Home Buying: Who Should Negotiate The Buying Price
Part of the home buying process is the negotiation phase where buyers make offers and sellers make counter offers. It doesn’t always follow that trend, of course. There are times when a seller will reduce the advertised price hoping to attract interest and then be unwilling to negotiate any further reductions. When it comes to negotiations, who should negotiate on behalf of the buyer.
You can do it yourself, you can work through the sellers agent, or you can engage an independent agent to work on your behalf. Negotiating yourself can be an interesting experience. However, the seller is generally working through an agent and there is nothing they like more than negotiating with an inexperienced home buyer.
The second option, working through the sellers agent is also fraught with risk. Who is the agent really working for, the seller or the buyer? In truth, probably for their own pocket. They will get a feel for what your maximum buy price is and strangely enough (if the seller is willing), that eventually becomes the final price.
The third option involves engaging your own independent agent. They are real estate agents so they know the business. They generally have a good idea of the property values in the area that you are looking at and may even have a rapport with the sellers agent. Negotiations can run smooth with both the final sales price and any credits required following inspections. The real estate agent representing the buyer will also ensure that all paperwork is completed and ready for settlement.
Who should negotiate the final price on behalf of a buyer? An independent real estate agent that knows the area where you intend to purchase. They are generally free of any fees from the buyer and can help to ensure a smooth process at the best possible price for the buyer.
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