What To Expect In Negotiations

What To Expect In Negotiations


When you’ve finally found the house you want, putting in an offer and starting the negotiating process can be stressful for many buyers.  As buyers, you want to get the home for the lowest possible price and on your terms.  As sellers, you want to get as much as you can for your home and with as few concessions as possible.  In negotiations, we all meet somewhere in the middle, but often buyers and sellers are surprised by how many things are negotiable in the process.  It’s important to know exactly what you want going into negotiations, so here are some tips.

What to expect in real estate negotiations

Price


The sale price of a house is probably the most commonly known point of negotiations. You can’t turn on the TV without a realtor being told by their buyers to get them the lowest price, or sellers demanding more money for their home.  Both buyers and sellers can use area comps to negotiate a fair price.  Your realtor can also help you to assess the home’s value based on updates it needs.  


Closing Date


Closing dates can also be negotiated.  Sellers will often want a quick closing, but buyers may need more time to get their financing in order.  Or, some buyers will offer a contingency clause that states that they must sell their home first before being able to purchase.  Some sellers may want to close but need to remain in the home until a later moving date.  As you can tell, closing dates can either be established easily or become a sticky situation.


Closing Costs


While who pays closing costs can vary state by state, some buyers will also negotiate to have sellers pay some or all of their closing costs.


Inspection and Repairs


The home inspection can help to reveal any repairs that are needed on the home.  Any flagged repairs can become a point of negotiation between the buyers and sellers.  If the sellers cannot afford to make the repairs, it opens the door for the buyers to negotiate a lower sale price.  


Fixtures and Appliances


Often, buyers will fall in love with a home and its entirety, including things like window curtains, blinds, refrigerators, outdoor furniture, or even hot tubs.  While sellers will usually disclose what’s staying and what’s going, a buyer can always include items they would like to have in their offer.



Debra Vititoe Headshot
Author:
Phone: 985-707-5170
Dated: June 30th 2017
Views: 484
About Debra: Debbie Vititoe Team of Keller Williams Realty Professionals located in Slidell, Louisiana. ...

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