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Whether you are a first-time homebuyer or a seasoned veteran, the negotiation part of the transaction can be a little daunting and stressful. That's one reason to hire a competent agent. However, it is necessary to ensure you are getting the best possible deal for your money. So, what should you negotiate when buying a home?
Closing costs
Your closing costs are determined by a variety of factors, but you can expect it to be between 1% to 3% of the purchase price. Ask the seller to cover some or all of the closing costs upfront or request a closing credit that can be used to make specific updates and fixes to the home.
Furnishings
Love how the seller has furnished and decorated the home? Buyers often negotiate keeping couches, fixtures, landscaping items, patio furniture, appliances, and more. And many sellers agree, wanting to make the home more appealing.
Inspection and closing timing
Buyer offers that include a quick inspection and close timeline are often more attractive to sellers who have been going through the process for far too long. Just ensure you allow yourself ample time to get your financing in place and complete proper, thorough inspections.
Home warranty
Sellers will often agree to pay the premium on the home warranty at closing and then hand it off to the new homeowner, who is responsible for the deductible on any future claims.
Repairs
Your inspection may uncover small or large repairs needed to bring the home up to standard. You can negotiate to have these items fixed before closing or ask for a price reduction to cover the costs.
Negotiation tactics can change based upon the market. Sometimes a Buyer may have to give a little more to get the house they want, especially when it's a house in high-demand &/or it's a strong Seller's market.
It's important to work with a skilled & competent realtor to help you negotiate the best possible deal. The job of the realtor is also to help you understand your options, especially when it comes to the negotiation table.
If you are looking to buy or sell, please don't hesitate to reach out, we're happy to sit down and talk you through our negotiation strategies!
Amy Lessing -
314-488-3216 - LessingA@FirstWeber.com
Sherry Lessing -
608-212-1555 - LessingS@FirstWeber.com