• Why Choose Us?
• Real Estate Listings
• Area Information
• Buying a House

• Selling a House
• Buyers' Request Form
• Sellers' Request Form
• Toolbox

Negotiation in a Real Estate Transaction

The buyer has submitted the purchase offer. It is now up to the seller to accept or reject the offer. If the purchase offer is concise, the negotiation process should be successful, relatively smooth and quick.

Do not be surprised if the seller proposes a counter-offer. Negotiation in a real estate transaction is generally the rule rather than the exception. A counter-offer usually states that the buyer's offer is accepted with certain concessions. There are no rules of etiquette as to the number of times the negotiation goes back and forth between the parties. A word of caution to the buyer.do not get so caught up in the exchange that you lose sight of your price range.

If your offer is rejected, find out why. The transaction might still be salvaged if some concessions can be made on both sides. Time and patience are critical factors here. If the house is a fairly new listing, the seller may want to see what other offers may come. If you are determined to purchase the property and your offer has been rejected, you may want to step back and wait. After the home has been on the market for another month, you can have your agent resubmit your offer. The seller may be more receptive to your offer at that time.

The most important factor to keep in mind is that you should always be prepared to walk away. Do not get emotionally attached to a property until the closing is done and you get possession. If you are not able to make a reasonable deal on a house, you should move on to other prospects.

---