How can you negotiate like a pro for first-time home buyers?

?????????? ?????????????????? ?????? ???????????????? As a home buyer, your job is to make decisions (one of which is how to negotiate), but get a team around you to implement your decisions. I strongly recommend having an excellent realtor negotiate for you for two reasons: 1. It's hard to effectively negotiate when you are emotionally involved. I'm very good at separating emotions from business, but when we bought one home, I think I may have committed homicide (not literally) if my realtor did not negotiate for me. 2. Good realtors negotiate for a living - that is one of their core skills. Over my 20 year career as a lender, I consistently see relators negotiate far better deals and terms than someone doing such for themselves.

It’s all about preparation prior to qualifying for your loan. Put together a realistic budget with everyday expenses. Next, add in your fixed expenses like rent, utilities, student loans, credit card debt etc. Find an agent that is patient and is willing to guide you through it with guided truth. Find a first time homebuyer program that will help you with assistance. Continue to work on your credit and debt/credit ratio. Stay focus on your goal of owning your home.

Before you get to the point where you want to make an offer you need to be informed about the neighborhoods you are wanting to move into. Key information to know: 1. How speedy are those 'For Sale' signs turning into 'Sold'? 2.Are the houses typically going in multiple offers? 3. How many days on market before they are going under contract? 4. How much are the homes selling for once they close ( at , over, or under listing price )? 5. What are the market value's on the homes in the area? Nailing these details is like having the secret sauce to work your magic. It's your roadmap to sussing out a fair and square price range and just how much wiggle room you've got to play the negotiation game.

In my experience, which stated in 1978, many first time buyers seem to be more worried about “seeing Homes “ before getting a full loan approval. Shopping for a home without a loan approval. It’s like putting the horse after the cart. The very first thing a first time home buyer should do is review their income and their expenses. Speak to a qualified loan originator who understands their budget not just what they qualify for but what their wants and needs are.

With over 17 years experience at hand I can say that to get a good house, good design, style, in good location at good price the buyers need to contact and talk few experienced and full time Realtors. They also need to know what the Realtor will do for him and what the buyer is expected to do. The experienced Realtor knows the area, features and benefits, Mortgage professionals, Inspectors, Lawyers etc etc. He will also be able to negotiate with the sellers. I explain a great deal of my expertise and need at least an hour and a half to explain everything.

An underwritten pre-approval is the strongest kind you can get. It's a comprehensive review of your financials by a mortgage underwriter to ensure you meet loan criteria. They assess your income, credit history, assets, taxes, job history, debt to income ratio. Once done, they issue a written approval, which holds more weight than a regular pre-approval as it signifies your financial info has been thoroughly vetted.

Getting pre-approved before submitting an offer is a vital step that offers numerous benefits to homebuyers. It provides a clear budget, strengthens your position as a buyer, expedites the closing process, and allows you to address any financial issues early on. In a competitive real estate market, where timing and credibility can make or break a deal, pre-approval is not just important – it's essential. If you don't have a solid pre-approval letter ready to submit with your offer there's very little chance the seller will take your offer seriously. So, before you visit your first property, take the time to get pre-approved and you will experience a smoother and more successful path to homeownership.

Some lenders like Flagstar Bank third party originations will waive all the agency Loan Level Price Agencies for first time homebuyers giving a better rate and an easier way to qualify. A FTHB is defined as anyone who has not owned a home in the last 3 years.

Obtaining your preapproval before starting your home search, ensures you will not suffer the disappointment of not qualifying.

Absolutely agree. Getting fully credit approved by an underwriter allows a buyer to compete with cash buyers knowing they have the loan and can subsequently have a short escrow.

Negotiating in a multiple offer situation is very common today. I have a check list of everything you need to know and things you need to do before to make your offer stronger than all the rest. Just email me: linda@lindafogarty and I'll send it to you. No strings, no cost. I want to help agents as much as I can.

Most people assume that the price is why a seller accepts or declines an offer. This isn't always the case. The terms that are in the offer are just as important if not more important than the price. So what are some of the terms in the purchase agreement you can focus on to try and give you an edge? 1. Closing Date : How quickly or far out does the seller prefer to close? 2. Financing terms : Conventional or FHA ( some sellers prefer conventional). 3. Earnest Money: the more you put down, let's the seller know that you are serious. 4. Inspection Contingency: The shorter you can make can be appealing to the seller. These are just a few things to improve your odds

Every case and situation is different right? Therefore, you must hire a very professional-creative-experienced negotiator to be your realtor.

