12 Negotiation Tips When Buying a House THAT WORK!
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- κ²μμΌ 2024. 04. 27.
- In today's home buying tips episode you'll learn 12 negotiation tips when buying a house that work!
π¬ About:
When buying a house, it's first important to identify the current type of real estate market your in. For example, a seller's market, buyer's market, or a balanced market.
The buying a house negotiation tactics in this episode will serve you very well in any market. The use of the real estate negotiation strategies in this video may be slightly different in approach depending on the market conditions, at the same time, they will prove invaluable to your success!
Here's a timeline of the how to negotiate real estate tips in this video. Please watch the full video first, then go back to your favorite parts.
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π Show Notes π
1:25 - Get Your Financial House in Order First!
4:11 - Don't Get Hung Up on Small Price Differences!
5:10 - Offer the Home's Value NOT Necessarily the List Price!
8:16 - Be Ready to Move Quickly!
10:13 - Don't Assume That Inspections Reopen Price Negotiations!
12:10 - The Answer to an Unasked Question is Always NO! So, Ask!
13:09 - Find Out Whey The Seller is Moving... If Possible!
15:34 - Google Everything!
16:43 - Expect to Compromise!
17:59 - Look Past the Decor!
18:59 - Terms Can be MORE Important Than the Offer Price!
21:35 - Write a Personal Letter to the Seller!
βββ Get in Touch with Me Here βββ
Andrew Finney Trusted Real Estate Advisor/ USMC Veteran S.0173260
www.andrewfinneyteam.com
King Realty Group 6955 N. Durango Drive
Suite 1004
Las Vegas, NV 89149
Disclaimers/ Credits:
At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with BHHS, NV Properties in Las Vegas, NV. Andrew's videos are his own and do not necessarily represent the views and/ or opinions of BHHS, NV Properties. The purpose of Andrew's videos is to educate you and help you make sense of the real estate process. I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services, you are advised to reach out to the appropriate professional for further counsel about your own unique situation. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or any other and may be outdated or inaccurate; it is your responsibility to verify all information for yourself. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that is free from error. Linked items may create a financial benefit for Andrew Finney Team. Any use of other media is by fair-use or license only.
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All your tips are excellent! Your communication and knowledge is very appreciated. Thank you for making this video. I am first time buyer looking into the Atlanta - Gwinnett area. Do you have a realtor recommendation? Thanks!
Hi yume816,
Thank you for watching and for sharing with us!
Gave you a shout out in this week's live episode and answered your questions. Here's the link: krplus.net/bidio/ppaoo3VmoG-2YaA
For a recommendation to a top agent, please email me directly at: Andrew@AndrewFinneyTeam.com
What would you like to see next?
Btw... I go live on Wednesdays! =)
Enjoy a fantastic day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
"Tore up from the floor up" I love this guy π€£
I had a friend who wrote a cover letter about them being a young homeschooling family who were trying to make ends meet with a husband working 2 jobs and the sellers actually took $5k off their offer. What's more, this was in a major sellers market and they had bids way higher than that family. You're 100% right that this works!
Still watching today, 4 years later. Your content is just as relevant after the pandemic. Especially, sellers vs buyers market. Keep up the great content. God Bless you for being so giving of your experience and fund of knowledge.
Thank you Jennifer! I'm glad this video helped you and is still relevant today. =) Will do. I took a pause for a while and am back now. In the videos since I've returned, I've been talking about the many changes in the current real estate market. If you have a chance, I'd love to hear your feedback and what types content you'd like me to create. Thank you.
Here's the link to the vide I published earlier today: krplus.net/bidio/hsyQiHRqoG3QY6A
Sending you positive vibes everything goes your way!
I was basically familiar with the first 11 points, though I appreciated the details. The cover letter was news to me. I had no idea.
Helpful negotiating tips! the first I have been advised to write a personal letter to the seller. Thank you for the tips.
Thank you, Andrew. Very helpful. All the best to you.
I have always been told the deal is hidden in the details. Very informative video
You are the best! Thank you for your videos
Hey your videos helped me a lot.
Hi Andy -- thank you for the 12 negotiation tips. This is very helpful for me as my wife and I are committing to purchase our first house/property.
Your videos teach me so much important info and I feel much more ready to deal w looking for a house now! Thank you so much! π€©
FANTASTIC video! Thank you! I learned so much!
Hi Chey T!
Thank you for watching and for you kudos!
What was the tip that stood out to you the most?
Wishing you an amazing day!
