891: How to Negotiate a Deal When It's Under Contract

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 12 February 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

We’re about to share the secrets NO seller wants you to know about. These secrets could save you tens of thousands of dollars on your next home purchase, and most buyers have no clue about them. In fact, these secrets are so rarely used that most agents don’t know how to take advantage of them until it’s too late. Today, we’ll unlock the best-kept negotiation secret in real estate investing: negotiating AFTER your offer has been accepted. New investors and first-time homebuyers think the time to negotiate is BEFORE their offer gets accepted, but this couldn’t be further from the truth. Once an offer is accepted, buyers unknowingly gain a TON of leverage—leverage that can be used to get seller credits, a reduced purchase price, concessions, and more. And this isn’t just some negotiation theory that works only in psychology textbooks. David has used these tactics NUMEROUS times to save his clients thousands of dollars and get them EXACTLY what they want out of the seller. And if you’re a seller, the reverse works in your favor. Knowing these negotiation tactics can help you STOP buyers from taking control once you’re under contract, giving you the upper hand while they struggle to find faults in your house. So, if you’re about to buy a property, are under contract right now, or WANT to invest in the future, these negotiation secrets MUST be followed to score a great deal. In This Episode We Cover: How to negotiate a real estate deal when you’re ALREADY under contract The two stages of negotiation that most buyers/sellers have zero clue about Home inspection red flags that CANNOT be ignored (and can get you HUGE seller credits) The one thing you never, EVER ask a seller to do when under contract Seller disclosures 101 and what sellers must tell you about a home before you buy How to get a lower price, seller credits, or concessions while mid-contract The one thing sellers should ALWAYS do (but DON’T) before they accept any offer And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Join BiggerPockets for FREE Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Expand Your Investing Knowledge With the BiggerPockets Books Be a Guest on the BiggerPockets Podcast Ask David Your Question David's BiggerPockets Profile David's Instagram Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's X/Twitter Rob's YouTube BiggerPockets' Instagram Books Mentioned in the Show SOLD by David Greene SKILL by David Greene SCALE by David Greene Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-891 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the BiggerPockets Podcast Show, 891.
0:04.0	What's going on everyone? This is David Green, your host of the BiggerPockets
0:07.8	podcast here today with my partner in crime, Rob Abisolo.
0:12.0	Hello, yes, David, there could not be an episode of Bigger Pockets that is more in your
0:17.5	wheelhouse today because we are calling today's episode how to negotiate a deal when under
0:21.9	contract and boy have I seen you not only do this but do it massively so I'm so excited to share some of your tips and strategies that I've personally learned from you for everyone at home.
0:32.0	That's right today we're going to be talking
0:33.6	about all the levers and pulleys that can be pulled on once you're under
0:37.3	contract to get a better deal for yourself. You're also going to learn about the
0:41.1	options that you have as a buyer in the negotiation process which can
0:44.4	save you money and headaches down the line and most importantly these are things that most agents
0:48.8	themselves unfortunately don't know. So you can use this information to help educate your agent or if you are an
0:54.2	agent this show should have a lot of good information for you.
0:57.0	All right, well let's get into it David and I want to backtrack a little bit first and
1:00.3	let's just get back to basics here before we jump into some of the
1:04.1	mechanics with negotiations and all that good stuff. Can you just generally
1:08.2	explain for everyone at home that maybe new to the real estate process what it
1:12.4	means to be under
1:13.4	under contract.
1:14.4	Great question there.
1:16.4	Under contract is the term that we use once a seller has agreed to a buyer's offer
1:21.6	and all parties have signed off on that offer. The offer is going to
	...

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