About Me

Understanding Real Estate Issues About a year ago, I began thinking about unloading my existing property and getting a new house. Unfortunately, I wasn't really sure where to start, so I turned to a friend of mine who specialized in real estate. They walked me through the entire process of selling a house and investing in a new one, and I was really impressed with how much of a difference they made in my process. I began working hard to get things taken care of, and within a few months I was able to completely transform my finances with the sale of my home.

Search

Categories

Archive

Beyond Price: Other Points To Negotiate When Buying A Property

You probably know that you need first-rate negotiation skills when preparing to buy a new home because your first bid isn't likely to b accepted. However, negotiating a home purchase is not just getting the seller to accept your offer; there are other things you should negotiate other than price. Here are a few examples of these other things:

Closing Date

The closing date is not cast in stone; you can negotiate it. Maybe you want to close first because you need to move out of your current place or your cash flow cannot allow you to close by the seller's chosen date. Whatever your reasons, you should know that you can talk to the seller to give you some wiggle room so that you can move the closing date closer or further away.

Contingencies

The contingencies are the conditions upon which the contract or transaction rests; there are both seller and buyer contingencies. As a buyer, you can make the purchase contingent on you getting the right mortgage or on a positive inspection report. The seller can make their offer contingent on you closing within a specific day or on you making a certain deposit amount. You can negotiate on the nature of the contingencies to include or exclude so that you can weed out the ones you don't want and include the ones you need.

Home Warranty

A home warranty is like a service contract; it promises to help you avoid financial loss associated with the malfunction of the major components of your home's systems and appliances soon after purchase. A home warranty can come to your rescue, for example, if the HVAC (heating, ventilation, and air conditioning) system malfunctions a few months after the purchase. This is also something you can negotiate; for example, if the seller wasn't planning to offer a home warranty you can ask them for one.

Home Repairs

It is customary, though not a must, for the seller of a real estate property to take care of some repairs before closing the deal. You can negotiate what should be included in repair list; your goal is to include as many defects as possible. The seller will, of course, be looking at a way of minimizing this cost.

Furniture and Appliances

Lastly, you can also negotiate on the number or type of furniture and appliances that the seller can offer you with the house. In most places, built-in appliances such as the stove, typically come with the house but not other appliances such as the fridge and washer. You can negotiate for these other appliances.

Tags: