professional will promptly evaluate all pros and cons and come to you with a proposal to discuss together. After you agree on a price and specific terms, your agent will prepare the contract of purchase and sale and send it to the seller or seller’s agent. The seller’s agent will either accept it, reject it, or present you with a counteroffer. Negotiations will go back and forth until you agree and reach an accepted offer or walk away.
NEGOTIATING TACTICS
The goal of your negotiation is to buy a house for money you are willing to pay. If you purchase the house for less then you were willing to pay, you have exceeded your goal. Decide upon the amount you can afford. Paying more than your maximum amount is not an option. Depending on the market, strategy and tactics will vary. In a buyer’s market where there are more houses on the market than buyers looking, you have more opportunity to succeed. You can make a more modest offer, ask for house improvements, request a better closing date and professional cleaning by the owner. In a seller’s market where there is limited inventory and high demand, you have less leverage, as you are not the only one in line. You are most likely to succeed by offering a competitive sellers price. If you do not make a substantive offer that is attractive, the sellers will likely choose someone else. It is a good idea to find the reasons why the owners are selling the house. Do they want to sell it because they are moving for a new job? Are they “motivated sellers" as they wish to move soon? Has the property price been reduced due to an extensive time on the market?
40
Powered by FlippingBook