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5 Secrets to Buying the Best House for Your Money

1.Get "Pre-Approved" - Not "Pre-Qualified!"

Do you want to get the best property you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one element 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. Always get "pre-qualified" by a lender prior to making an offer. 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 is why! None of the information is verified! Many times unknown problems can come to the surface! Some of the problems I have seen include recorded judgments, alimony payments due, glitches on the credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients' bank account long enough, etc. Therefore, the way to make the strongest offer today is to get "pre-approved". This happens AFTER all information has been checked and verified. You are 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 is VERY POWERFUL weapon in the negotiating arsenal.

2. Sell Your Property First, and then Buy the House

If you have a house to sell, sell it before selecting a house to buy! Contingency sales are not nearly as strong as one that comes in with a ready, willing and able buyer. Consider this scenario: You have found the perfect house - now you have to go 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 this is a risky deal, since he might pass up a buyer who DOES NOT have to sell a house while he is waiting for you. If he says OK, he will do the contingency but it has to be a full price offer! You have now paid more for the house than you could have because of the contingency, and you have to sell your existing house in a hurry! Otherwise, you lose the house! Also, to sell quickly you might take an offer that's lower than if you had more time. The bottom line is that buying before selling might cost you THOUSANDS of dollars. 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 do not find anything to your liking, you do not have to sell your present home.

3. Be Prepared Before House Hunting

Make a list of things you want and do not want in the new place. You can use this list as a guide to rate each property that you see. This helps avoid confusion and keeps things in perspective when you are comparing dozens of homes. When you are house hunting, keep in mind the difference between "STYLE AND SUBSTANCE". SUBSTANCES are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. STYLE represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good SUBSTANCE, because the STYLE can be changed to match your tastes. Imagine each house as if it were vacant. Consider each house on its underlying merits, not the seller's decorating skills.

4. Don't Be Pushed Into Any House

Your agent should show you everything available that meets your requirements. Do not make a decision on a house until you feel that you have seen enough to pick the best one. If homes in your market are selling quickly, usually a few days after listing, you may want to make an offer quickly if you are sure that is THE house. If the market is slower then there may not be the same urgency, unless a home is drastically under priced. A good agent can give you this information. Also do not forget to check into the SCHOOL DISTRICTS of the area you are considering. Information is available on every school; such as class sizes, percentage of students that go on to college, SAT scores, etc. You can get this information from this web site.

5. Stop Calling Ads!

Please note - ads are sometimes created to make the phone ring! Many of the homes have some drawback that is not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What is not mentioned in the ad is usually more important than what is. For this reason, you need to be very careful when reading ads. Remember that the person writing the ad is representing the seller and not you! The most important thing you can do is have someone on your side looking out for your best interests. Your own agent will analyze the property with an eye towards how well it meets your needs and will point out any drawbacks you should know about. Therefore, whether you decide to work with us or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer's broker. Then you become a client with all the rights, benefits, and privileges created by this agency relationship, and you are no longer just a shopper. When an agent finds a great buy, whom do you think he is going to call? His client, who he has a legal obligation to work hard for you, or someone who just called on the phone and said "keep your eyes open"? Therefore, to get the best buy on a property, I always recommend that you hire your own agent and stick with him or her.