Negotiating skills vital to home purchase

With the high inventory of homes on the market, and an average time on the market of about 50 days for an existing single-family home in California, buyers have more room to negotiate. Although sale price is a large factor during the negotiation process, many REALTORS® are advising their clients that the motto of "it doesn’t hurt to ask" can be used to negotiate other contingencies, such as inspection reports, closing costs, and the like.

MAKING SENSE OF THE STORY FOR THE CONSUMER

· While there are many homes to choose from, buyers should understand that homes in many affluent neighborhoods are still selling quickly, and in some cases also are garnering multiple offers. Experts advise that a buyer work with their REALTOR® when negotiating the sale price, and also to ensure the offer is realistic when serious about purchasing a home in one of these communities.

· Buyers who are looking for the best-deal possible should consider homes that have been on the market for longer than is typical for their area and whose listing price has remained unchanged. Buyers also should consider making second offers on homes that the seller may have initally rejected. Due to seasonality and the length of time the home has been on the market, some sellers may accept a lower offer than they originally planned.

· In addition to the sale price, some REALTORS® are advising sellers to negotiate on inspection reports. In today’s market, some sellers may be more willing to pay to repair, or negotiate credit for repairs that arise during the home inspection.

To read the full story, please post this link into your address bar:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/09/07/RE8812NL7U.DTL&hw=Marni+Kottle&sn=001&sc=1000