Negotiate

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Home Negotiation Musts
If you are planning to buy a home, you will discover some negotiations that are optional and others that you must do. In truth, both the seller and buyer want to come of out the deal as a winner. Being a good negotiator is not difficult but does require some guidelines to be successful.

For starters, you should be realistic with your offer. Taking the house you want to buy, property value, updates needed, fair market value, and other factors, offer a price that is fair to both you and the seller. If you make your first offer significantly lower than the listed prices, you will only upset the seller. The result is that every offer you make unless full price could easily be declined.

Additionally, you need to respect the seller. The person selling the house has a reason for selling. It could be due to a transfer, a death, divorce, or some other significant event. Therefore, the sellerís priorities might be the need for a quick sale or a firm price. If you discover the reason for them selling is something important, while you want a great price, you should find the balance between securing a fair price and being respectful.

Do not shut the door on compromises. More than likely, you will need to give and take a little just as the seller. You might make an offer that you feel is fair only to have the seller come back with a counter offer. Do not be discouraged as this is part of the process. When all else fails, come to a compromise with the seller. By splitting the difference, both seller and buyer are happy and the house is sold.

If you find you reach a point in the contract negotiations and things like fixtures, appliances, or furniture cause a problem, there is no reason not to secure the primary contract and have a clause added so the other things can be negotiated on the side. There is no reason to lose a house you love over things that can always be worked out separately. Remember, a good real estate agent can help you work through these snags to close the deal.

If you have any questions or issues, it is important that you not wait to talk to a realtor. Make a list of the questions or concerns you have and then ask. After all, buying a home is a big investment and negotiations can be tricky. Rather than feel overwhelmed by issues, work with your agent to resolve them so both seller and buyer are satisfied.

Other things you need to discuss include inspection cut off dates, inspection reports, needed repairs, warranties, and so on. All of these items and more will be carefully outlined in the contract. Part of the negotiation is to identify what these are, when they are due, who will do them, and who is responsible for paying. Typically, the lender requires the seller to fix anything major but even small things needing to be fixed can be negotiated. Your best key is to keep yourself open to negotiation, be fair, and work with a qualified real estate agent.

 
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