Negotiating is the act of working out a deal between two parties. When you want to buy a home and you hire a real estate agent for help, you are hiring them for help with the negotiating on the house you want to buy. Negotiating is not the only service your agent will assist you with, but it is a big part of the process. Here are some of the ways your agent will help you with this aspect of the home-buying process.
Creating the Purchase Offer
A purchase offer is a contract you make when you find the right property to buy. What you include in the offer is up to you, and your agent will help you know what to add. The purchase offer is more than just a price you are willing to pay. It also contains other stipulations and conditions of the deal. You should take your time when writing it to make sure it is detailed and accurate. Your agent will assist with this by making suggestions of how to make it the best offer possible and yet still get a great deal.
Responding to a Counteroffer
There is not a lot of negotiating with writing the original purchase offer, but there may be some when the seller gives you a counteroffer. A counteroffer "counters" the offer you gave them. It will have changes in it, such as a change in price. It may have an addition or elimination of a contingency, and it might have other details. When you get the counteroffer, your agent will give you tips as to how to respond to it.
Working on the Details on Home Inspection Issues
The true part of the negotiations often begins with the counteroffer but continues with the home inspection results. When you find out from the inspector that the house has hidden defects, you have room to negotiate more on the deal. You can ask the seller to fix those issues before closing, or you can ask the seller to compensate you for the costs of the repairs. A real estate agent will help you know your options and will help you choose the right one.
It is possible to buy a house without an agent, but if you do, you will have no one there helping you with these steps. Without an agent, you will have to handle all these steps yourself. To learn more, contact a real estate agent in your area.