Banjo Smyth

Steer clear of emotional bidders and keep your eye open for motivated sellers.

When you are purchasing anything it’s obvious that you want to pay as little as possible for it. When it comes to buying houses there are two main factors that will alter the price – If you can take advantage of these two ideas you will learn how to buy property at a great price.

1. Steer clear of emotional bidders and people who are making their decisions with their heart. When people/families buy residential property there can be emotional factors that cause them to pay more than the value of the house. For instance they might be in a rush to find a property as they have already sold their previous house, or they might be living with their in-laws in between houses and desperate to find their own place. The husband might fall in love with the garden and be prepared to do anything to get buy or vice versa. Believe me you do NOT want to compete with these people, one of the great advantages you have as a property Investor is that you shouldn’t be emotional. Walk away from the property and find another one that will end up being a better deal. If you want to know how to buy property for way more than its worth then simply find an emotional buyer and you will see how its done.

2. If you can find a motivated seller you may be able to buy the property at a great price. What do I mean by a ‘motivated seller’? Simply someone who wants to get rid of their house quickly. For instance a divorced couple or someone who has been transferred to a new location and wants to sell their place before they buy a new one. Always remember that the ‘conditions’ of your offer can be just as important as the price. For instance if you know that the seller is desperate to get rid of the house then it would be a great idea to offer a very short settlement. You would be surprised at how often lower offers get accepted because of the conditions that are attached with the offer. I hope these two ideas can help you to learn how to buy property at a great price. Good luck and happy bidding.