Real Estate Negotiations are Handled by a Home Buying Expert Home buying assistance from exclusive buyer’s agents focus on negotiations since they devote their work to the buying side and are considered home buying experts. They understand that home buyers value their negotiation skills and that ‘everything is negotiable’ in real estate. Not just price but terms, conditions, contract clauses, disclaimers, exclusions, and dates. Exclusive buyer’s agents will make sure the sellers know about other competitively priced homes on the market competing against theirs. They will attempt to learn the sellers’ motivation for selling, bottom line price and any deadlines they are trying to meet.
They will ask if there have been other offers or if they have any offers at the present time. They will use clauses and contingencies in the offer to protect your earnest money deposit as well as afford you the time for the appropriate inspections necessary to learn more about the home. They may suggest requiring a short window of time for the seller to respond to your offer depending on the type of market. The state of the market, whether it be a seller’s market or buyer’s market can affect your negotiations dramatically. When there are rising prices, fewer homes, and multiple offers competing against yours, you have must less of a chance of getting a bargain.
You may end up in a bidding war when the market is ‘hot’ and it may even be necessary for you to be likable to the sellers when they must choose from among several offers on the table. On the other hand, when it is a buyer’s market, sellers are forced to be more accommodating and you will strike your best deal. The exclusive buyer’s agent will advise you how long the property has been on the market as well as conduct a property value study or prepare a CMA (comparative market analysis) to help you decide the amount of the initial offer.
They will encourage you to try to find at least two homes, preferably three homes that satisfy you to improve your bargaining position for your first choice home . A thorough home inspection will also help you determine if the home is in the condition represented by the seller and the home buying expert will be ready to renegotiate should there be repairs needed or a request for a credit to cover repairs. Be prepared to walk away if you cannot strike a deal. It is a good way to test your resolve about the value of the house.