Knowing the reason is helpful for the negotiation. Depending on how quickly someone wants to sell, they are more open for negotiation than, let’s say, because of a divorce when only one partner wants to sell and the other wants to stay. The emotion on the buyer’s side may be that they are deeply in love with this house; they need to find a place by a certain date; they are financially limited and don’t have much room for negotiation. In addition to that, the seller usually thinks their house is worth well more than the asking price, and a buyer usually thinks the house is worth less. So, having an agent representing each side is very helpful for both the seller and the buyer. When both parties agree to a price and contingencies, they sign the agreement, and you'll have a binding contract. The process in South Carolina is that all documents are sent to the attorneys (one for the buyer, one for the seller) and that the escrow account is held by the buyer's attorney.
THE BEST WAY TO NEGOTIATE
The goal of your negotiation is to buy a house for the money you're willing to pay, and if you get it for less then you have exceeded your goal. Decide upon the maximum amount you can afford, and don't ever offer more. If you pay more than your maximum amount, you have already lost. Strategy and tactics will vary depending on what kind of market you're in. You have more possibilities to succeed in a buyer's market (i.e., more houses on the market than buyers looking). You can make a less-than-asking offer, request some house improvements, a better closing date, and even a closing fee payment by the owner. In a seller's market (i.e., fewer houses available, with more people looking than selling), you have less leverage, as you're not the only one in line. You're most likely to succeed by offering the same or more than the seller is asking. If they don't get it from you, they will soon receive another offer from someone else. Due to the pandemic in 2020/2021, we’ve had the most
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