4 Negotiating Tips That Every Home Buyer Must Know

Posted by Florida Realty Marketplace on Wednesday, March 11th, 2020 at 8:00am

4 Negotiating Tips That Every Home Buyer Must KnowAfter spending time looking at a number of great homes for sale in Winter Haven, FL, you’ve found one you absolutely love. It’s perfect, but there may be a few minor things you’d like the seller to repair, or maybe the price isn’t quite where you’d like it to be.

When you put in your offer, you can make it contingent on the seller making different repairs or other concessions, but the seller is likely to counter. Now you’re in the negotiation phase of the transaction.

It can be stressful, but with a great agent on your side and an idea of what you can include in the negotiations, you’ll be able to lock down the house of your dreams. Here are a few tips that can help make negotiations less stressful for you.

1. Don’t Be Afraid to Ask for Extras

There’s a lot you can negotiate—you’re not limited to just the price. You can negotiate with the seller on closing costs, repairs, updates, when you move in, what stays with the home, and anything else you can think of.

As long as it’s not against the law or real estate regulations, you can include it in your offer or counteroffer. You never know what the seller is willing to compromise on until you ask, and the worst that can happen is that they say no.

2. Always Ask for a Home Warranty

A home warranty can save you a lot of money. Most of these warranties cover a number of major home systems, appliances, and other items. All you do is pay the small service fee. It’s fairly standard for the seller to buy a home warranty, but you do need to be certain that’s included in your offer and in any counteroffer.

This is especially important if there are repairs that you’d like the seller to make that they’re refusing to do, or if you’re concerned about the age of the home’s HVAC, water heater, or other items.

3. Negotiate a Move-In Date that Works for You

The perfect house for you has come on the market, but there’s just one problem: your lease or another living situation isn’t allowing you to leave when you want. If you wait to put in an offer, there’s a very good chance someone else will snatch up the property since buyer demand continues to remain strong.

Instead of paying rent on an empty apartment for a month or two, you can negotiate an extended move-in date. The seller may even be thankful to have a few extra weeks or another month to fully move out.

You can also negotiate a lease buyout with the seller. They may be willing to reduce the price of the home by the amount needed to buy out your current lease. Sellers who are motivated to sell quickly are often willing to make these concessions, so the property doesn’t sit on the market for too long.

4. Don’t Focus Completely on the Price

Yes, it can be a nice feeling to get a property for less than the asking price, but you may actually be paying more in other ways. It’s often better to come in at the list price but ask the seller to cover some of the closing costs.

For example, the seller may agree to reducing the price by $2,000 but not give anything to closing costs. If you come in at full list price, though, you may be able to get them to contribute $3,000 to closing.

Sellers may instantly be turned off by offers that are under asking, but they don’t necessarily think about how other items impact their bottom line. In fact, if you try to go in with too low of an initial offer, the seller may simply reject it without a counter.

Have a Real Estate Professional on Your Side

Without an experienced real estate professional on your side, you’re going into the negotiation phase without a valuable ally. The agents at Florida Realty Marketplace have negotiated thousands of deals, and we have a keen insight into what sellers want from buyers. Contact us today to begin the search for your dream home.

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