Thanks again for watching! =)
Thank you Andrew! Ever since I discovered your channel I feel like I learn something new after watching each video. I am currently looking for my first house in a seller's market and it is rough. This video made me feel much better since we lost out on a couple of homes due to bidding wars. I will definitely take your advice and write a personal letter on the next house and I'm also practicing law of attraction with all of my goals on a vision board. Thank you again for the tips and making me feel better.
Amazing advice learning that terms can be more important than price
In the process of purchasing our first home and these tips are so helpful. Thank you
Hey thank you for this.
Absolutely Carrie! Thank you so much for watching my friend!
What would you like to watch next?
you know you got a lot of good points in these videos. I am planning to buy a house for the first time and the only one i know of is my mom, so it's best to get enough information as i can. The more i listen and learn from these videos the more i realize its not just a pick and choose type of environment its more of a self consciousness; in short seeing whats good for you and others and being considerate. There is more interaction between you and the seller than just the agent which is a good thing i believe in the long run; yeah great video and keep up the good work.
So thorough and informativeπ
Glad it was helpful Jewels! Sending you positive vibes everything goes your way.
Good work
Thanks for the helpful info! As a buyer, it's always good to put yourself in the seller's shoes and not be always greedy, in terms of contingencies. Everyone wants to be on the winning end of a deal.
Thank you
Hi senchenkov!
Thank you for watching and for sharing with us! You rock!
Yay!!! Very happy this video hit the mark for you! =)
What would you like to see next? FYI... I go live every Wednesday at 10am PST. =)
Thanks again for watching!
Enjoy an amazing day!
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
great info..what is your opinion on the future of rental properties..after the 2020 pandemic....?
I appreciate you putting a time line in the comment section it also a great outline of the video and a summary as well. Also it helps me remember what section I got most our of. Now to answer your question at the end. I liked the last two sections- the terms can be more important than the amount your willing to buy and the price seller wants to get, and I liked the cover letter on why you want to buy the property to help sway the seller you would be the one to sell too. Thank you for the video. Keep them coming.
Hi JoAnne Bearce,
Thank you for watching. It's great to hear from you!
I'm thrilled my videos are helping you! Yay!!!
What would you like to see next?
Enjoy a wonderful day!
Semper Fi,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Oregon outlawed the love letters now. We were really banking on being able to sweet talk. But these are excellent tips! Thank you
Indeed they did Logan. Very sad. I honestly think the "love letters" are excellent. Most people that love their homes would love it to go to someone they believe and feel will appreciate and love their home as much as they have.
Thank you for the kudos!
Sending you positive vibes everything is going your way!
On a side note, if you're curious about what's happening in the current real estate market, here's a link to my newest video: krplus.net/bidio/osmZeYCYh4iuZno
Andrew, what is the best veteran approach for making an offer on a home when using a VA backed loan -> New Construction?
Great deep dive into negotiating for a home. Especially "Don't assume that home inspections reopens negotiations", which I thought you explained very well! Thanks, Andrew!
Appraisal Contingency, and Repair request....Thank you!
The bank wants to do an appraisal before loan, should we do our own appraisal before the bank does theirs?
Hi Elizabeth Trainer!
Thank you for watching. It's great to hear from you!
Thank you for your great questions! I answered your questions and gave you a shout out in this week's live episode. =) Here's the link: krplus.net/bidio/YMhopoN3o2eYhXo
Thanks again for watching. Please share your favorite videos with someone else it can help too.
Enjoy an amazing day!
Thanks,
-Your Real Estate Geek, Andrew Finney
King Realty Group
www.andrewfinneyteam.com/
Very good video. Well explained π
Awesome video !! Thank you !!
Hi Vanessa Cardona,
Thank you for watching and for your support! You're a Superstar!
What would you like to see next in a video?
Thanks again for watching!
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Can a cash buyer use appraisal as contingency ?
I loved your video.
Investigate to see if the Seller is the "actual" owner was the biggest tip for me. I would be pissed if I was in the Middle of a divorce or something else crazy!
Excellent information. Is it easier to buy a house that is completely empty and or owned by the bank vs the home owner trying to sell. . ?
Very helpful. Have laws changed though prohibiting submitting the letter? My realtor said it was no longer allowed.
Hey Carol! Thank you for watching and for the positive vibes. I'm glad this video was helpful to you. =)
Yes, in some states "seller love letters" are no longer permitted. In the case of Las Vegas, NV, seller love letters are considered a gray area these days but not illegal as they are in let's say Oregon for example.
If your realtor is informing it's not permissible in your local market place, then he/ she is keeping you informed about that is allowed or not where you reside.
