1. Don’t Get Pre-Qualified.Get pre-approved.
Do you want to get the best house you can for the least amount of money? Then make sure you’re in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one.
Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller. This process takes anywhere from a few days to a few weeks depending on your situation. It’s VERY POWERFUL and a weapon we recommend all of our clients have in their negotiating arsenal.
2. Sell First, Then Buy.
If you have a house to sell, sell it before selecting a house to buy!
Let’s pretend that we go out looking for the perfect house for you. We find it and you love it! Now you have to make an offer to the seller. You want the seller to reduce the price and wait until you sell your house.
The seller figures that’s a risky deal, since he might pass up a buyer who DOESN’T have to sell a house while he’s waiting for you.
So he says OK, he’ll do the contingency but it has to be a full-price offer. So you see, you paid more for the house than you could have because of the contingency. Now you have to sell your existing house, and in a hurry, otherwise you lose the dream house. So, to sell quickly you might take an offer that’s lower than if you had more time.
3. Play the Game of Nines.
Before house hunting, make a list of nine things you want in the new place. Then make a list of the nine things you don’t want. We call this Nine of This and None of That.
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