Commonwealth Standard Realty knows that today’s real estate market is one that is truly competitive. Inventory levels are at all time lows and prices continue to rise. For many buyers today it can feel like there are not many options out there. When your luck has turned and you find a home to put an offer on, one of three things will happen. The seller will either accept it, reject it or counteroffer.
If your offer is accepted, you are in luck! But if it is not accepted and you have the opportunity to continue to negotiate, then you may have more options that you think. Here is a list of items that you can negotiate into your deal.
- Price – This is of course how much you are willing to pay for the home
- Closing date – Can you close at a time that is more attractive to the seller given their goals?
- Closing location – Might there be somewhere to meet that could be more convenient for the seller?
- Contingencies – Are there certain 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.
- Closing costs – Would the seller consider paying a portion of these?
- 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 potential include one for you?
- Repairs – Are there things that need to be done to the home that require repair? When negotiating you could ask if the sellers would consider addressing these items for you.
- Credits – When you work through the deal and if there are items that need to be repaired, perhaps 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 resolved.
- Possession Date – Timing is another big factor that can be negotiated. Maybe the sellers need more time before they move, maybe as a buyer you need to get in earlier. This can all be negotiated as part of the terms of the deal.
- Items left in the property – As you go back and forth with your deal you could consider asking for certain items to be left in the home. Maybe it is furniture or maybe it is certain appliances. These all can be negotiated as well.
In the end no two deals are alike. What is most important is that through the negotiation that each party will walk away feeling like they got what they wanted. As potentially stressful as negotiating back and forth may be, it can result in having both parties feel like they have agreed on a satisfying deal.