So you’ve found the home of your dreams! Now it’s time to start the negotiation process. Before you start engaging, make sure you make a game plan with your realtor, and get all your paperwork ready and filled out. Then you can go forward making the negotiations you need to make. There are dozens of different things you can negotiate for, but here are six of the most common.
1. Closing Costs
Closing costs are the fees paid when you buy a house at the time of closing. It’s generally the buyer’s responsibility to pay them, however, it is possible to negotiate that the sellers cover them instead.
2. Repair Costs Related to Inspection
It’s important to have a thorough inspection on a prospective home. When this is done it’s a great time to negotiate either for having the repairs done or to have the price of the home reduced in order to cover the cost of those repairs yourself.
3. A Home Warranty
You can negotiate for the buyers to cover the premium on a home warranty. The warranty covers the major appliances (plumbing, hot water heaters, HVAC, AC, etc.) that come with the house for a certain number of years. When you’re negotiating, be sure to consider adding this to give yourself a safety net for the future.
Helpful tip! Find out why the owners are moving. What you learn from this can help in the negotiation process!
4. Timeline
Not all negotiations that come with buying a house have to be financial. You can also negotiate the timeline for closing. Whether you need a fast close, or to give a little bit longer, you can discuss that with your realtor and build it into your offer. It’s good to keep this one in mind as a thing you’re willing to give up control of as well. Giving sellers the ability to decide when closing happens is a very appealing concession to make on the negotiation table.
5. Household items
Like the timeline, household items aren’t strictly financial and can be negotiated for. This happens a lot with furniture pieces and things like light fixtures. Another common item to be requested is children’s play and swing-sets in yards. We’ve even encountered people who included vehicles in the negotiating process.
6. The Price of the home
Probably the most obvious, but definitely not one to overlook. Negotiate for the price of your home.
Negotiations go well?
When negotiations are all over and you’re ready to close on your house come see us! At Frank B. Pallotta Law we have more than 20 years of experience helping our Georgia clients navigate the closing process. We understand that each client is different, each situation is different, and that you need our full attention. When the time comes to close, put your faith in us!
