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How to Get that Bargains
Everyone wants to get a
bargain - Buying a property in Malaysia at that bargain price will
mean your initial deposit will be lower, your financing payments
lower, and your profits higher.
Work hard - View at least ten properties, ideally above ten
before you commit one. It's hard work, and can get very boring and
tiring, but the more properties you see the greater the chance of
getting that bargain - it is that simple. Further, viewing properties
acts as research - by viewing many properties you'll know that bargain
when you see it.
Use several agents - Talk to them, listen to what they have to
say. If the agent is proactive, work more closely with them - if they
are being more proactive with you, the buyer, they will probably be
more proactive with the sellers as well.
Don't just use agents - Find out about any sellers from any
other ways you can. Your local hairdresser may know someone who
desperately needs the money - talk around - spread the word that you
want to buy a property.
Go to auctions - Auctions are a great way to get a bargain
property in Klang Valley, but make sure you don't get carried away -
never exceed your target price. Further, do not for one moment think
that auctions are all about winning - if you 'win' the auction but the
property price is not a bargain, this would best described as you
losing the auction. You can subscribe to the major auction houses so
you get their listings emailed or posted to you.
Be on standby, always - When a property agent calls you, and
tells you there's a new property on the market, make sure that you're
on the way to view the property before the telephone call is over. Not
only will it mean you're one of the first to view, it will show the
agent that you're really serious, so the next time they have a
property you'll probably be the first to know.
Get a good feel for the area before you buy - Walk (don't just
drive) around the area noticing everything and anything like a
property detective. Speak to the neighbours - start off by talking
about their lovely pet cat, but then move the conversation slowly on
to the area. Go to the local authority to see if there are any planned
developments nearby that will affect the area.
Become the world expert on your property type - After you've
viewed many properties with so many different agents you should know
more than the agents themselves. If you do not feel you know more than
the agents then do not buy until you do. It follows that a valuation
below your purchase price, even from a reputable valuer, should not
concern you except that it may make it difficult to get the amount of
finance you wish.
Ignore the seller's price - Do not think too much about how
much the seller is asking for. Focus on how much the property is
worth. If the seller is there when you are viewing the house, speak to
them. Ask them about the price to make sure you have not been
misinformed by the agent. Try to sense if they are a desperate seller.
Make an offer even lower than the price you feel is a bargain.
There is no harm. Sellers often ask for ridiculous prices, and buyers
do not get offended, so if a seller gets offended by your offer, then
do not let that concern you. You have only made an offer. You are not
forcing them to sell, and they can decline the offer if they wish. If
the offer is rejected get as much feedback from the agent about what
the seller said to your offer or how she reacted. Use this information
to your advantage if you give another offer.
If you have any conditions
on your offer do not mention them when you give the offer. For
example, if your offer is subject to you obtaining financing, do not
bring this up at this stage as it will mean the seller is less likely
to verbally agree to your offer. Once the offer has been accepted,
bring up any conditions. Of course the seller may reject those
conditions. However, you increase your chances of a successful
property purchase by bringing up any conditions after you have agreed
the price, and the seller will unlikely change the price due to those
conditions once a price has been agreed.
If the seller doesn't accept your first offer raise it, but do not go
above the limit at which the property is no longer a bargain. By
raising your offer to above the bargain price you won't get your
bargain - you're reading this because you want a bargain, remember! Do
not give up. Be patient, work hard, and be smart, and you will find
that bargain. |
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