Preparing To Negotiate

So, you’re a first-time home buyer or have been through the process before. You’ve already found the next home you’d love to live in and it’s in your budget. Your emotions are saying offer full price to secure the house from any other buyers but, is that the best option? When it comes to real estate everything is negotiable. From the price of the home, the washer and dryer, and even your loan points. They all can be negotiated in your favor to make the buy even sweeter.

1. Closing costs- As a fist time home buyer closing costs can catch you by surprise. These costs are due at closing and some people do not realize they are there to finalize the transaction. These costs can total thousands of dollars on some homes. So, what can you do about this? These costs are able to be negotiated to get the seller to pay an amount or percentage, especially if they are motivated. This will allow you to save money in your pocket for furniture, painting, and upkeep.

2. Furniture- When a seller is moving out of their old house it can be very difficult. Arranging movers, deciding if they have enough space, how does everything fit, and more. This process can take a lot of time and money. As a buyer, if you see a piece of furniture that fits perfect in the room or as a first-time home buyer with no appliances to move in with, you may be interested in giving an offer on some of the old homeowner’s stuff. Many times, you may end up with some great deals.

3. Price- When using a knowledgeable real estate agent, they should be able to prepare an accurate Comparative Market Analysis (CMA) report giving you a proper price range to offer. Why is this important? If you have ever tried to sell a product before you understand how low-ball offers can make you think the buyer is not a serious buyer and can come off as insulting. You do not want this to be the case. Starting out with an appropriate bid that your agents agrees with is the perfect start. If it ends up being to low for the seller this is where the negotiating starts. Things like a different price, furniture, and closing costs that I mentioned before can all be implemented into your next counteroffer. If you do however get stuck in a “bidding rut” it is okay to move on. Not every negotiation will work out in your budget.

4. Dates- Dates can be extremely important if you have a lease you are trying to get out of yourself. Allowing you to secure the home but not move in until the end of your term will allow you to avoid costly penalties. If that does not work with the sellers schedule you should be honest with them about the penalties involved and may be able to receive a lower price to compensate. As you have heard before, honestly is the best policy. This remains true in negotiating especially since, more often than not, sellers love to hear stories about who will be living in their home next. So, you have a closing date, but the seller has underestimated his move out time and is going to need another two weeks before he can move out what can you do? Instead of just saying sorry that won’t work, earn yourself some extra cash! Agreeing on a weekly or daily rent is a great option. This will allow you to earn money back and give them adequate time to move, without being stressed.

If you’re searching for an agent to assist you, all the way, throughout your home selling or buying process, I would be happy to help. My experience in business has allowed me to learn unique negotiating strategies allowing you to increase your odds in getting exactly what you want. Give me a call, text, or email: P: 618-554-0052

E: austinyagerrealty@gmail.com

Have an excellent day!

Sources:

Dellitt, Julia. “5 Things To Negotiate When You Buy Your First House.” Forbes, Forbes Magazine, 21 June 2018, www.forbes.com/sites/juliadellitt/2018/06/20/5-things-to-negotiate-when-you-buy-your-first-house/#169126fc2d0e.

Brinkley-Badgett, Constance. “How to Negotiate the Best Price When Buying a Home.” Credit.com, 22 May 2018, www.credit.com/loans/mortgage-questions/how-to-negotiate-best-price-when-buying-home-purchase-offers/.