Negotiation: There’s more than the price of the home to consider
Naturally, the price of a home is top-of-mind when we talk about negotiating in a real estate deal. And, for some homebuyers, these negotiations are critical.
But, did you know that there are other ways to bargain with a home seller other than on price? The purchase agreement is full of haggling opportunities. Let’s take a look at five of them we deal with most often.
Negotiating home repairs is something we are quite familiar with. After the home inspection, when the homebuyer receives the inspector’s report, negotiations often begin anew.
Understand, however, that no home is perfect; even newly-constructed homes can have problems. Don’t sweat the small stuff – save the negotiations for anything major that needs repair or replacement.
This is especially true if the problems are in one or more of the home’s major systems, such as HVAC, electrical, plumbing or with the roof or foundation.
We can negotiate for a price reduction, closing costs credit or for the repair work to be performed by the seller before closing. The first two options (price reduction or credit towards closing costs) are preferable, as they won’t typically delay the closing.
Plus, there is no way to guarantee the repair work, if performed by the seller’s contractor, will meet your standards.
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