break a home purchase deal, but what does it mean? If you’re confused by the term, you’re definitely not alone. “A contingency is a stipulation that states the closing of the sale depends on something the buyer has to do for the process to go forward, whether that’s getting approved for a loan or selling a property they own. Generally, the two other most common contingencies are financing and home inspections. For financing, the offer is made contingent upon the sale of your current home. For home inspections, the offer is made contingent upon a satisfactory home inspection report of the home you wish to purchase.
Step #10: Negotiating with the Seller or Buyer
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 and selling process, and things have likely changed over the years or decades since you last sold or 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! Your listing agent should be able to act as your buyer's agent on your purchase. That is not a conflict and since they want your home to close they will be able to juggle both deals. I’m really trying to drive this
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