Be creative about finding ways to satisfy the seller's needs. For instance, ask if the seller would throw in kitchen and laundry appliances if you meet his price -- or take them away in exchange for a lower price.
Once you reach a mutually acceptable price, the seller's agent will draw up an offer to purchase that includes an estimated closing date (usually 45 to 60 days from acceptance of the offer).
Step Six: Make an offer
Once you find the house you want, move quickly to make your bid. If you're working with a buyer's broker, then get advice from him or her on an initial offer. If you're working with a seller's agent, devise the strategy yourself. Ask for a property disclosure. Ask for a copy of the listing agent’s CMA. Determine what your bottom line price is--the most you are willing to pay for the home. Initially, offer less than your bottom line and try to meet in the middle at or below this price. Your offer should fall in line with the fair market value for the home.
Try to line up data on at least three houses that have sold recently in the neighborhood. If you really want the house, don't lowball.
The seller may give up in disgust. Remember, that your leverage depends on the pace of the market. In a slow market, you've got muscle; in a hot market, you may have none at all. There's no foolproof system for negotiating a fair price. Occasionally it's best to deal directly with the seller yourself. More often it's better to work exclusively through intermediaries.
