as other terms and factors involved.
After you agree on a price, the agent will send the proposal (offer) to the seller or seller’s agent along with your pre-approval letter. The seller’s agent, based on the seller's direction, will either accept, reject or present a counteroffer. Negotiations will go back and forth until you settle and reach an agreement or lose out to other offers. If your offer is accepted, the process moves to what is called "Attorney Approval and Inspection. "A/I". This is a short period where you are allowed to do all your inspections. In Illinois either you or the seller can back out of the contract for any reason during A/I and are entitled to get your earnest money back.
NEGOTIATING THE PRICE: WHICH TACTICS TO USE
The goal of your negotiation is to buy a house for money you’re willing to pay, and if you get it for less then you were willing to pay, you have exceeded your goal. Decide upon the highest maximum amount that you can afford, and don’t ever offer more. If you pay more than your maximum amount, you have already lost. Depending on what kind of market you’re in, strategy and tactics will vary. In a buyer’s market (i.e., there are more houses on the market than buyers looking), you have more possibilities to succeed. You can make a less-than-reasonable offer, demand
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