Buying a property in Morrisville can be quite competitive especially if you manage to find a property at a prime location. Like in most other instances where high demand for prime real estate is involved, the competition can make the competitors drive a hard bargain that could easily edge you out of a great deal.
Unless you have signed on the dotted line or money has changed hands and the seller has agreed to sell the property to you, a word of mouth agreement can easily be overturned and the property sold to someone else.
If you want to purchase prime Morrisville VT real estate, you will therefore need to do everything in your power to improve your odds of winning a bid to purchase a prime property that you have your eyes on.
One way to do this is to purchase the property on fully cash terms. Below are 4 tips on how you can improve your chances by buying the Morrisville property while still driving a hard bargain.
- Take full advantage of the fact that you have cash
If you have identified a property you are sure you want, make it impossible for the seller of the property to deny your offer. Having cash is already a big plus in this endeavor but you can further improve your chances by accepting to buy the property ‘as is’ and fully in cash immediately.
If there are other costs that the property owner may have before they sell the house to you, offer to offset the costs as part of the purchase price of the property. In short, find out what will make the life of the seller easy in order to sell the property to you and then do what it takes within reason to ensure that the seller is happy.
- Find a good team
It goes without saying that you will need the advice and expertise of property and real estate professionals in the local area. You will at least need a lawyer, real estate broker and probably the advice of your banker. This will be useful to ensure that the transaction is legal and transparent.
However, once you get expertise on your side, don’t let them interfere with the process of the deal more than they have to. The seller of the property may have an easier time dealing with you on a one-on-one basis.
- Use the fastest means to close the deal
Since you want to be as expedient as possible so that you don’t lose out on a good property, you need to make prior arrangements for the easiest and safest way to transfer cash to the seller.
If the seller wants hard cash, you need to make prior arrangements to have the cash when you are closing the deal. If a bank transfer is acceptable by the seller, this may also be a better and safer alternative for the both of you.
- Use the “right to inspect”to give you some leeway
Since you will be purchasing the property on a cash basis and within a relatively short period of time, you can give yourself a way out of a deal (if necessary) by negotiating a ‘right to inspect’ the property, so that you can back out of the deal in case it is a lemon.