Imho, it's unfortunate some states have banned the seller love letters and others now question them. It was an amazing way to share what makes a buyer unique amongst the competition. I've worked with many sellers who didn't accept the highest offer in favor of a letter from the buyer to them that resonated with them.
In any case, sending you positive vibes everything goes your way! Thank you for watching! =)
Great vid. Question - Is it common for a cash buyer to have an appraisal done on a house? If so, does the appraiser need to have the signed Purchase and Sales agreement (showing the agreed price) in hand when he does the appraisal?
Question: If you are the seller, and you set the listing price at 500,000. But you tell your agent that you would be willing to drop to 480,000 if necessary. Is your agent bound not to tell perspective buyers or is your agent allowed to tell perspective buyers your selling strategies ( price, etc.) that you disclosed to your agent. Thank you.
Great question! In short, unless you authorized your agent to disclose that detail, the agent you hire has a fiduciary duty to uphold your best interests and maintain your confidence.
@@AndrewFinney Thank you for your reply. I am a subscriber to your channel and learn a lot!
Awesome! Thank you so much for being part of our tribe! I'm glad my videos are helping out. π€©π€©π€©
On tip number 8, how do you actually find out who owns a house and how do you know if a home is In foreclosure? When I Google the home all that comes up is Zillow and other realtor sites. How can I find out about it?
Nice video Andrew. Oh how I wish that you were in South Florida.
Hi David Lopez,
Thank you for watching and for sharing with us!
I really wish I could help everyone yet, to my knowledge, it's not yet possible to create androids of myself! lol... Where are you in the home buying process? Perhaps I have some top agents that can help you. You can email me directly at: Andrew@AndrewFinneyTeam.com
What would you like to see next?
Btw... I go live on Wednesdays! =)
Enjoy a fantastic day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
@@AndrewFinney Hello Andrew, thanks for the reply. As of now,
I'm in the beginning phase of trying to secure a home loan.
I have gathered much information from your video tutorial. I'm looking forward to seeing you on Wednesday.
Thanks, and keep up the outstanding work.
Thank you for all the tips but my favorite was tip #2 we didn't know what to correctly bid on a home although we knew the list price was not the true price but how do we find that figure out. When you shared if you are not working with a trusted Real Estate Advisor that took the time to help with a Comparative Market Analysis and you could possible bud more than what the house is even worth a red light made me realize our Real Estate AGENT is not that person. She is saying the list prices are "good" when I know the price could not be perfect. Thanks saved us from making a mistake. But the Last tip about writing a cover letter to the owners was the best by far.
My boyfriend has been in school for the past forever... but will start working in the medical field making a very good living does that change the fact and we have a very good down payment, does that change on if we can get a good loan? And Iβm guessing the SoCal market is balance( corona, Eastvale, riverside, Rancho Cucamonga are)
Great video , my home savings is still going as planned :)
Hi ericimi,
Thank you for watching and for your support. You're the best!
Glad to hear that your home savings plan is going as desired. =)
Quick question for you... What would you like to see next?
Thanks again for watching!
Enjoy a fantastic day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Andrew Finney Team My Girlfriend's dad passed and we are getting a small amount of money , what's the best way to put this money away for a home so it isn't questioned .
Hi ericimi,
Very sorry to hear about your Girlfriend's dad passing away. My heart and thoughts go out to her, her family, and you!
Very simple... Deposit it into your bank account and retain records of the will that shows he left the money to her.
Great question btw!
What would you like to see next in a video?
Thanks again for watching!
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
We are in the bidding/offer wars in our Houston area... we made offers on 2 homes, and the sellers went with best offer. So, we are so discouraged as of now. These homes were on the market for 2-4 days!! Im wondering if writing a personal letter would help aid us? We are searching for our first home to grow old in, and my daughter(1.5yrold) will grow up in. alot of investors with deeper pockets are just scooping these homes up...
Hi Michelle Lara,
Thank you for watching!
Absolutely YES a personal letter can sway a seller decision. Not in every case of course thought it does work and I've seen sellers in practice accept an offer solely on the letter itself!
Chat soon,
Andrew Finney
How do you find public records
Register of deeds in the county website. Search parcel number owner or address on gis map. Or go to their office. They will give you a copy of the deed. Also property assessor office can get you info
Thank you so much guys but I think I screwed up in my counter offer email. I read it again and it does sound a little insulting. The seller hasn't replied back for 3 days now. Is it common practice to go back to the seller and apologize? Thank you so much for your feedback. I really want this house.
