you an idea of the average local cost, which will be fundamental information to inform your offer. Your real estate agent will assist in this process so you can decide what terms and what number you will offer for a property. The agent can advise on factors involved including condition of the home, location, time on the market and over-all local market trends. After you agree on a price, the agent will send the proposal to the seller or seller’s/listing agent who must present it to their client/s within 24 hours. On behalf of the seller, that agent may present you a counteroffer. Or if there are multiple bids, the listing may give each party for another round to enhance their offer. Negotiations can go back and forth until you settle and reach an agreement and the contract goes to both sides' attorneys.
NEGOTIATING THE PRICE:
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. 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 might be able to make a less-than-asking price offer, request some house improvements, get a particular closing date, etc. In a seller’s market (i.e., there are fewer houses available, with more people looking than selling), you have less leverage, especially if you’re not the only one in line. You’re most likely to succeed by offering a seller asking price or above and terms that meet the sellers needs.
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