 |
 |
 |
 |
|
|
|
|
 |
|
 |
Cell:410-608-2852 Office:410-580-5900 |
Five Powerful Strategies < Home |
|
|
|
 |
|
 |
|
Five Powerful Strategies |
|
|
1) Don't Get "Pre-Qualified"!
Do you want to get the best house you can for the least amount of 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. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller. In years past, we always recommended that buyers get "pre-qualified" by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you "pre-qualified" and issues a certificate that you can show to a seller. Sellers are aware that such certificates are WORTHLESS, and here's why: None of the information has been verified. Many times unknown problems surface. Some of the problems include recorded judgments, child support payments due, glitches on the credit report (due to any number of reasons both accurate and inaccurate), down payments that have not been in the client's bank account long enough, etc. So the way to make a strong offer today is to get "underwriting 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. 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 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! Contingent sales rarely work, unless it's with a new home builder who has other houses to sell and can afford to put one on a contingency. Imagine that we go out looking for the perfect house for you. We find it and you love it! Now you have to go make an offer to the seller. You not only want the seller to reduce the price, but you also want them to 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. The seller will probably agree to either the contingency or the reduced price, but not both. This causes you to pay more for the house than you could have without the contingency. Now you're in the position that you have to sell your existing house in a hurry, or you lose the dream house. So to sell quickly you might take a less attractive offer than you would consider if you'd had more time. The bottom line is that buying before selling might cost you TENS OF THOUSANDS of dollars. We always recommend that you sell first, then buy. If you're concerned that there is not a house on the market for you, then go on a window-shopping trip. You can identify possible houses and locations without falling in love with a specific house. If you feel confident after that, then put your house on the market. Another tactic is to make the sale "subject to seller finding suitable housing". Adding this phrase to the listing means that when you do find a buyer, you will have some time to find the new place. If you don't find anything to your liking, you don't have to sell your present home.
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 ni... (Read More)
Fill out the form below to read more and receive a FREE copy of Five Powerful Strategies
By submitting this form with your telephone number you are consenting for Shari Gaister and all authorized representatives to contact you even if your name is on a Federal or State "Do not call List".
Back to Top
|
|
 |
|
 |
|
|
|
|
 |
|
|
 |
|
 |
|
|
