{"id":5714,"date":"2013-08-01T15:24:00","date_gmt":"2013-08-01T19:24:00","guid":{"rendered":"https:\/\/www.sothebysrealty.ca\/insightblog\/?p=5714"},"modified":"2013-08-01T15:24:00","modified_gmt":"2013-08-01T19:24:00","slug":"homebuyers-guide-part-6-of-7-negotiate-successfully","status":"publish","type":"post","link":"https:\/\/sothebysrealty.ca\/insightblog\/en\/2013\/08\/01\/homebuyers-guide-part-6-of-7-negotiate-successfully\/","title":{"rendered":"Home Buyers’ Essentials | The Basics of Negotiating Successfully"},"content":{"rendered":"

After submitting an offer, you should be fully prepared to negotiate with the seller \u2014 not just on price, but on key factors that may be important to you. Here’s how to prepare for the offer and negotiation process.<\/p>\n

The\u00a0tips below are\u00a0part\u00a0of a series of blog posts that provide an overview of\u00a0home buying\u00a0essentials. If you would like to receive a comprehensive guide on buying\u00a0a home, download our free 2015 Home Buyers\u2019 Guide<\/a>.<\/em><\/p>\n

For additional advice\u00a0on buying, investing or\u00a0selling real estate, check out additional real estate\u00a0tips on our blog<\/a>.<\/em>
\n<\/p>\n

Preparation<\/h3>\n

After submitting an offer, you should be prepared to negotiate, not just on the initial price, but on all key factors impacting the sale of the home including deposit, inclusions, dates for completion and possession, and deadlines for subject removals. Ensure you know your budget and requirements prior to submitting your offer so you don\u2019t commit to additional costs in the heat of the process.<\/p>\n

Multiple Offers<\/h3>\n

In high-demand and\/or low-inventory areas, you may find yourself bidding against other buyers. Some sellers in high demand niche markets may also intentionally list their home at a low price hoping to stimulate multiple offers. This doesn\u2019t necessarily mean that the price will be bid up significantly over the asking price, but it does mean that due diligence is required on your part and the part of your REALTOR\u00ae to ensure the offer you submit is strategic, competitive, and reflective of what are ultimately willing to pay for the property. Whether you are anticipating competition or not, you should be preapproved for your mortgage prior to your home search and well in advance of writing an offer. In a multiple offer situation, this will impact your ability to negotiate successfully, particularly if others making an offer are already preapproved. It also lets you know the maximum you can afford in what may be a stressful situation.<\/p>\n

Potential Responses<\/h3>\n

You can expect one of three responses to your offer:<\/p>\n

    \n
  • Accepted as is: the deal is complete and once signed by the seller, the offer becomes a binding legal contract.<\/li>\n<\/ul>\n
      \n
    • Counter offer: the seller may make changes to your offer, such as adjustments to the price, closing date or conditions. You may accept the counter offer and close the deal by signing the document. Or, you may make another counter offer back to the seller.<\/li>\n<\/ul>\n
        \n
      • Rejection of the offer: the seller may choose to reject the offer and the sale will not go through.<\/li>\n<\/ul>\n

        Offer Acceptance<\/h3>\n

        Once both parties come to an agreement, negotiations conclude and you move on to the next steps in the buying process. You will have a set period of time in which to satisfy the legal conditions, \u201csubjects\u201d, agreed to in your contract, such as completing a satisfactory home inspection report or securing financing. Only after your subjects\/ conditions are removed do you have a legally binding document.<\/p>","protected":false},"excerpt":{"rendered":"

        After submitting an offer, you should be fully prepared to negotiate with the seller \u2014 not just on price, but on key factors that may be important to you. Here’s how to prepare for the offer and negotiation process.<\/p>\n","protected":false},"author":31,"featured_media":7801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[386],"tags":[],"class_list":["post-5714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-tips"],"yoast_head":"\nHome Buyers' Essentials | The Basics of Negotiating Successfully - Sotheby's International Realty Canada<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sothebysrealty.ca\/insightblog\/en\/2013\/08\/01\/homebuyers-guide-part-6-of-7-negotiate-successfully\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Buyers' Essentials | The Basics of Negotiating Successfully - Sotheby's International Realty Canada\" \/>\n<meta property=\"og:description\" content=\"After submitting an offer, you should be fully prepared to negotiate with the seller \u2014 not just on price, but on key factors that may be important to you. 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