6. Negotiate a Deal

Sometimes, you get lucky and the seller accepts your offer as is. However, in most instances, the seller will make a counteroffer. This is where your real estate agent’s experience in negotiations will be invaluable. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process — that is, if you have adequate information and you use it in an appropriate manner.

Some items you may negotiate:

• Price
• Financing
• Closing costs
• Move-in date
• Repairs
• Appliances and fixtures
• Painting

Remain in close contact with your real estate agent so you can quickly review any changes from the seller. Remember: Bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.

After you make an offer on a home, the seller can accept, reject, or make a counteroffer. Each of these responses may require different actions on your part. In each case, your real estate agent will be the one to relay the seller's response back to you.

Once both parties agree on the terms, you then have a ratified contract.