<<< back to article list

Before you negotiate a sales price, it's important to determine if you or the seller has the stronger position. Knowing this will help you plan your negotiation.

The seller may have the stronger position if:

- The local real estate market is strong and homes are selling quickly.

- They aren't in a rush to move.

- Similar houses have sold for close to or above their asking price.

The buyer may have the stronger position if:

- The local real estate market is weak.

- The seller needs to move quickly.

- The house has been on the market for a long time.

When negotiating, more information is better. Look at your notes from when you looked at the house. If there's anything in need of repair or replacement, you may include these costs in the negotiation. If you want certain appliances or fixtures to stay, be sure to include them in the negotiation. You may also want to make your offer contingent upon your obtaining financing or the house passing a professional home inspection, especially if it is an older home.

There are several steps to negotiating:

Asking price

This is the price the sellers have originally listed. Except in extremely strong real estate markets, most sellers don't expect to get an offer at or above the asking price.

Initial purchase offer

This is your first offer. It may include contingencies (such as a requirement that the home pass a professional inspection or that you receive adequate financing from your lender.)

Acceptance of offer or counter-offer

The seller can accept your offer or make a counter-offer of a new price or additional contingencies.

If you've made a home inspection part of the contingencies and something serious is found during the inspection, you may want to submit a new counter-offer and discuss the situation with your lender. The process may go back and forth several times before you and the seller reach an offer that is acceptable to you both. Remember that in some instances, your lender may not approve your mortgage if the home has serious deficiencies that could affect its value.

<<< back to article list

Living In Manchester: Providing a service to those looking for Manchester estate agents, Properties for sale and rental, Manchester Properties, Manchester Living, property in Manchester, propertyinManchester, Manchester property, Manchester estate agents, estate agents Manchester, commercial property Manchester, residential property Manchester, moving to Manchester, houses for sale Manchester, Manchester mortgages, Manchester solicitors, solicitors in Manchester, Manchester developments, Manchester rentals, renting in Manchester, flats in Manchester, Manchester flats, Manchester rental agents, Manchester accommodation, accommodation in Manchester, Manchester property agents, living in Manchester, Manchester property search, Manchester property portal, Manchester apartments, apartments in Manchester, city living Manchester, Manchester loft apartments, Manchester houses, Manchester flats, Manchester property search, property search Manchester, homes in Manchester, Manchester homes for sale, Manchester residential property, residential property Manchester, Manchester property to let.

Further details about Manchester

Manchester is now recognised as England's second city. The links below will take you to ManchesterOnline, where you can find out more about the Manchester area.

Centrally located in the UK, Manchester is less than one hour’s flight from London, six hours from New York and within two hour's of most European capitals.

Manchesteronline provide latest entertainment news for the Manchester area including Manchester cinema information & Manchester theatre listings.

Manchesteronline also provide the latest sports information including news of one of the biggest Premiership teams - Manchester United football club and the cities other Premiership team - Manchester City football club.

If you are considering moving to Manchester, Living in Manchesster.co.uk provides information about property in Manchester including estate agents & new development areas.

Manchesteronline also provide career info including the latest jobs in the Manchester area.

Manchesteronline also provide information on socialising in Manchester with details of pubs & restaurants in Manchester and the surrounding areas.