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How To Negotiate On A Home In Any Market
Posted By Ron On October 9, 2009 @ 7:00 AM In Money,Personal Finance | Comments Disabled
Buyers and sellers rarely agree on the first offer on a home. In most home negotiations, the seller will reject the offer outright or respond with a counter-offer. If you’ve never seen a counter-offer on a home, it’s usually a one page sheet specifying the precise areas, numbers, or conditions in your offer the seller doesn’t accept. The seller may disagree with your offer based on obtaining “acceptable” financing or with your need to sell your home first. There’s no reason for you to accept the counter-offer terms without making your own revisions to the seller’s revisions. In fact, the counter-offer should indicate the start of the actual home negotiation process.
You have two goals in home buying negotiations and, oddly enough, they are sometimes in conflict with each other:
To achieve both, you’ll probably have to make a few concessions to the seller. Before negotiations begin, think about your priorities: where you’re willing to give and where you aren’t. You need to identify what’s critical to have, what’s important to have, what would be nice to have, and what you could live without and never miss. By having this list, you will be better prepared than the seller in the negotiations.
Some tactics work best in particular circumstances.
A seller’s market may have multiple bidders on the same home. Don’t enter a bidding war unless you can absolutely afford it. Know your upper limit and stick to it. These are tougher situations than buyer’s markets, but there are some ways to overcome seller’s markets when you’re negotiating  for a home.
If your home negotiations hit a snag just as an agreement seemed within reach:
Home negotiating  can be a tenuous process but if you’re prepared well in advance with ideas on how to properly negotiate  for a home AND you know your walk away price, you’ll be better prepared than 90% of home buyers in the market.
What tips do you have for negotiating  for a home?
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