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Key to getting a great deal is being completely prepared

Dear Heather,

I'm thinking of buying a house. Have you got any hot deals?

Hot Deal Buyer

Dear Hot Deal Buyer,

If real estate agents had a dime for every time they hear that question …

You can certainly try that approach, but it probably won't get you very far. If an agent is listing a house, they are attempting to get the highest price possible for their seller.

Typically, we do not have buyer's agents in Bermuda.

Although there's nothing wrong with asking a real estate agent if they have any deals, the word “hot” could raise a few eyebrows.

It implies something disreputable and could be construed as an insult to the agent's integrity.

I can assure you that with the laws, rules and regulations concerning the representation of the seller, together with anti-money laundering legislation and a stringent Chamber of Commerce code of conduct and ethics, it is highly unlikely that any real estate transaction in Bermuda could be labelled “hot”.

Of course, it's understandable that you are looking for value for money, who isn't?

However, to take advantage of a property which represents good value in today's market, you must be ready, willing and able.

So, if you are asking if there are any deals, it won't do you any good unless you are ready. In other words, you should have a formal pre-approval offer letter from a financial institution, or cash.

Also, you have to be mentally prepared to proceed with the purchase. If you see a property that represents good value, you must be ready to offer, in a confident and positive manner.

Ask yourself if you are ready to make a transaction for a 10 per cent deposit today and not hold off for a possible price reduction. This will limit your chances on securing the property as everyone waiting in the wings will also move if this happens.

There are people who are financially prepared and actively scouring the market, searching for properties that represent good investments and good value. Some are looking for their first home or for ever home; others are investors who are in a position to immediately buy when they see value.

A lot of the “deals” aren't obvious. Deals are made, as much as they are found. The best way to find one is to be aligned and loyal to one agent who totally understands what your needs are, then goes out and makes a deal happen for you.

Sometimes, it is a case of being in the right place at the right time, but most importantly, being fully prepared is the key.

Heather Chilvers is among Coldwell Banker Bermuda Realty's leading sales representatives. She has been working in real estate for nearly 30 years. If you have a question for Heather, contact her at hchilvers@brcl.bm or 332-1793. All questions will be treated in confidence. Read this article on Facebook: Ask Heather Real Estate

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Published February 13, 2018 at 8:00 am (Updated February 13, 2018 at 7:54 am)

Key to getting a great deal is being completely prepared

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