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Wed, Dec 8th - 10:05PM

Tips On Negotiating a Sales Contract For New Home Buyer

After spending sufficient time researching concerning your would-be real estate property and you are comfortable with working with the sales agent, it is already the right time to name your price. However, the said offer isn't actually the conclusion of the negotiation process; you could still be trying to agree on contract prices following your offer if perhaps the seller declines to accept the initial offer, thus you will definitely need a strategy for you to secure the cost you hoped for - or close to it - well before you extend your original offer.

Having knowledge of many of the terms of any sales contract and also working on a back-up plan are some ways to ensure you are offered the best price for your dream house. The 'Consumer's Guide to Home Buying' by the Barron's series recommends to all potential home buyers to produce a list of things they can practice well before the negotiation process takes place. Below are some things to consider when you start discussing the price of your brand new real estate:

1.Who are the decision makers involved in this transaction? Knowing who the decision makers are benefits the competent negotiator because this gives you an idea as to who influences the buy-and-sell process. A basic question you should know the answer to is, for example,, is the seller working independently or is he/she working with a real estate agent? Knowing who you are negotiating with helps you establish the best strategy for negotiations on terms and give you a chance to gauge how much you can trust the selling party.

2. What is your contingency plan? If the seller refuses to accept any of your offers, do you have other options? It is, of course, frustrating not to get what you want from the negotiation, but you have to know when to stop pushing for what you want and perhaps work towards another direction. Identify precisely the maximum price you might be prepared to bid for a house and don't go over and above your price just to win.

3. Are you aware of the particulars of the sales agreement? It is very important to make sure you appreciate all the terms and conditions of the sales agreement so you are not left with any surprises later on. Make sure you review the deal and all the other details that go with it and note any questions you have. Sit down with the seller or agent and look at everything that is not 100% clear to you to let go of any reservations on signing the deal in case your offer gets accepted.

4. Do you feel comfortable with the sales agent? The sales agent can give assistance as well as decent real estate advice concerning the home negotiation process, hence it's crucial that you trust them. You should spend an ample amount of time with them to be able to create a positive relationship and share your thoughts or reservations about the house that you are about to purchase before the negotiation gets started so that you are able to make an informed decision.

5. Do you think you're prepared to handle any problems that may arise? Miscommunication with the seller's agent, too much aggressive selling from the agent as well as other negative communications which can occur in the course of the sales negotiations can make it difficult to negotiate fairly. You need to keep your cool and be ready to say that you don't want to make the deal anymore in case you do not feel like it's going down the right path.

Author and Realtor Alexandria P. Anderson helps clients to find and purchase Plymouth MN Real Estate as well as Property for Sale in Plymouth, Minnesota.

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