Hey Javier!
Thank you for watching my friend. We've had a few messages through the comments about your situation.
Following up from the last comment... Did the seller get back to you?
@@AndrewFinney Hi Andrew, I actually called them this past Monday and we settled on my counter offer of $375,500 so we are very excited. The only thing I'm wondering as to how to handle properly is the fact that the closing will take place June 30th but we have to draft a lease agreement where they have to pay me the mortgage amount including the association fee and they also have to pay for utilities. Apparently their builder wont be done with their new home till the end of December which is also when our rental lease agreement expires so it works great for both parties. Now, my question is, how should I go about drafting the lease agreement and should I presented to them prior to closing which I think I should. Thank you so much for following up Andrew. Your help has been invaluable.
How long are offers held open in Las Vegas? I have bought seven houses in Texas over the past 45 years and I have never been in a bidding war. Usually I make an offer and give the seller 48 hours to accept it or it is revoked.We sometimes go back and forth a few times but I have never had multiple other parties knowingly bidding at the same time. The practice seems strange given my history.
Great question John!
In many cases the seller has 24 hours to respond or the offer is no longer valid.
When in multiple offer scenario, often times the listing agent will disclose there are multiple offers, either in writing or verbally, so everyone knows the situation. At that point, the response to an offer can take a bit longer and if a buyer is super committed to a specific house, then they will wait for the seller's decision while keeping their eyes open to other homes they might love too.
The presence of bidding wars or lack thereof is in direct correlations for the available supply of homes at specific price in a given location in relation to the buyer demand for those homes at a certain price in those locations.
I'm glad to hear where you reside in Texas, you haven't encountered this situation. For millions of home buyers across the USA, they have gone through this over the years depending on when they are buying/ bought their new homes.
Even with COVID 19, a listing I recently put on the market received multiple offers in the first 24 hours here in Las Vegas, NV.
The supply of home is low and buyer demand is high.
Thank you for sharing your experiences with us John!
What would you like to watch next?
do people still write letters to sellers? I feel like that could get folks into trouble if they over share
Quick question! So, the prices I see on Zillow or Realtor arenβt appraised by the seller? They are just picking a price out of the clouds that sounds nice?? Thanks for your response!
Hi Aaron Christofferson,
Thank you for watching and for sharing with us!
Great question Aaron! Here's couple more videos where I really break it down and should give you a much stronger understanding of how this works.
1. Understanding the Difference Between Valuations vs Comps: krplus.net/bidio/YpVvkYGofG3Hnpw
2. What You Should Know About Comps: krplus.net/bidio/mLxok6Vnh4vKfqg
Hope this helps! Please let me know. Thanks!
Check the show more description of this week's live stream timeline for the minute marker giving you a shout out: krplus.net/bidio/qsOteHWoZKabk2k
What would you like to see next?
Enjoy an amazing day!
Thanks again for watching and commenting! =)
Chat soon,
Andrew Finney
www.andrewfinneyteam.com/
Kristina can give us a preapproval letter ?
Do u need a loan pre approval letter even if u have the money to put down?
As a seller speaking YES
On tip number 8, how can you find out who the owner of a home is and if it's in forclosure? When I Google it I just get Zillow and relator sites.
Go to your states/county gis map look up address or a close address and click on parcel. It will give owner and lots of info
@Andrewfinny What are your thoughts on a first-time home buyers loan with no money down
Hi Hotrod RollingHillsTrucking,
Thank you for watching and for your great questions!
Answered your questions in today's live episode. Yay! Here's the link: krplus.net/bidio/pLixkXWgmGy6YWk
Really appreciate you watching! Your the best!
Enjoy an amazing day!
Your Real Estate Geek,
Andrew Finney
King Realty Group
www.andrewfinneyteam.com/
Writing a personal letter to the seller
Hi Vickie Booker,
Thank you for watching and for sharing your key takeaways with us!
Yep, that's a good one! In practice, I've seen sellers choose a buyer's offer over a higher priced offer just because the buyer wrote them a letter! Here's some more tips about how to make an offer: krplus.net/bidio/oNySfZVmgJ_XkqA
What would you like to see next?
Thanks again for watching Vickie!
Enjoy a great day,
Andrew Finney
www.andrewfinneyteam.com/
The title search for the buyer is being done by the seller's lawfirn where she works as a paralegal. In that case, is it too crazy to ask the seller to pay all buyers closing cost?
Into point 7 will let you know where we go!
