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Virginia Beach Rentals - Secrets to Finding Bargains on Virginia Beach Rentals for Sale

home bid price usually

If you are looking to invest in Virginia Beach, VA real estate, it is obvious that you should have a solid financial backing. However, this does not mean that you cannot get Virginia Beach rental properties for sale at bargain prices. The following tactics will help you get homes at reduced prices:

1. Look for rental listings that have been on the marketplace for over 90 days.
One thing that savvy home buyers know is that listings that are more that 3 months old are usually cheaper. While some prospective buyers may interpret the long duration on the market as reluctance of the seller to dispose off the home, this is not true. Virginia Beach rentals for sale that are over 90 days are usually offered at bargain prices.

Once a listing has been active for 90 days or more, do not expect it to continue accruing discounts. They usually do not. If you delay, someone else might just buy the home.

2. Get a fixer-upper and bid low.
Search for fixer-upper homes in Virginia Beach and place your bid. In fact, such homes are the ones that you can get at the lowest price. Homeowners who put up their rentals for sale without fixing them up are usually in need of cash fast and will accept a reasonable amount rather than the best price.

Research conducted by the National Association of Realtors shows that fixer-uppers average at 24% cheaper than other Virginia Beach rentals for sale. You should however be careful when offering a bid for a fixer-upper otherwise your seemingly bargain may turn out to be the exact opposite. Make a walk-around inspection around the home and if possible, carry out an appraisal. Factor in the cost that you will use to renovate the home before settling on a bid amount.

3. When you get a discounted home, bid aggressively!
Simply because a home has already been offered at a reduced price does not mean it cannot go for a further lower price. Many discounted Virginia Beach rentals for sale usually undergo two or three price reductions before they are finally sold. Whenever you see the asking price has been reduced, this is a signal that the seller is ready for another round of negotiations.

In a bid to keep the official prices still high, some builders reduce the buyer’s down payment or throw in luxury amenities.

4. Skip Virginia Beach rentals for sale that have been remodeled.
Remodeled homes in Virginia still command top dollars and are best to skip if you are looking for a bargain. While sellers will not usually sell the remodeled home at their initial value, they are still overpriced and out of reach of many buyers.

However, some experts say that a remodeled home could be a good buy usually because the homeowner could have improved the property in a way that will not affects its market value. Thus, you can still get the home at a bargain and with enjoy the benefits of the remodeling.

It is therefore important to find out the real market value of the home before you place your bid. Make sure the asking price of the home does not reflect the remodeling that has been done.

5. When dealing with a bank, bargains may not be as much as you expect.
If you decided to purchase Virginia Beach rentals for sale being offered by banks, do not expect a lot of flexibility from the bank. With many buyers interested in purchasing the homes, banks may not offer big bargains as individual homeowners would. This is especially true when the seller’s mortgage debt is more than the prevailing market value of the home.

Another thing you should be prepared for is a slow negotiation and selling process. Studies have shown that only about 9% of the homes sold in Virginia Beach, VA are owned by banks.

The above are some of the secrets that savvy home investors consider when looking for Virginia Beach rentals for sale. Before you make a purchase, you should conduct a thorough research. Buying a home is not a cheap venture and you do not want to make a move that will see your investment turn out to be a loss in the long run.

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