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Home buying assistance from an Exclusive Buyer's Agents culminates during the negotiation phase of any deal. This is the is the "make it or brake it" phase of the process -- and your EBA is the expert in your corner. As a perspective client, try to gain a sense of your perspective Agent's skills as a negotiator during your screening process.
A good EBA operates on the philosophy that everything in real estate is negotiable. That would include the asking price of the home, the terms and conditions of the offer, contract clauses, disclaimers, exclusions, and contract dates. Remember: An Exclusive Buyer's Agent is your ally and advocate in the home buying process. You have every reason to expect them to negotiate a deal on your behalf as if they were purchasing the property for themselves.
Your EBA will make sure the sellers know about other competitively priced homes on the market competing against theirs. They will attempt to learn the sellers motivation for selling, bottom line price and any deadlines they are trying to meet. They will ask if there have been other offers or if they have any offers at the present time. They will use clauses and contingencies in the offer to protect your earnest money deposit as well as afford you the time for the appropriate inspections necessary to learn more about the home. They may suggest requiring a short window of time for the seller to respond to your offer depending on the type of market.
The state of the market, whether it be a sellers market or buyers market, can affect your negotiations dramatically. When there are rising prices, fewer homes and multiple offers competing against yours, you have much less of a chance of negotiating a bargain. You may end up in a bidding war when the market is hot and it may even be necessary for you to be "likeable" to the sellers when they must choose from among several offers on the table. On the other hand, when it is a buyers market, sellers are forced to be more accommodating and you stand a better chance of striking your best deal.
Your Exclusive Buyer's Agent will advise you on how long the property has been on the market as well as conduct a property value study, or prepare a CMA (comparative market analysis) to help you decide the amount of the initial offer. They will encourage you to try to find at least two homes, and preferably three, that satisfy you to improve your bargaining position for your first choice home.
A thorough home inspection will help you determine if the home is in the condition represented by the seller and your EBA will be ready to renegotiate should repairs be needed, or to request a credit to cover certain repairs.
The negotiation phase of the deal can be both tedious and frustrating for all parties involved. While your EBA's primary responsibility is to protect your best interests in this process, a good agent knows they simply can't afford to become emotionally involved. Your EBA understands you're putting your hard earned money on the line and that you want to get the best deal you can, but you should understand your EBA is a professional who's been trained to prevent his/her own personal feelings from clouding their better judgment. At this point in the process, you'll need to trust your Agent's integrity, strength, insight and -- most importantly -- experience, to help you make the right final decisions.
Most importantly: Your Exclusive Buyer's Agent is always prepared to walk away from any potential deal if their client's best interests aren't being served... and you should be prepared to walk, as well. It's good way to test your resolve pertaining to your perceived value of the house.
Total Real Estate's Exclusive Buyer's Agents stand ready to negotiate on your behalf and we welcome the opportunity to serve you!
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