Negotiating the price is a very stressful period in a home-buying process. You’re not quite sure what the results will be, or exactly how much money you’ll spend In any case, keep in mind that the owner is interested in selling their home, and you’re interested in buying it. With a little time and a little effort, you’ll be able to do it although you might end up having to make many offers before getting one accepted in a market like this.
SPECIAL NEGOTIATION STRATEGIES: TEGIES:
Escalation Clauses and More!
There are many other intricate negotiation strategies such as Escalations Clauses, Appraisal Gap Riders or Appraisal Waivers as well as others that should be used when appropriate and with a very detailed knowledge of how they work and interact with each other if you use multiple strategies in tandem. This is where it is particularly important to have a knowledgeable expert in your corner to guide you and advise you along the way. I recently represented a seller in a transaction and their agent, a 40+ year veteran had no idea what an escalation clause was! She even asked me to explain it to her client. Do not assume your agent is knowledgeable just because they have been an agent for many years. Lastly, if you loose a home to a higher or better offer, if you really like the home, ask to be kept on as a backup offer. Deals do fall apart from time to time and if you are listed as a backup offer, you could hear back in a few days that you are next in line!
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