it or present you a counteroffer through the seller's agent. Negotiations may go back and forth until you settle and reach an agreement. After that, the home buying will move into the escrow.
NEGOTIATING THE PRICE: WHICH TACTICS TO USE
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. Decide upon the highest maximum amount that you can afford, and don’t ever offer more than you feel comfortable with. 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 can make a less-than-reasonable offer, request for some house improvements, a better closing date, and ask for some of your closing costs to be paid by the owner. In a seller’s market (i.e., there are 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 at or above seller’s price. If they don’t get it from you, they will easily receive another offer soon from someone else. It’s a good idea to find the reasons that the owners are selling the house. Do they want to sell it because they’re moving for a new job? What is their timing preference? Are they moving soon and thus “motivated sellers?” Has the property price been reduced due to an extensive time on the market? In some cases, if they want to sell quickly, you can stand your ground if they have a counteroffer.
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