When you're shopping for your first home, of course, you want to get a great deal on a property you love. Fortunately, some level of negotiation is almost always expected when buying homes for sale--and unless the market is a serious sellers' market, it's unlikely that you'll pay the full asking price for a home. Specifically, there are a few opportunities for negotiating the price of any home you put an offer on to ensure you're getting a fair deal.

1. After the Initial Offer

Your real estate agent will provide you with some guidance regarding your initial offer. However, if your first offer isn't immediately accepted by the sellers, there is always room for further negotiation before the deal falls completely flat. More than likely, the sellers will provide a "counter-offer" to your initial offer, which you can choose to accept or (if your agent recommends doing so) write another counter-offer. Just keep in mind that there can be a lot of back-and-forth during this initial process before an agreement can be reached. And of course, sometimes, an agreement cannot be reached if both parties are too far off on what they believe the property is worth.

2. After the Home Inspection

Even after an offer on a home is accepted, there are some potential opportunities for further negotiation. More than likely, your mortgage company will require a home inspection as a contingency of your purchase. Once the inspection is done, you'll receive a detailed report from the inspector. If there are any major items that need repaired or addressed, you may be able to re-open the negotiations with your seller. 

For example, if the inspection reveals that the furnace in the home needs replaced, you may be able to get the seller to knock off a few thousand dollars off the asking price to make up for these costs or provide you with a credit at closing to replace the furnace.

3. After the Appraisal

Most home sales are contingent on the home appraising for at least the agreed-upon sale price. In the event that the home's appraisal comes back low, you may be able to get the sellers to drop the asking price to the appraised value of the home in order to save the deal from falling through entirely.

While you should always be reasonable in negotiating the sale price of a home, taking advantage of these opportunities can save you a pretty penny.

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