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21.08.2023

Episode 74 - How to buy a property below market price

Buying real estate can be one of the most important decisions in anyone's life. And although many people may tell you that "good deals" happen by accident, in reality, successful purchases are the result of good preparation, strategy and negotiating skills. Here are some valuable tips to help you make a truly successful deal:

1. Determine the Real Market Price:

Before you go back in search of your ideal property, it is essential to find out the real market price of real estate in the specific neighborhood. Sitting in front of the computer and looking at listings does not make you a real estate expert. True market prices are determined by the actual transactions that happen. Talk to realtors, developers and builders to find out what the real prices are for a certain type of property in a certain neighborhood.

2. Negotiation skills:

Negotiation is essential if you want to achieve a good price for your desired property. The ability to negotiate is key to successful deals. If you don't feel confident, you can hire a professional to represent you. Realtors and attorneys have the necessary skills and experience to negotiate in your favor.

3. Expand Your Network from Contacts:

Top deals don't usually happen by accident. They happen with people who are well connected and informed. Expand your network of contacts in the real estate world - investors, brokers, lawyers and other professionals. The best deals often happen through referrals and personal connections.

4. Don't try to shop cheaply, but profitably:

Cheap does not always mean profitable. Be careful not to fall into the trap of overly cheap offers, which can often hide hidden problems. Prepare well and choose a deal that is good and profitable in the long run.

By following these tips and being prepared, you will have a greater likelihood of a successful real estate transaction. Remember, success comes when preparation meets opportunity!

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