Best Negotiating Trick

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Best Negotiating Trick for buying real estate is still “all about the basics.”  So often I hear clients or agents trying to screw over the other guy by discovering motives or weaknesses.  This rarely works and many times by merely trying to “get the other guy” you’ll just piss people off.  Good negotiating starts from strength.  This means you are not in any urgency and you have the money to buy it.  The best way to prove this is to have a prequel letter from a lender or some proof of funds at the same time when you make an offer.  It’s such a simple yet powerful tool when negotiating.  You’re saying, “I can buy this for the price that I offered!”  If you’ve already filled out the application & you’ve gotten all of the information turned in, most lenders are more than willing to give you multiple prequel letters for negotiating.  The secret is out – the real estate agent is not your “warrior of negotiating” – it’s your loan officer!  It’s easy and yet I still see more than half of all offers without a prequal letter.  Some buyers are very qualified (even have the cash in the bank) and frankly they get lazy!  Look….. this is very basic stuff!  Get with your lender first, get approved and then go shopping!!  When you do find the property and you’re ready to make an offer then get a letter from the bank for ONLY the amount your are offering.  If you’re pre qualified for a million and your making an offer for $250,000 then get a letter for ONLY $250,000.

 

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