If you’re buying a home, then at some point you will negotiate with the seller. Obviously, the asking price is one big item that you’ll likely haggle over. But what else can be negotiated when you’re working out the deal? Let’s take a closer look at other items that can be bargaining points besides the purchase price.
The timeline
One of the trickiest parts of buying a home is working out the timeline. You need to schedule your move and in some cases even sell your current home. But remember that the seller is in the same boat that you are. If you want to make your offer more attractive to a seller, then be willing to be flexible about the closing date. Moving the closing date forward or back to accommodate the needs of the seller can win you big points. Likewise, if your timeline is somewhat strict, then this is an area where you can negotiate with the seller to see if they’re willing to be flexible.
The closing costs
Closing costs can run as much as seven percent of the purchase price of your new home. If you’re looking for ways to save money, then instead of negotiating the asking price, ask the seller for a credit towards your closing costs. This can help offset the amount of money you’ll need upfront in order to close the deal.
Needed repairs
Don’t be tempted to forgo a home inspection in order to make your offer on a home stand out. That’s asking for trouble. You never know what an inspection will uncover, and you don’t want to be on the hook for costly repairs. Instead, use the information uncovered during the inspection as a way to negotiate. You may be able to get the seller to cover the repairs or even get a reduction in the asking price so that you can make the repairs once you assume ownership.
Appliances and decor
Don’t assume that all major appliances come with the house you want to buy. Make sure you find out exactly what will be included with the sale and what won’t. If you really love the home, then you may also use this as a bargaining point by asking to have some of the appliances included in the deal. Additionally, if you really love the décor of the home, you might also try negotiating to have some furniture or decorations included as well. Just be aware that sometimes the home has been professionally staged, which means the furniture and décor is actually owned by the staging company.
Mortgage fees and expenses
Finally, you can also look beyond the seller for ways in which you can negotiate. This is especially important in today’s market when buyers are at a disadvantage because of the shortage of inventory. Instead, find ways to save money on your home loan. Shop around for the best deal, and don’t be afraid to reach out to multiple lenders. This will help you get the best interest rates and the lowest fees possible. Remember that you can negotiate fees and expenses with the lender, such as title insurance, so be sure to ask.
