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HOW TO CLOSE EFFECTIVELY STEP 5: NEGOTIATIONS WITH THE BUYER At long last, you have received an offer on your home! Congratulations! Now, how do you handle the negotiations? Without a trusted real estate agent to guide you, negotiations can be very frightening, and they should be! Let’s see what I can do to help. When you begin negotiations, you might get a verbal or written offer, and that’s fine. However, insist that the verbal offer be put into writing immediately for your legal protection. Standard real estate purchase agreements are usually available at the local real estate association or the local bar association. You might also be able to purchase them in certain bookstores or office supply shops. Have some on hand as soon as you start showing your home. You don’t have to accept an offer as it comes, although that is an option for you. You can reject it outright, or make a counteroffer. Entering into a contract is scary. That’s probably one of the biggest reasons sellers end up changing to a real estate agent. However, if you’re a little queasy about the situation, but are still committed to FSBO, you can always include a little addendum to your contract that says, “Contingent on the approval of my attorney.” Yes, you need an attorney, who will likely make up the offer and final contract. Don’t be surprised if you have to make a counteroffer, because there is an excellent chance that you will. It isn’t always the selling price that requires negotiations. Other reasons could be disagreements on precisely what will go with the property, contingencies, closing and move-in dates, as well as which party is responsible for the payment of closing costs.
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