Other signs of a motivated seller include a vacant house, or a house that’s been on the market for several months with several reductions in the asking price.

* Keep your own situation to yourself -

Information can be used against you as well. How much you’re willing to spend, the size of mortgage you can afford, your move-in deadlines - it all can be used to extract more money out of your pocket. Be sure to tell your agent everything they need to know to be effective on your behalf, such as, how much you have for a down payment, the size of the mortgage you can afford, etc. However, keep your personal circumstances and timeline to yourself.

* Use time to your advantage -

Just as you have a time frame in which you wish to buy, seller almost certainly has a deadline of his own. If you can learn the seller’s deadline, it’s another piece of information that can be used to negotiate a better deal.

* Check your emotions at the door during negotiations -

One of the costliest mistakes you can make is letting the sellers know how much you love their home. Once you’ve let it slip, you can forget about negotiating the price; the other side knows how motivated you are. In fact, a seller may see it as an opportunity to squeeze a little more money out of you even when you’ve made a good offer to start.

No matter how wonderful a home is, no matter how much you want it, keep it to yourself.

* Don’t be afraid to negotiate -

You may be the type who prefers a hard-and-fast price tag on everything. “I don’t like to haggle” is your approach. But negotiation is the key to getting a good deal. If your goal is to get the best home possible for the least amount of money, then you had better be prepared to play the negotiating game.

* Stay out of bidding wars -

Sometimes the seller’s agent will try to scare a hesitant buyer with the threat of another serious potential buyer. Don’t fall into this trap, it will only cost you money.

If there is another buyer, then the seller’s agent will try to get a bidding war going. In these situations, whoever wins also loses because the buyer ends up overpaying.

If there isn’t another buyer, there’s a good chance that the seller’s agent will come back with “the other deal” fell through. Be sure to let the other side know that you might be interested if that happens before you walk away.

* Know your hidden costs -

There’s more to buying a home than the mortgage. Don’t forget to factor in mortgage insurance, appraisal fees, inspection fees, title insurance and every other dollar you’ll have to spend in order to know what you’re really paying for your home. With the help of a good agent, you should identify all of the costs.

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