If you are like me, a potential home buyer, I would like to share what I feel to be the best way to find that dream home at a fantastic price.  During these trying economic times buyers I tend to lean toward the many advertised foreclosure and short sale bargains. What buyers don't know is dealing with a foreclosure or short sale is a BUNCH of extra negotiating, paperwork, red tape and other obstacles.  Sure there are some saving but in most cases it is not all it's cracked up to be.  A much better way to find that deal with less stress and haggling is to let a local Realtor add you to an automated MLS e-mail list.  Let me explain.

Every MLS system allows agents to add their clients to a search parameter specific system.  It's great.  In simple terms, you will tell you agent the specific areas/communities your are interested in, the price range that fits your budget, bedrooms, bathrooms and other features you are looking for.  When added, you receive an e-mail every time a home the fits your search criteria is listed in the local MLS.  Yes, you do get listings that won't be a good enough deal or have something that you don't like.  Don't worry.  The key is to wait for the deal of the year.  If you are patient and wait for the steal to arrive, IT WILL.  I guarantee it.

So what happens when the home you have been looking for arrives in an e-mail?  As promptly as possible contact your agent and get that contact to the seller's agent.  If you are receiving the listing, it means the home has been on the market no more than 24 hours.  Get an offer in as soon as possible because obviously other lookers are doing exactly what you are doing.  This is your chance so don't let competition beat you to the punch.

To make this work you will need a couple things.  First, know the market.  If you don't know what's currently listed and what has sold, how will you know what's a fantastic bargain?  Do your research and know the market.  Next, have an agent who moves quickly.  The minute you are e-mailed that listing, the clock is ticking.  Last, make sure you are have pre-approval letters from a lending institution.  With financing a question mark with many buyers, one of the seller's first questions will be, "Is the buyer pre-approved?"

This method will produce your dream home at a wonderful price.  It might take a week or it might take six months.  The key is to have everything in place and be patient.  Follow these steps and the result will be a nicer home with lower mortgage payments.

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