Here are a few items buyers can negotiate over besides price.
Whether you’re buying your first or 11th home, one thing you always have to think about is negotiating the deal, and wiggling that pesky price isn’t always an option in this market. What else can you do? Here are seven other items you can negotiate over:
1. Repairs. It’s a very competitive market out there, and some buyers are tempted to forego home inspections 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 into your home, so it’s better to move forward with the home inspection and use the findings to possibly barter with the seller later. Make sure you’re at the home inspection and review the report afterward. What’s said by the home inspector in person can be different than what’s in the report.
If the report reveals any issues, that can be an opportunity for you to ask the seller to make repairs prior to closing. That doesn’t mean they’ll say yes, but it’s still an option. I often see first-time homebuyers claim they’ll go high on their asking price and recoup that money at the time of the inspection by asking for additional credit. The seller might not want to do this, though, so be mindful of that.
2. Time to close. Before making an offer, decide whether you can be flexible on the closing date and find out the seller’s ideal closing date. Being flexible about this and meeting the seller’s needs can be a good bargaining chip. The seller is moving too, so they might be looking to sell to someone they can work with.
3. Closing costs. Instead of offering a higher price and paying increased closing costs, ask the seller to do a ‘seller assist’ and help you recoup some of your closing costs to offset the higher purchase price.
4. Decor. The home you’re buying might be your dream home, but you still have to fill it up. If you like the decor that’s in it already, you can ask for furniture, light fixtures, appliances, etc. The only problem is that this can get a little complicated if you’re using a loan to purchase or the furniture has to be staged.
5. Home cleaning. Before moving in, you can ask the seller to do a deep cleaning of your future home.
6. Home warranty. By asking the seller to pay for your home warranty, it can provide peace of mind in case anything goes wrong after the purchase. For example, your warranty can cover any major appliances that malfunction.
7. Your fees and expenses. If you’re getting a mortgage, now’s the time to look at various lenders and shop mortgage rates. There’s nothing wrong with trying to find the best deal. If you’re doing your mortgage lending research within a 30-day window, it only counts as one credit pull, so it’s a great time to get the most reduced fees possible.
If you’d like to know more about negotiating the best deal for your home purchase or have any other real estate questions, don’t hesitate to reach out to me. I’d love to hear from you.