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It's important to keep your perspective during negotiations. If you're working with an agent, tap their skills, experience and--most importantly-- their objectivity. Negotiations should be friendly and progressive, not antagonistic. Other basics to keep in mind:
- Start with your best offer.
That means a realistic price based on market conditions and comparable listings. The closer you are to reality, the closer you'll get to closing.
- Save room to maneuver.
Don't put everything on the table right away. For example, you may be willing to pay a higher price to close sooner, but that's a negotiating point to save for the counteroffer.
- Match the seller, move for move.
For example, if you offer $10,000 less than the list price, and the seller lowers the price $3,000, raise your offer $3,000 the next time around.
- Avoid obsessing about a small price difference.
It may seem like a lot to you now, but over the life of your mortgage, that extra $1,000 is negligible for a house you really want.
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