When you go to purchase a home, it is so important to remember that you may have the opportunity to negotiate! Here are our top three ways you, as the buyer, can negotiate the terms of the deal. While you do have the chance to negotiate, there is a disclaimer to negotiations. Always keep in mind that the time on the market, the seller’s motivation, and how competitive the market is will determine whether or not you should negotiate.
Here are the three opportunities for negotiation:
Putting in an offer
If the listing has been on the market for a while, you may have the opportunity to negotiate with the sellers. Places you can negotiate are the price, closing date, and closing costs. If the sellers are eager or on a time crunch to sell, you have a higher chance of working in negotiations in your favor.
Inspection Period
If something comes up in the inspection period you have the opportunity for negotiation. You as the buyer may go back to the seller and ask them to fix these problems. The seller can repair, replace or give you credit to fix it on your own. In this hot market, we see a lot of buyers waiving inspection periods to make the offer stronger. This is something we hardly ever recommend doing. Until you have a professional inspection on the property, you have no idea what you are truly getting yourself into.
Low Appraisal
A low appraisal can be a bummer, but having a fantastic Realtor who knows how to navigate this sort of situation can help fix this deal. An appraisal is an opinion from a licensed appraiser on how much the home is worth. They compare the property with surrounding houses, updates made, and the home’s condition. If the appraisal comes in low and you have an appraisal contingency in place, you can negotiate a new purchase price. Sellers can decide to match the appraisal price or meet somewhere in the middle.
Now that you know your opportunities for negotiation
If you have any questions about buying or selling a home, we would love to hear from you. Give us a call today to contact an experienced real estate agent. Our phone number is 407-906-2456.
Thinking buying a new construction home is the best fit for you? Check out this blog.