Get the best deal you can by asking that the seller meet you halfway.
If you are actively searching for a home, you know that sometimes the prices can be intimidating. It is up to you (with the help of your real estate agent) to negotiate the best deal possible. Even when you have found a home you really like, you are not obligated to pay the asking price, no questions asked. Figure out what is really important to you and find a way to negotiate for it.
Here are a few concessions that will help you get what you want before you seal the deal.
Closing Costs
One of the most common concessions a seller will make is offering to pay closing costs. This type of assistance is helpful because as a buyer you may be nervous after calculating the mortgage and moving costs. Knowing that a seller will handle closing costs will help you breathe easier.
If you’re buying a home in a building or division with a homeowners association, paying the condo or homeowner association fees will become your responsibility when you buy. You can ask the seller to pre-pay your homeowner association fees for a year.
Home Improvement Allowance
Consider asking the seller if they would pay for improvements to the property, such as putting a new coat of paint on the outside.
Buyers can negotiate for cosmetic improvements to the inside of a house as well.
The house may be to your liking, but if you know you want to ditch the carpet, ask the seller for a carpeting allowance.
Flexible Move-in Date
Some sellers will give a buyer the opportunity to move in sooner as a way to sweeten the deal. This is a good strategy if you are a renter and your lease is set to expire soon. Explain how much you like the property and that you do not want to renew your lease.
The flipside of this coin happens when a seller agrees to pay a buyer’s rent for a time in order to delay settlement. The seller could find that they need more time and ask you to delay your move-in date. Ask the seller to pay your rent as a way to make up for the inconvenience.
Get it in Writing
As you would with any agreement involving real estate, be certain that the details of the agreement are put in writing. Don’t rely on a handshake or a promise when it comes to buying property. Work with your real estate agent so that the stipulations are clear so there is no chance of misinterpretation.