This topic shifts like the sands on the beach. It is CRTICIAL that you listen to your chief negotiator. They will let you know what the latest market conditions are telling you to do. Are we in a buyers market, a sellers market. Does the specific kind of home you are looking at in the area you are looking in have HYPER low inventory? 6 months of inventory is stable. If there is less than 1 month inventory, you need to understand you are negotiating from a weak position. I know it may not be what you want to hear, but to deny that, will most likely cause you to lose many deals. Work with a real estate professional and a lender that will help position you in the best light to win the negotiating stance.

All agents are not the Same! Purchasing a home is the biggest single purchase most people make in their life time. So it is crucial to have an experienced agent helping you through the process My Top Tips: 1. Interview 2-3 agents ( see who is a good fit ). 2. Are they FT or PT ( you want your agent to be available ). 3. Do they have good follow up ? 4. How long have they been in the biz? 5. Do they have online reviews ( what are their past clients saying). 5. Do they have know the area where you are wanting to move into? 6. What are their strategies for getting offers accepted? 7. Which agent is going to suggest to sit down and do a buyers consultation & explain the process to you or do they just want to take you out looking at homes?

This is the single most important thing; success or failure will be determined here. 75% of agents are ineffective, Google and spend 10 minutes verifying the creds and experience of the planned agent. DO NOT pick and agent due to kickbacks. DO NOT pick an agent because they're a friend or family member. Buyers don't pay their agent in most cases, there is no reason not to use the most experienced and skilled one. Treat this like what it is, a huge financial event.

In our area a lot of homeowners will allow a pre-contract inspection which will give you a lot more information about the condition of the home before you make an offer and blindly waive inspection contingencies. Most of my buyers only end up spending a small amount of money on pre-contract inspections but it assists them in strengthening their offer to the owners & they always end up securing a home faster. They have been a valuable resource for me & my clients in a tough market with limited inventory in some areas.

A home is a widget, it's all business in the end. First time buyers must lean on EXPERIENCED agents to keep them in check. Cry in the shower, buy with your head and not your heart. An agent that blows sunshine at every home is worthless to you.

Totally ?? agree with this. You need to learn to be very patient, flexible, and realistic as you go out and view properties.

Staying cool and calm during a negotiation is sooo hard if it's YOUR money we're talking about. That's why I ALWAYS hire a real estate agent to handle my personal transactions even though I've been licensed since 1980. But the best way to NOT get emotional is to live by my "next" philosophy. There is NO one perfect house for you. If you lose the house of your dreams, I can assure you, there is another one out there that is even better. I learned this from my favorite philosophers, the Rolling Stones. "You can't always get want you want. But if you try real hard, you'll get what you need!" P.S. When it's YOUR money we're talking about, I am icy, steely and kind. The sure way to get what you want!

Don’t be impatient. With low inventory and high interest rates buyers there are multiple buyers buying homes , let the agent /broker the one who is representing the buyer (You)handle offers, this business is such you should be willing to accept that there could be multiple offers on one home , so put offers on multiple homes where you feel you and your significant other can live and there are ways in making these work by working around inspections and appraisals contingency’s that can be waived as well as down payments and various other closing contingency’s that come into play. Today’s market is a game of chess you just have to be learn to play the game. If your agent/ broker is an expert in his field he will get you into you first home

Buying a home is a marathon not a sprint. The process can take anywhere from start to finish 45 to 90. There are always twist and turns along the way, so patience is the key. Remember when you are asked for something after you have given something else, it is one of two things. What you gave them opened up more questions or what you gave them didn't clear the condition. Either way the only way to get the money to buy the house is to give the underwriter all the information they need to close the loan. Professional Loan Originators will help you navigate these waters. Make sure to choose one that specializes in working with First time buyers. It will make the process easier.

Be clear on what neighborhoods ( consider commute time, being close to family and friends, what things are in the area ). Your Must Have's and the Things you would Like to have . What things you are willing to make a concession on. Is this going to be your forever home? If it's not then really go over the things you are willing to bend on.