responses from the seller. First, the seller might accept your offer as is. Second, the seller might counter the offer by demanding changes (making a counteroffer for your review). Third, the seller could reject your offer altogether, coming back with a totally different 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, counteroffer, or rejection) strategically and effectively. 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 counteroffer, 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 offer price when there’s a high market demand, you risk losing the property to another buyer who’s willing to pay more. This is why it’s important to know your limits and to stick to them, as well as to know how badly you want a particular home. Another tip for negotiating is to set your emotions aside, no matter how tricky that could be. The process of buying a home, which includes negotiating, is a professional business transaction, so there is no room for personal sentiments. If the price that the seller demands is too high relative to the comparable value of the property, then you need to know when to walk out of the deal, regardless of how painful it might be. In Chapter 12, we will talk more about this scenario, which you need to be prepared to do in some cases. And this requires a detachment of emotions.
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