As a buyer, time is of the essence

Buying a home isn't a process to be rushed. Yet with all the variables that go into purchasing property—your existing finances, mortgage rates, competition from other buyers, assistance programs, and government policies—the smart buyers are the ones who are ready to jump at the right deal.  To set yourself up for success, have all aspects of the buying process you can control squared away as far advance as possible. That might mean working on your own finances, current housing situation, or applying for assistance programs as early as possible—maybe months ahead of when you start house shopping in earnest.

Make sure you're going into the buying process with a team of professionals to help, as well. That may include knowing a good real estate attorney, researching reputable home inspectors, establishing a relationship with a mortgage broker, and of course, finding a REALTOR® you feel comfortable with. Of first-time home buyers in Texas, 71% said their real estate agent helped them understand the process of buying home and 51% of all buyers said they received better contract terms because of their agent, according to the 2016 Profile of Texas Home buyers and Sellers.

Author: Michael Schrantz, Texas Association of REALTORS®

The most important negotiating tip

There’s a simple thing you can do to put yourself in a powerful negotiating position: If you want something, don’t care about getting it.

Does that sound crazy? Can you see yourself not caring about your dream home, the one you can see yourself blissfully happy in for years to come?

Don't misunderstand me. I'm not suggesting you don’t try to get the house. Not caring means you sit down with your Texas REALTOR® and put together a data-driven offer that makes sense for your situation. Then you divorce yourself from the outcome.

Not caring—removing the emotion—makes your decisions easier because you’ll be assessing objective criteria. Either the seller meets your price or he doesn’t. Either he agrees to make a repair or he doesn’t.

You won’t win every negotiation this way, but you’ll be less likely to pay more than you wanted to or compromise on something that you’ll regret.

There’s no line in the contract that says, Check this box if you really want this house. Focus on the particulars of the deal without caring about the outcome. It’s easier said than done.

Author: Ward Lowe, Texas Association of REALTORS®

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