The slowing housing market may mean more inventory, more time to look and show, and longer potential negotiations between many buyers and sellers. If you’re buying a foreclosure from a bank the process can be even more protracted and drawn out.

Buying a property on a sped-up timetable increases the stress and chances for the process to become a train wreck. Likewise, a long, drawn-out foreclosure purchase requires patience and also can increase the stress and chances of failure of the transaction. Both cases require foresight and steps can be taken to make the process smoother.

Use an expert

Having a professional on board will save you time, energy, and money. If you’re selling, find a realtor who knows what marketing techniques and improvements are needed to attract potential buyers. Find out what tools they will use to market and give your home exposure. If you’re buying, make sure you have someone who understand the process and can keep it moving in your favor. Be sure they will be an advocate for you and will be able to handle potentially difficult negotiations.

Even if you’re using a pro, do your homework. Drive around or go online to study the competition, if selling. See what’s available in your market if buying. Go to open houses to see and hear what seems to appeal to those wandering through. You may pick up some pointers. Let others know what you’re up to, so they can tell their friends. You might just find a great house not yet listed or you might corral a potential buyer who hasn’t yet started the search process.

Have a price range

Buyers need to know what their price range is well before going out to view houses. Get qualified and have a concrete understanding of what you will be able to afford.
Go to open houses to see and
hear what seems to appeal to
those wandering through. You
may pick up some pointers.
Limit your choices on price as your first criteria. It’s okay to look at houses slightly higher than your range as some sellers might be motivated to make a deal.

Things get a bit tougher if you’re a seller. Coming to a decision of what price to list your home at must take into account more things than just your finances. Market conditions and housing trends dictate what price the house will sell for. This is where pricing slightly lower than your competitors makes your offering stand out from the crowd and dramatically increases your chances at a successful sale, regardless of market conditions.

Get finances and paperwork in order

If you’re buying make sure you’re pre-approved for the financing to buy so that you don’t have to stall a potential deal. When you place an offer to purchase you’ll need this information anyway. Have it in hand so you can move on your dream home exactly when you find it. If you’re selling make sure you have the past two years worth of receipts and documentations of any repairs or upgrades you’ve made to the home. Know how much you’ve spent on all the utilities, lawn care, association fees, and other expenses as an offer may depend on such information.

Be prepared to negotiate. When buying, be flexible about the closing date if you’ve found the right house in the right area for the right price. This is especially punctuated if you are buying a foreclosure. If the bank has become involved in the process, you can count on outrageous waiting periods between normally short milestones in the home- buying process. If you’ve found the right house, it is worth sticking it out, and since it’s a foreclosure it’s probably a better value.

Spiff up the condition and neutralize

After price, the second most important factor in the selling or buying of a home is its condition. This is more important than ever if you are selling. You want your home to stand out in our crowded market. Aside from improving the curb appeal as much as possible. Make sure rooms are neat and free of clutter. Clean the carpets, paint rooms, and neutralize overly personalized spaces. Buyers should be able to picture themselves there. Be certain all your light fixtures work and that even rarely used spaces like basements and attics are clean and clear. Fresh cut flowers, light music, and welcoming aromas are a nice touch when doing showings.

Bring in buyers with special deals

To cut down on your time in the market, some homeowners are willing to throw in some special perks, such as paying for closing costs and giving a home-improvement allowance so the new homeowner can make their own changes once moved in. More and more common are the inclusion of home warranty packages that will cover the appliances and other fixtures for a fixed period of time for the buyer. Perks like this help a home stand out from the crowd and attract a willing and able buyer in a shorter time period.

If you’re buying or selling be as prepared as possible for all contingencies. Being prepared includes making sure you are aware of the time constraints of a fast transaction and the slow pace of a bank purchase. If selling be creative about how your market your home. Using an expert practitioner is a must in any situation. They will be your advocates, keeping things on pace and moving forward for a successful transaction.