typically expected to pay for a number of closing fees, (especially those related to the origination of the loan), it’s not a law written in stone. Like pretty much everything in real estate, closing costs are negotiable. If you are looking to spend less to fit in your budget or meet your loan approval amount, but the seller does not want to reduce their price, you may be able to make up the difference in other areas--like having the seller pay your closing costs or getting a loan that reimburses you for essential fees like the survey and inspection.
Of course, sellers don’t like to sell homes for less than their bottom line because they don’t want to lose more of their equity. This is understandable. Home sellers are also keenly aware of how much their neighbors' homes sold for, and would hate to sell their home for less. If the sellers are adamant against bringing down their asking price, Wana and her team can negotiate for the seller to cover the closing costs. Not only does this allow the seller to keep a larger portion of their hard-earned equity, but it could also save you thousands of dollars!
Shop during the slow season
Even if you don’t live in a place with a harsh winter, most home buying and selling activities take place during late spring and summer--and the same goes for East Texas. As a result of that seasonal increase of activity, home prices go up. So if you’re willing to brave the cold and wait until winter, you may be able to capitalize on some amazing deals.
People who are willing to list their homes in the middle of the holidays are typically very motivated to sell. This, of course, could lead to amazing deals for you. On the other hand, there’s a downside to shopping for homes during winter: you’ll have fewer homes to choose from. And when making offers, you’ll have fewer recently sold comparable properties to help you calibrate your offers.
But a Real Estate agent like Wana Crouch or her team of agents at National Agent Network are ready to navigate these challenges to get you the best deal on the home you love!
Look into bank-foreclosed properties
Banks are not in the business of homeownership. They are in the lending business. Homeownership comes with a lot of maintenance requirements, expenses, and taxes. Which is why any time a bank ends up taking possession of a home by means of a foreclosure, the bank wants to sell it as quickly as possible. This usually translates into banks selling homes at a substantial discount.
On the other hand, not every foreclosed property is an amazing deal. The foreclosure process is a lengthy one. Some foreclosed homes are in serious disrepair. If you’re not careful, your bank-foreclosed property “deal” could turn into a nightmare scenario.
It’s extremely important to work with a professional real estate team that has plenty of knowledge and experience dealing with foreclosed properties. If you are willing to look into the possibility of buying a foreclosed-on home, talk to Wana and her team. Sifting through the foreclosed inventory can be challenging, but you're sure to find some valuable gems!
Drive for dollars
A tactic commonly used by real estate investors is driving around neighborhoods they’re interested in to find good deals. These investors would get in a car, drive around the area they are interested in, and look for homes that give signs of a potentially motivated seller. This includes homes with a “for sale by owner” sign, or homes in disrepair or showing signs of neglect.
If there is a particular neighborhood you are interested in, you could drive around the area and look for these same types of homes. Make note of their physical address, and in the case of For-Sale-By-Owners, write down the phone number provided. You can pass these leads along to your Real Estate agent who can look up these potential homes in their property search database. Your Realtor may contact the owners and see if they are willing to sell or what their parameters are for selling.
Oftentimes, people who try to sell their home on their own without representation want too much for their property. Your Real Estate agent will know the comps in the area and will be able to tell you if this is the case. However, even if the seller wants more than the market or a survey will support, all is not lost. Realtors like Wana and those on her team are ready to navigate tricky negotiations such as these!
Look into new and pre-construction developments
If you don't want a fixer-upper or to build your dream home from scratch, another possibility is new and preconstruction developments. Some developers are looking to finance the next phase of their development and are willing to offer homes or condos at a significant discount. Others may work with you in the development and building phase to find more affordable options on fixtures, appliances, cabinetry, countertops, or any other possible upgrades that could be exchanged for more financially reasonable alternatives.
Like many homes on the market, even new and pre-construction homes that have not been listed yet, your Realtor can get you in contact with a loan officer who can work with your budget and capabilities to get you a loan for a new property. This includes down payment assistance or first-time homebuyer loans and other government-assistance programs.
Builders do not have any equity invested in a new build, but they do have time and resources they must recoup. Even so, they may be willing to work with you on closing costs or seller assisted financing. There is usually negotiation room on pre-construction from everything in terms of price and deposit structure to upgrades and more.
