A step-by-step process to buying your ideal home.
How to find discounted off-market opportunities.
Access to insider information.
A proven step-by-step process to identify and buy your ideal home
It is important to gain clarity on what you want before starting the process.
Putting the ladder in the wrong wall only to realize after climbing it can be frustrating.
Below are the steps that will help you clarify your ideas while you learn about where your dream home is.
- Narrow the search down to the best area for you. We can help you know about price trends, schools, safety, walkability and a lot of other valuable information to help you narrow down to the best neighborhood and/or condo for you.
- Secure funding. If you are financing, get a pre-approval letter. If funding yourself get clear on your maximum investment. If you need help finding a lender we can help you with that.
- Narrow down the Homes. Together we will create a broad search in the MLS for ALL the homes that meet your absolute minimum criteria. We use the absolute minimum criteria because you want to make sure that no homes slip through the cracks.
- Weed out the homes from our MLS search that you do not like. Our software shows you everything available in the MLS and allows you to favorite, put notes or discard a property. For now, your only job is to weed out the homes that do not match the criteria.
- Adjust the search. The process above will expose some additional features you may want to add or remove from the home search.
- Repeat the above steps as you search until you feel the criteria are exactly what you want. As you search, you will start learning more about your needs as well as the homes in your desired area
- Now start favoriting the homes that best match what you want. Explain what about that home made it a favorite in the notes.
- Off-market opportunities. With this information, we will be able to find other potential properties that are not on the market but might be open to selling to you
- Visit the homes.
- Eliminate. Every time you visit a new home, compare it with your current most favorite home. Discard the least favorite.
This way, you are always only comparing 2 homes.
This will avoid confusing the best and worse features of all the homes you see.
- Write an offer
- Final contingencies
How to buy great opportunities in off-market properties.
The reason off-market opportunities are interesting is that when you make an offer on an off-market property, you are the only offer. So if the seller needs to sell and does not know that another buyer would pay more, you might get a very good deal.
There are several approaches to finding off-market properties to make offers on.
Finding off-market properties
Properties that failed to sell on the MLS
As many as half of the homes that list the first time fail to sell. By looking at all the homes that failed to sell in the last few years, you can see properties with owners that are open to offers. Since they have already tried selling at a price that did not work out, many times these owners become more flexible with their price.
Location and criteria.
Once we and your agent know exactly what you are looking for, we can search in the tax records for homes that might match your needs. If looking at a building and you know which floor plan you like, we can approach the other owners that own that floor plan to see if they are open to offers. The same goes for homes in a particular community.
Finding the homeowner
Once you have found a potential home to make an off-market offer, it is very important to approach the owner carefully. Since these homeowners are approached all the time by agents, the message is one we developed after years of experience to get the best possible response. We have a very effective script for phone and written communications.
Here are some great paid services to get the homeowner’s phone number:
- Cole Realty Resource
If we are not able to reach them on the phone, the next steps are to write them a letter. To stand out, it is important to handwrite the letter. That will pretty much guarantee they open the letter. If they are interested in selling, they will reach out. Very specific language must be used in order to not be confused with an agent trying to get a listing.
Most people today use some form of social media. If you are able to find them on Facebook, Instagram or LinkedIn, the same approach as above applies. Sometimes it is hard to communicate with someone you are not connected with, but very often this works.
The final way to reach the owner is to door knock. This makes it virtually impossible for them to ignore you and you’ll have the opportunity to know for sure whether they are open to offers. Some places do have restrictions, but most do not. If it is a condominium, you can go to the front desk and ask the concierge to relay a message while you wait.