Ray and Robin Bartholomew

1. You should be working witha a experienced realtor, preferably one with an Accredited Buyer Representative designation (ABR).
2. Find out from your realtor what the average selling price-to-listing price ratio is for your area. For example, in our market (Greater Binghamton, NY), our average selling price is about 96% of the list price. Each local market will vary.
3. Your realtor should be able to recommend a starting price for negotiations based on this information. Mind you, certain neighborhoods within a particular market may be more or less flexible than the overall market average.
4. Let your realtor handle your negotiations and follow his/her advice. Resist the temptation to make low-ball offers. If your offer is too low, the seller may refuse to negotiate with you entirely. Do not contact the seller directly!
5. The seller generally pays the comission. Exceptions: If the buyer has a specific agreement with the buyer's agent or if agreed to on a sale contract. - Sun Aug 17 2008, 05:18