When buying a Northern Virginia/South Carolina home, the art of negotiation comes into play in a serious way.  Setting up a plan with your real estate agent ahead of time can help alleviate some of the stress involved in the home buying process.  While your agent will do their upmost to get you the best price on your dream Northern Virginia/South Carolina home, it will ultimately be up to you as the buyer to decide whether that is a good deal or not.  Here are a few tips to set yourself up for negotiating the best price when buying a home.

Get pre-approved.  Pre-qualification is good, but pre-approval shows the seller that you are both serious and ready to buy that Northern Virginia/South Carolina house now.  With a letter of credit from your loan company, you can provide a seller the relief of knowing that your loan won't fall out at the last minute, leaving them to scramble to find another buyer.

Decide the most you're willing to pay for that Northern Virginia/South Carolina home and work backwards to decide your opening offer.  The old adage "you only get one chance to make a first impression" applies to your initial offer.  Low balling may insult the seller, turning them off to any further negotiations.  On the flip side, offering too much could mean you are overpaying for a property.  Discuss what other homes in the area are going for with your agent so they can help you decide what your best opening offer should be.  Don't let things like multiple offers force you to go beyond your financial comfort level.

Keep contingencies to a minimum.  Adding conditions to an offer (such as "contingent upon sale of buyer's current home") can be a little off-putting to the seller.  However, requiring a sale be contingent upon the results of a home and/or environmental inspection of issues that are typical of your area as well as mortgage approval (which can be avoided if you are already pre-approved) is simply smart.

When you don't understand something, ask questions.  The only stupid question is one that is not asked.  Buying a Northern Virginia/South Carolina home is a huge financial responsibility and one that should not be taken lightly.  This may be the most expensive decision you make in your lifetime.  Don't be afraid to ask to clarify anything you are not completely sure of.  And, for goodness sakes, never sign any document you have not read and understand thoroughly.

The art of negotiation is a skill great real estate agents possess.  It is also a skill that you can cultivate when buying a Northern Virginia/South Carolina home.  When you're ready to release your inner "artiste", simply let me know.  I'd be happy to guide you into the joys of homeownership.

Gene Mock, your Northern Virginia, South Carolina and Washington DC real estate specialist

Originally posted on my Northern Virginia Homes real estate blog here: http://northernvirginiahomes.net/2012/02/09/the-art-of-negotiation/.