What you need to know about negotiating

Real estate agents bring knowledge and experience, which can be the deciding factor in a bid for your dream home.

To get the best deal, you need to be familiar with the finer points of the homebuying game.

Buying a piece of property is a give and take process. The seller quotes a price and the buyer counters with a lesser price or seeks certain concessions. Negotiations take place until both parties see eye-to-eye and agree on the terms. If both the buyer and seller believe a good deal was made, then negotiations were successful.

“This will probably be the single largest purchase that you’ll ever make,” Dantzler says. “You need a trusted party negotiating on your behalf.”

Here are few tips for homebuyers to get the best deal:

• Get your finances in order before you start looking for a house.
• Do the math before getting too hung up on small price differences.
• Base your offer on the home value, not the list price.
• If you see a home you like, be prepared to move fast.
• Don’t assume that the inspection will allow you to reopen negotiations.
• If you don’t ask, you don’t get.
• Find out why the seller is moving.
• Use public records and online real estate listings to do research.
• Remember that terms can be as important as price.
• Expect to compromise.