Three Simple Negotiation Strategies For Maximizing Your Buying Power:
If you want the best possible house for your money, then write up a
clean and strong offer and be fully ready as a buyer. You must
demonstrate to the seller that you can get the deal done without
glitches. Here are ways to maximize your potential:
1. Get Pre-Approved. Have the lender check and verify all your
information so that you are actually approved for a loan. This is
not the same as a pre-qualified where nothing is verified. A
pre-qualification certificate is not worth much as many problems can
surface when the lender starts verifying the information. There
could be credit report problems, alimony payments due, recorded
judgments, income overstated, among many other items that could pop
up. Pre-approval shows you are already approved for a loan and all
that’s left is to get the house approved as well. Getting a home
approved for the loan may require inspection(s) and appraisal.
2. Get Your Property Sold First. A seller does not want to accept an
offer that is contingent on you selling your house first. If a
seller accepts an offer contingent on your home selling in the next
3 months, then the seller’s home goes into a bumpable position. When
the seller’s home is in a bumpable position many Real Estate Agents
will pass over it and not even consider it when showing prospective
clients/buyers’ homes. For them to be willing to put their home in
the bumpable position they would need some incentive. An incentive
could be agreeing on a higher price, putting down a non-refundable
sum of money or if you could show the seller that your home will
sell quickly and why. Most sellers will accept a lower offer over a
higher offer with a contingency when it comes to selling their home.
3. Offer Substantial Earnest Money. If two offer’s are the same
except one offer shows $500.00 in Earnest Money and the other one
offers $3000, the seller is going to choose the offer where they
will receive the $3000 if the buyer walks away from the deal. The
$3000 shows the seller they are more serious and are in a better
position to purchase.
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