A purchase offer can evoke three possible responses from the seller. First, the homeowner might accept your offer as it is. Second, he might counter the offer by demanding changes. Third, he might reject the offer altogether with a completely different counter proposal. To deal with the response effectively, you must first know the maximum amount you are prepared to spend on the deal. If you have convinced the seller to come down from the listed price (as guided by the comps) and now the seller comes down on the price through a counteroffer, you will need to figure out how badly you want to go ahead with the deal. If you persist with your offer price when there is high market demand, then you might lose the property to some other buyer. Always remember that home-buying negotiation is a professional business transaction, so don’t approach it with personal sentiments. If the price that the seller demands is too high relative to the comparable value of the property, then you must know when to walk out of the deal, no matter how painful it may be.
BUYING STEP #10: THE CL TEP #10: THE CLOSING PROCESS BEGINS
Also referred to as settlement, the closing process is highly automated and computerized. Although almost pro forma, the closing process is meant to bring all the parties involved to the same platform. During the review of the property’s ownership, there might be errors, unreported claims, or flaws in the review. Thus, the need for title insurance. During closing, all the prevailing transfer taxes must be paid. You must also settle all other claims, such as
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