Ten Tips on How to be a Savvy Wilmette Buyer

Real estate in Wilmette today is a buyer's market. Here are ten tips to work the system in your favor and make a good deal on a new home.

1. Don't be in a hurry to find the right house. Look around. When you find a possible fit, see how long it's already been on the market. If it's been awhile, the homeowner may be ready to make a good deal.

2. Learn about the local foreclosure market. Get yourself a Buyer's Agent so you don't have to deal with realtors on your own who are actually working for the bank that's trying to unload the house and then see what's available.

3. Seek out new construction. Look for new developments with a lot of inventory sitting idle. There may be some good deals waiting.

4. Ask for repairs or upgrades. If looking at an existing home, offer to buy IF they fix the roof or put in new carpet. With new housing, ask the construction company for some possible upgrades. (If you are buying a foreclosure or bank owned home, it is unlikely you will get much help with repairs from the seller.)

5. Make your offer 15 percent below the asking price. This is a good place to start the negotiations.

6. Ask for a short time-frame to answer your offer. Don't let a bid languish on the home seller's desk.

7. Ask for a written warranty. See if the seller will give you a warranty on appliances or certain structural repairs that may need to be done.

8. Negotiate the closing date. Once the home seller has a hot prospect on their hands, they may be willing to negotiate the closing date to a later time, thus giving you more time to get your down payment together or allow the kids to finish out the school year before moving.

9. Reject the counter offer. Don't insult the seller, but don't feel that you can only make one offer. This is up for negotiation, so negotiate.

10. Make a deal with your lender. The home seller isn't the only one you can negotiate with. Ask two or three lenders what they can do for you with the loan. Lower closing costs or interest rate or even lender-paid mortgage insurance can be the deciding factor on which lender gets your business.

Now is a good time to be a buyer. Don't let all the advantages available in the current market slip through your fingers. Times are changing; in some areas, the excess inventory of homes is decreasing and investors may be competing with you to buy some homes.

This is all the more reason when looking for a home in the Glenview, Wilmette, Northbrook or North Shore area of Illinois to seek out the Marla Schneider Team. See some of their listings too.