Things You Can Negotiate For Beyond Sales Price of a Home... even in Today's Market!
Yes, its a competitive buyer's market but that doesn't mean as a buyer you can't negotiate for basic items in your offer or counter-offer. Here is a list of the most common items that can be negotiated during a sale. As always, your Realtor can give you the best advice on which items to ask for and how to go about it.
In a competitive market, buyers might be tempted to forgo a home inspection to speed up the process and appeal to sellers. But that’s a risky idea—you don’t want to be blindsided by unexpected repairs once you move in.
Better to move forward with the home inspection, and then use the findings as a negotiating tool for credits towards closing costs, buying down your mortgage rate or even sometimes altering the sale price.
If your inspection reveals any issues, you can ask the sellers to make repairs as a condition of the sale. Just remember: It’s not a given that the sellers will be willing to Budge.
Sometimes, First-time home buyers at times assume they can offer over asking and then recoup on the home inspection, asking for additional credit or money off, but this is not necessarily the case.
2. Closing Date
If your schedule is flexible, you can make your offer more attractive to sellers.Pay close attention to the needs of the seller in regard to timelines. Most homeowners have an idea of when they need or would like to close. Giving a little here can get you a lot on the other end.
Remember that in most cases, both you and the sellers are dealing with a move, which is a stressful situation for everyone involved. Making the process more convenient for the seller can bolster your offer.
One example would be closing earlier and offering the seller a short lease- back to allow them an easier move into their next home.
If your dream house is already decked out to your liking, it’s totally fair to negotiate on decor, furniture, light fixtures, appliances, or other pieces you love. You can ask the seller to leave appliances or furniture that you would otherwise have to buy. On the other-hand, you can also ask them to remove things that would normally stay.
5. Home cleaning
A new-to-you home isn’t necessarily a clean home. One way to conquer the yuck factor: Ask the sellers to pay for a deep clean before you move in. No matter how tidy a home is kept, there are always nooks and crannies that get overlooked because of furniture and appliances in the homes.
6. Home warranty
A home warranty can provide peace of mind to home buyers. It covers the cost to repair or replace major appliances if they break down in your new home, and it can also cover fixes to HVAC, plumbing, and electrical systems. In most cases, it makes sense the seller covers a home warranty as part of the buying process. You can negotiate how much the warranty plan is worth as many companies offer various different plans and extras.
When the seller pays for the warranty, it can be a win-win for both parties by providing warranty coverage for the seller while the home is listed for sale.
7. Your own fees and expenses
Buying in a seller’s market is tricky. When sellers have multiple bids, buyers are in a weaker position to negotiate. But you can still advocate for yourself by finding the best deal possible on your mortgage and other expenses. Start by reaching out to multiple mortgage lenders to compare your options. Don't forget with the credits you may have negotiated, you may be able to buy down your rate as you get closer to your closing date.
If you have any questions, please don't hesitate to contact us!
Excerpts from Realtor.com