Negotiation is like a tennis game. First, you serve up an offer filled with contingencies. Second, the seller has the option to either receive your serve and strike changes in your offer or concede and accept it. It is a cycle that often borders on ad nauseam, especially if a common ground is not met. When you are buying Rochester homes, you have to make sure that you know just how to negotiate with the seller to get the things you want and your offer accepted.
Responding
After making an offer to the owner of one of the Rochester homes you are planning to purchase, be ready to receive a counteroffer. When you receive the counteroffer, however, you should also be ready to respond. Review the owner’s response and see what he or she changed. If the counteroffer is close to what you want but you want to make a few changes, you can send another counteroffer.
When you are responding to the counteroffer, you should know what matters to you most. For instance, if the seller cannot pay your closing costs, you may counter that with the option to lower the price. But if the closing cost is more important, you may offer a slightly higher price for the home to convince the seller to handle your closing fees. And when you are close in achieving a deal, consider splitting the difference and end with a win-win situation.
Quitting
The cycle of making and sending counteroffers can be frustrating. You must know exactly when to quit and walk out of the Rochester homes you're planning to purchase. It’s important not to fall in love with the home as this can cause you to lose your momentum in the negotiation especially if the seller spots it. And if the counteroffers become ridiculous, that’s the time to quit and move on to finding a new home.
Withdrawing
If you gave in to your pre-homeownership jitters and decided to forgo the purchase of the Rochester homes, you can back out of the deal only in certain circumstances. One instance when this is possible is when the seller still hasn’t accepted the offer. Also, you can walk out of the deal any time during the offer-counteroffer cycle. Lastly, you also withdraw your offer if any of the contingencies you’ve set are not met. But when you and the seller have already signed the offer, you cannot walk out of the deal anymore without forfeiting your deposit, not to mention the legal repercussions of doing so can be financially damaging.
Mark Michael Ferrer
Rochester Homes
