You submit an offer to buy a home only after you’ve done your research about your prospective home and if you’re already comfortable dealing with the seller. You still have to do some work after you’ve made your offer though. A seller can either accept or reject an offer. Be prepared to negotiate your way through in getting the price you want.

Understanding all of the terms of the contract and working on a contingency plan are just a few ways to make sure you really do get the best price for your dream home. Barron’s ‘Consumer’s Guide to Home Buying’ encourages all prospective homeowners to create a checklist of items they can practice well before the negotiation process takes place. Here are a few items to consider as you begin negotiating the price of your new home:

1. Who are the key decision-makers involved in the transaction? ‘Knowing the players’ benefits the skilled negotiator because this allows you to understand who will really influence the buying and selling process. For example, is the seller working independently or are they working with agents, lawyers and other third parties to coordinate the transaction? Knowing who you will be negotiating with can help you identify the best approach for negotiations and give you a chance to gauge the trustworthiness of the selling party.

2. Develop a contingency plan. It’s possible for the seller to refuse all your offers. While it is frustrating, some negotiations are never meant to produce a deal. Specify what you are willing to give for the house and don’t go beyond it just to come into an agreement. You have to look at other prospective homes if the seller wants you to pay more than you’re willing to give.

3. Read the whole contract in detail. Know what you’re getting into before you sign your name on the contract. Review the contract in detail and take note of any provisions that are not clear to you. It is best to clarify all terms in the contract with the seller than to assume the meaning of the terms yourself.

4. Are you comfortable with your realtor? Your realtor or buyer’s agent can provide guidance and professional advice about the home negotiation process, but you need to feel like you can trust them. Make sure you have spent enough time with them to develop a positive relationship and share your thoughts or reservations about the home well before the negotiating process gets started so you can make the most informed decision.

5. Be prepared for setbacks. Negotiations can break down between both parties at any time. It is important for you to keep your cool, as most negotiation problems are only misunderstandings caused by poor communication skills. Lastly, be prepared to get out of the deal if you feel the negotiation will lead to nowhere.

Author: Alexandria P. Anderson specializes helping people to find and purchase Real Estate in Plymouth, Minnesota as well as Plymouth Properties for her MN real estate clients.