10 Things You Can Negotiate in a Real Estate Deal
The real estate market is always a competitive landscape and especially at times like these when inventory is on the leaner side of things. For many buyers it can feel like there are not many options out there. However, when the day comes that your luck has changed and you find a property to put an offer on, one of three things is going to occur. The seller will either accept the offer, reject it or begin negotiations with a counteroffer.
If your offer is accepted then congratulations, you bought a home! However, if it is not accepted and you have the opportunity to continue to negotiate, then you may have more options than you think. Here is a list of 10 things that you can negotiate into your deal.
This is the obvious – how much you are willing to pay for the home.
Repairs or fixes
Is there work that needs to be done to the home that require repair? When negotiating you could ask if the sellers would consider taking care of these items for you.
Might you be able to select at a date that is more ideal to the seller given their goals and time frame?
Timing is another thing that can be negotiated. Maybe the sellers need more time before they move or maybe as a buyer you need to get in earlier. This can all be negotiated as part of the terms of the deal you put together. Sometimes a lease situation can be devised.
Would the seller consider paying some of these costs for you?
Might there be location to meet that could be more convenient for the seller?
Are there things that you would be willing to negotiate that the deal is contingent upon? Home inspection, sale of current home, mortgage approval are all items that could be considered or forgone.
Is there a warranty on the home if it is new construction or is there one for all of the major appliances? Would the seller transfer it or potentially include one for you?
When you work through the deal and if there are items that need to be fixed, maybe the seller will credit you towards them if they are not willing to fix them before closing. Perhaps a window needs repair or there is a severely worn carpet that needs replacing.
Things left in the property
As you negotiate your deal you could consider asking for certain items to be left in the home. Maybe it is the outdoor furniture or the dinette in the kitchen that fits so perfectly. These things can all be negotiated as well.
In the end no two deals are the same but the most important thing is that through the negotiation that each party will walk away feeling like they got what they wanted. As stressful as negotiating a deal may be, it can result in having both parties feel like they have agreed on a satisfactory compromise.