1. Don’t Get “Pre-Qualified”
Do you want to get the best house you can buy for the least money? Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. The way to make a strong offer today is to get “Pre Approved”. This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. It’s VERY POWERFUL and a weapon I recommend all my clients have in their negotiating arsenal.
2. Sell First, Then Buy
If you have a house to sell, sell it before selecting a home to buy! If you have your eye on another home, pressure is placed on you to sell your existing home sooner rather than later. In the end you will lose money because you accepted the wrong offer and did not wait. Another tactic is to make the Contract “Subject to the seller finding suitable housing”.
3. Play the Game of Nines
Before house hunting, make a list of the nine things that you want in the new place. Then make a list of the nine things you do not want in your new home. Use this list as a scoreboard to rate each property that you see, the property with the highest score wins!
4. Don’t be Pushed into ANY House
Your agent should show you everything available that meets your requirements. Don’t make a decision on a house until you feel that you have seen enough to pick the best one. Check into the school districts of the area you are considering. Information is available on every school such as; size of class, % of students that go to college, OP scores, etc. It is also worth driving around the area to make sure that everything you need access to is conveniently located and that there are a variety of facilities close by.