The top items to negotiate
It might seem nerve-wrecking to ask your real estate agent to negotiate on your behalf, but it’s a strategy to help you get the best offer and home possible! A home is a big investment for anyone and it’s important to get exactly what you want and can afford.
These are the top items to negotiating tactics for home buyers to remember.
Get rid of the middle man or woman right away and keep all your negotiation through your real estate agent. You might want to negotiate closing costs payments, but don’t go directly to the seller. Let one real estate professional talk to another about negotiating tactics for home buyers. Also, there might be legal sensitivities you’re unaware of during the process that can’t be discussed. The best thing to do is let one professional talk to another during this time.
The notion of closing costs can be difficult to understand for first-time and second-time homebuyers. This is the final moment before you grab the keys to your new home and pop some champagne or sparkling cider. The thing with closing costs is many people don’t know about the fees at the end of this process. You’ll need an appraisal fee, inspection fee, mortgage insurance down payment and more.
A smart negotiation tactic for home buyers is getting a percentage or all of the closing costs paid off. A buyer can expect to pay two to five percent of the purchase price of the home. You might be able to get the seller to pay off the closing costs for you. If a seller is ready to sell the home, leave the market or needs the home sold now they’re more than likely to help cover the closing costs on the home. You never know if it’ll work until you try.
The papers are signed, but that doesn’t mean negotiating tactics for home buyers are finished yet! If you have paid for a home inspection and find major repairs and maintenance that needs done on the home you can ask the seller for help. You can negotiate for them to give you a cash-back credit on the escrow which pays for the maintenance and repairs itself. You can also ask the seller for credit before the closing costs are done.
Often times, home buyers don’t realize to negotiate on the total cost of the home. At the end of the day the home might be $240,000, but after all the fees and closing costs that house will be significantly more money. You might get a house that is less than the asking price, a win in negotiating tactics for home buyers, but this could be a false victory because how much will the inspection show the house will actually cost.
A great negotiation tactic is having your pre-approval ready to go! This shows the sellers and their agent you’re serious about your offer and are ready to take it one step further. This also shows that you can afford the home. You’ll want a pre-approval before you start this process to know; one you’re approved and two you are ready to enter the market.
It might seem like the wrong idea to negotiate, but it could help you in the end. The right tactics can easily help future home buyers with closing costs, maintenance and a lower price overall!
Don't worry, our team will guide you through the entire process of negotiating tactics for home buyers and be your negotiator! Contact the Fairfield Team and we can help you get started on hunting for your new home!