While negotiations sometimes go quickly, be prepared that it often takes a couple of days to negotiate the purchase price and terms of the contract. Your availability by Internet and/or cell service is critical during this time. Every seller is different and some people can make decisions quickly, whereas others need time to think things through. Patience is the name of the game once an offer has been submitted as we don’t want to look too eager as it weakens our negotiating position.
During these initial negotiations, sellers may negotiate on price, closing time, contingencies, credits for repairs, etc. Once the inspection is complete, you the buyer may renegotiate some of these terms based on the results. A final negotiation may occur following the appraisal if the appraised value is less than the sale price. Negotiations are tracked through the use of amendments on the Purchase & Sale Agreement. It is important that you fully understand the terms of each offer as well as the final agreed upon amendment at each negotiation.
Once a final price and terms are negotiated in the initial offer, the sale is considered "under contract." At this point, the seller's licensee may or may not elect to take the For Sale sign down, don't be alarmed. It is not required to remove the sign until final closing, but know that the property will be marked as "pended" in the Alaska Multiple Listing Service.