Here are some negotiation tips to keep in mind while buying a house

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The buyers have a rigid time finding an ideal house for themselves. As there are so many processes involved, finances to take care of and people to meet, it takes a patient, alert and gritty mind to find the right house. A lot of time and effort goes into the whole process, till you land on to the perfect house. After that, you have to make the purchase and try to make the deal go your way. It means that you want to keep to your budget and do not have to shell out additional money, either to the seller or the loan official. Between the purchase and the sale, there comes the process of negotiation, without which you may incur avoidable losses or you could even lose the house. Here are some negotiation tips to keep in mind while buying a house –

* You need to research. You cannot even hope to make any successful deal without knowing what you are talking about. If you want the house to be sold to you at a certain rate, then you must have a good logic to fall back upon. Knowing the local property rates and the current market scenario makes you convincing and assures the seller that you are serious about buying and are not fooling around. It is vital to assure the seller that you want to buy the house or he might not become flexible in his approach himself and he might also not lend you a patient and reasonable ear.

* Do not quote a price that is so low from the asking price that the seller loses interest in you. Do not offend the seller! Just quote a price that is lower than what you can afford and leave scope for the seller’s side of negotiation.

* Most sellers keep a higher than necessary asking price to tell the prospective buyers. This is also done to leave scope for negotiation from your side. This works well for you too, if you see past the quoted price and go straight to your offering price.

* You and the seller could get into a counter offer exchange, but after a while and after both parties have compromised, you need to stick to your last offer. Give the seller a deadline and tell him that the deal is off if he does not agree to lower the price. Till then, stick to this deadline. He will take you for granted, if you keep going back on your offer.

* To win the confidence of the seller, you can also give him a standard earnest sum to let him know that you are interested. This way, he may modify his price for you.