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Wednesday, October 21, 2009

Homebuying Basics - Negotiating The Best Price For Your Home

By Alexandria P. Anderson

You submit an offer to buy a home only after you've done your research about your prospective home and if you're already comfortable dealing with the seller. You still have to do some work after you've made your offer though. A seller can either accept or reject an offer. Be prepared to negotiate your way through in getting the price you want.

Understanding all of the terms of the contract and working on a contingency plan are just a few ways to make sure you really do get the best price for your dream home. Barron's 'Consumer's Guide to Home Buying' encourages all prospective homeowners to create a checklist of items they can practice well before the negotiation process takes place. Here are a few items to consider as you begin negotiating the price of your new home:

1. Who are the key decision-makers involved in the transaction? 'Knowing the players' benefits the skilled negotiator because this allows you to understand who will really influence the buying and selling process. For example, is the seller working independently or are they working with agents, lawyers and other third parties to coordinate the transaction? Knowing who you will be negotiating with can help you identify the best approach for negotiations and give you a chance to gauge the trustworthiness of the selling party.

2. Develop a contingency plan. It's possible for the seller to refuse all your offers. While it is frustrating, some negotiations are never meant to produce a deal. Specify what you are willing to give for the house and don't go beyond it just to come into an agreement. You have to look at other prospective homes if the seller wants you to pay more than you're willing to give.

3. Have you looked over all of the details of the contract? It's important to fully understand all of the terms of the contract so you're not left with any surprises at closing. Take the time to review the contract in as much detail as possible and note down any questions you have. Set up a meeting with the seller to go over anything that doesn't seem clear to you so you don't have any reservations about signing if you do get an accepted offer.

4. Be comfortable with your agent. Agents can provide sound advice regarding the home buying process. Develop a positive relationship with them and learn how to trust them. Share your thoughts and worries regarding the property as early as possible. All your inputs will be taken by your agent in giving you expert opinion that will allow you to make the best decision possible.

5.Are you ready to handle setbacks? Poor communication skills from the seller's agent, hostility from the seller and other negative communications that occur during the buying and selling process can make it difficult to negotiate fairly. You need to keep your cool and make sure that you are ready to stop the deal if you don't feel like it's going down the right path. - 23212

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