Thanks for the tips but I'd have to disagree with number 2. $5000 is $5000, and you could do a LOT with $5000 - who knows, it could become $5m in Bitcoin after 30 years. I would say that if something is overpriced, unless it's absolutely the only option at that point, keep looking so that you don't overpay.
Hi Kathy! Thank you for watching and for sharing your insights with us!
There is always an opportunity cost of money and time. That said, at some points it may make sense for a person negotiate terms to win a bid to buy their new home and and for others, perhaps they prefer to keep looking. Ultimately it comes down to what makes the market TIC (TIC = Trends, Indicators, and Conditions) Depending on the TIC of the market will shape offer negotiation strategies.
At all times, a person should only proceed in a way that is comfortable and confident to them as they make well-informed decisions that are right for them for the reasons important to them.
I appreciate you raising the point you made and completely validate your thought process on it. It's simply a matter balancing market conditions and reality with a person's goals and what they feel is the best decision for them.
Thanks so much for watching!
What would you like to watch next?
Sending you positive vibes for an amazing day!
Good information. Two things - when you mentioned βthe termsβ I couldnβt help but thing of βThe termsβ scene from the old Danny Kaye movie, the court jester! (krplus.net/bidio/o66BiXGld2mUhJw). Also my understanding is that many listing agents will not pass along βbuyer lettersβ because of the high likelihood of containing information that would casually violate fair housing rules. I know that our listing agent has a specific disclosure that says they will not forward such letter unless we specifically ask for them because of the possibility of violation. Also our buying agent also said they wouldnβt pass ours along. Your thoughts?
Terms in the contract more important than listing price
At 7:20 you say that the "right thing to do" in the case of a house that appraises for less than the offer is to reduce the price to the appraisal value.
But, like, why? In our society, an asset is worth whatever someone else will pay for it, especially if there are multiple offers. So if I have a house where someone has offered me $310k, and then the appraiser says it's worth $280k, why am I morally obligated to reduce the price? If I have multiple offers of $300k, I don't think the appraiser is correct. I wouldn't reduce the price I was asking, and I don't think that's morally wrong.
In today's Housing Market (watching in Spring 2024). How do you Negotiate when a house is empty? Is the seller a homeowner carrying 2 mortgages? A Flipper? A Corporate Entity selling off assets, a Real Estate Investor selling a rental, or the Builder?
Since we have covid19 situation going on right now. Is it a good time to buy a house?
Hi Anpoy!
Thank you for watching!
Great question! There's always an opportunity to buy and/ or sell a house. Utlimately it comes down to the reasons why buying/ selling is important a person along with the timing being right in their life. Markets will go up, down, and all around and life will go on through it all.
Please get in touch with your reasons why you want to buy your house and assess your job security moving forward. I DO NOT advise anyone that is facing job security concerns to buy a house until their employment is secure.
That said, I'm going live 3x per week at 9am PST M, W, F with other top agents around the USA talking about the hot topics, if you'd like to join us, here's the link to the playlist: krplus.net/p/PLRT4sgnCVqNecugVWsOgYPoEH0IXc-Tm4.html
Thanks again for watching Anpoy! You're awesome!
Be well and stay safe my friend! =)
In 2021 my realtor is telling me that COMPS donβt matter :(
If I had great credit can I get a Mortgage loan with fake documents? I'm dead ass serious
No, that's called mortgage fraud.
Love letters are dumb.
If you have to ask : How much ? You can't afford it !
"Thrusted" advisor. That's where this all breaks apart. So much advice is spouted out with "trusted" this or "trusted" that. There is no trust in our world anymore. None. Not even doctors and nurses. We are all at the mercy of people looking to make as much money as possible just barely within the law or just by outright scamming. Everybody is out for themselves at the expense of everybody else. There are no answers.
Are you an attorney or a real estate agent?
DON'T GET AN MFA LOAN. MOST SELLERS WON'T TAKE IT. WE HAD THE HIGHEST BID AND WAS STILL TURNED DOWN 3 FREAKIN TIMES. WHAT'S THE POINT IN THESE LOANS IF THEY'RE REAL ESTATE LISTING AGENTS ARE GOING TO TALK THEM OUT OF IT π€·
How do you find public records
City Hall in your town.
Auditors office. Also, use fema to check flood zone.. Only buy zone X.
On tip number 8, how do you actually find out who owns a house and how do you know if a home is In foreclosure? When I Google the home all that comes up is Zillow and other realtor sites. How can I find out about it?
You can go to the properties county appraisal website and search for the property address. It will list that last 3 deeds to that home, which will tell you the sellers name.