Make sure to have a realtor like Wana Crouch who is experienced in the industry and will be able to negotiate for you in these situations. As a member of the Tyler Area Builder's Association, Wana has many builders she has worked with over the years and leverages those contacts to help her clients find and buy their dream home. This includes homes that have not been listed online or in the MLS yet. If you’re interested in finding pre-construction unit deals, Wana and her team can help you find the best pre-construction deals in the area!
Look into tax-delinquent homes
As you know, every homeowner in the US must pay their yearly property taxes. But if they fail to pay these taxes, their name is added to the county treasurer’s “Tax Delinquent List.” If enough time goes by (1-5 years, depending on the state) and the homeowner doesn’t pay those delinquent taxes, the county takes possession of the home via a tax foreclosure. Then, the house is auctioned off to recuperate those missing taxes (from which the homeowners would get $0 in return).
Believe it or not, tax delinquent lists are part of the public record. You can have access to your local list by asking for it in your county treasurer’s office, and paying a fee to obtain it. This list is filled with homeowners that have a HUGE motivation to sell their property, especially if they haven’t paid their property taxes in years. They could be willing to sell their home or property for pennies on the dollar.
Of course, as you may expect, many of these homes fall squarely into fixer-upper territory, and would require you to have plenty of capital to get them into shape. Or you could ask your loan officer about getting a Reno Mortgage Loan that builds in the cost of repairs and updates into the mortgage itself.
Talk to your Realtor about your options, and reach out to them if you see a home or property that you are interested in. They can look these properties up in their database and see potential red flags that will help you make a more informed decision.
Get in touch with real estate wholesalers
Real estate wholesalers make a living in finding amazing deals, marking them up a bit, and reselling them to real estate investors. They differ from most investors in that they usually do not make updates to the home before trying to resell the property to investors who will update the home themselves.
Some of the homes they resell could still be fantastic deals. Meaning that with the right wholesaler, you could still find amazing deals without the need of doing all the work of finding the deal yourself.
Real Estate wholesalers can be found in local real estate clubs, google searches, and industry networking events. Once you get in touch with a real estate wholesaler or two, make sure you give them your contact information and tell them to add you to their buyers’ list.
Make sure you stay in contact with your Realtor though. It is vital to have a licensed Real Estate Agent represent you through the legal process of buying a home. A seasoned and trustworthy Realtor like Wana Crouch will protect your interests and make sure all your contracts and documents are in order.
Again, just like with tax-delinquent homes, many of these properties sold by wholesalers fall into fixer-upper territory. Make sure you keep that in mind!
Hire an Amazing Real Estate Agent!
As a home buyer, you have absolutely NO reason why you shouldn’t hire the best possible real estate agent in your local area. As one of East Texas' Top 300 Real Estate Producers and as an agent in the top 1.5% of Realtors in East Texas, Wana Crouch IS the best Real Estate Agent in the East Texas area.
Wana has served over 1,000 clients in her 17 years as a Realtor and has helped her clients buy and sell over $275 million worth of properties in that time. Most of her clients have come from referrals--which is the best recommendation a Realtor can receive!
Wana and her team bring a wealth of expertise, street smarts and knowledge to find you the right home at the right price. They can use those skills to help negotiate a far better price than you could get on your own. Their services offer a buffer of protection. Thanks to their experience and expertise, they can see toxic deals a mile away and can warn you against them. They can also help you avoid common legal pitfalls in real estate which you could stumble into without a Realtor working for you.
Above all else, Wana and the Realtors on her team value their clients and the relationships they build with their clients. They truly care about the people they serve. And because National Agent Network offers their Realtors flexibility and does not have rigid structures they must follow, they are able to work with their clients in ways other Realtors can't.
Contact Wana and her team today to see how they can best serve you on your home-buying journey!
In Conclusion
Don’t believe the naysayers. It’s not just rich real estate investors and brokers that find the best real estate deals.
Though it may take effort and patience, if you work together with a knowledgeable and experienced real estate agent, and know where to look, you’ll also be able to find some of the best possible deals in the area.