payment is then remitted to the seller. This “good faith” money is usually used to cover some of the down payment, the purchase price, and the closing costs.
Step #10: Negotiate with the Seller
In real estate transactions, the negotiation process is one of the key steps for both the buyer and the seller. While the seller and listing agent want to sell the home for the highest amount they can, you as the buyer (and your buyer’s agent) will, reasonably, want to get the best deal you can. It honestly can feel like a competition, and can be challenging and stressful, and this is where negotiations come into play! Later on, we will talk in much more detail about the negotiation process for buyers, but here’s a bit of an overview, because negotiations are a critical step in the overall home-buying process, and things have likely changed over the years or decades since you last purchased a home. So here are some basic tips to keep in mind when it comes to negotiating with the seller: • Hire a buyer’s agent! I’m really trying to drive this point home. It’s much more difficult to navigate the negotiation process if you don’t have a buyer’s agent who’s skilled in negotiation tactics. • Learn some strategies on your own, which will be helpful and to your benefit in getting the new home you want at the price you want. • Plan with your agent a winning negotiation strategy. • Research and physically visit comparable homes in your desired area within your price range so you can use this information to your advantage during negotiations.
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