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.
STEP 10: THE CLOSING PROCESS
After the negotiating is over, and after an offer has been made and accepted, comes the closing process. First, what is the closing process? Essentially, it involves everything that’s needed to make the home sale and home purchase complete, legal, and finalized. It’s also referred to as settlement or escrow, and is highly automated and computerized. Although nearly pro forma (“done as a matter of form” or
Powered by FlippingBook