The real estate market is certainly one that is competitive. Inventory is at a historic low and home prices continue to increase and many buyers can feel like there are not many options out there. When the day comes that your luck has turned and you locate a home to put an offer on, one of three things will happen. The seller will either accept the offer, reject it or counteroffer.
If your offer is accepted then you are in luck. However, if it is not accepted and you have the chance to continue to negotiate, then you may have more options than you may have thought. Here is a list of things that you can negotiate into your deal.
- Price – This is of course how much you will pay for the home
- Closing date – Can you select at a day that is more ideal to the seller given their goals?
- Closing location – Could there be a location to meet that could be more convenient for the seller?
- Closing costs – Would the seller consider paying some of these for you?
- Credits – 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. Maybe a roof needs repair or there is a plumbing issue that needs to be addressed.
- Contingencies – Are there things that you would be willing to negotiate that the deal is contingent upon? These could be things like home inspection or the sale of current home.
- Home Warranty – Is there a warranty on the home if it is new construction? Or is there one that covers the major appliances? Would the seller transfer this or potentially include one for you?
- Repairs – Is there work that needs to be scheduled on the home? When negotiating you could ask if the sellers would consider addressing these items for you.
- Possession Date – Timing is another element 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.
- Items 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 furniture or some additional appliances they had. These all can be negotiated as well.
In the end no two sales are the same. The most important thing is that through the negotiation that each party will walk away feeling like they got what they wanted. As potentially stressful as negotiating may be, it can result in having both parties feel like they have agreed on a satisfactory deal.