for your o ff er. Th e conditions of these properties must be taken into consideration. For example, if your prospective home — the target home — has additional features that the comps don’t have, then you need to factor that in for the price quote. It doesn’t need to be a “secret” that you did some research on comparable homes. In fact, you should actually mention the comps during the negotiation. Why? It will give the seller and the listing agent the impression that you know your st uff . You did your due diligence by doing your homework ahead of time — research — and this will only strengthen your bargaining position. Hiding the fact that you studied comparable sales, or, worse, failing to do this all together, is a mistake that can weaken your bargaining position, mark you as vulnerable or a “target” to be taken advantage of, and cost you in the end. As discussed in Step 8, a purchase o ff er can evoke diff erent responses from the seller. First, the seller might accept your o ff er as is. Second, the seller might counter the o ff er by demanding changes (making a countero ff er for your review). Th ird, the seller could reject your o ff er altogether, coming back with a totally diff erent counter proposal. How does negotiation play into this? Essentially, knowing how to negotiate, and having a skilled buyer’s agent on your side, will get you the best deal possible. It will also help you to deal with the seller’s response (acceptance, countero ff er, or rejection) strategically and e ff ectively. First, know the maximum amount that you are prepared to spend on this home. If you’ve persuaded the seller to come down from the original listing price (based on the comps date you’ve acquired and shared), but now the seller comes back with a countero ff er, you, with the guidance of your agent, will need to determine how much you want the home and how badly you want to go through with the deal. For example, if you persist with your o ff er 86
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