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Contract Negotiation for Buyers

Posted on January 11, 2010 by tim in Buying, First Time Home Buyer, Negotiation

Contract negotiation in real estate can last for several days while all the items written in the offer are assessed and discussed. The seller will accept, reject or counter your initial offer. It is always important to expect that the seller may not accept your initial offer and ask for some concessions to be made in their favor. On the other hand, it is not uncommon for a seller to accept a first offer as long as it is reasonable and realistically thought out. Your real estate agent will negotiate all items on your behalf. However, no decisions or concessions will be made without authorization from you.

The second negotiation period is after the Home Inspection is complete. Contract negotiations will resume with any items that were found to be in disrepair. It will be up to the buyer to decide what (if any) items should be repaired by the seller prior to closing. If the buyer is not satisfied with the seller’s willingness to fix specific items, then the buyer can abandon the contract and Earnest Money is returned.

If you have additional questions about contract negotiation, please feel free to contact Team Annett anytime at teamannett@gmail.com .


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