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What Can I When Negotiate Buying a House?
You are a buyer that wants "the best deal" here a few things that can be negotiable in a real estate transaction. Remember, a good negotiation provides a win-win for both sides.
Price - At the end of the day no seller is going to want to sell their house for less than it is worth. With that said, there are a lot homes sitting on the market for a long time because they are overpriced. If you see one that you like, don't shy away from it because it is out of your price range. Ask your Realtor to do a valuation with comparables supporting a price that is realistically fair, provides that factual information with an offer, and if the seller is serious about selling, the will consider your price.
Closing Cost - As a buyer you will have to come up with enough cash for a down payment and to cover you closing cost. Closing cost are fees charged to the buyer from the Mortgage Lenders and Title Company. These cost usually run about 3% of the sale price. When buying you can negotiate for the sellers to cover these cost for you. That does make your offer less attractive because for the sellers it is all about the bottom line. However, being that buyers need to bring cash for a down payment it can be difficult to have the extra 3% cash to pay for closing cost. With that said, consider paying a little more on the home to offset the difference to the sellers if they pay closing cost. That is a win-win!
Closing Date - If you can be flexible with your closing date that holds value to a sellers as they may be in need to purchase another home after they sell. The sellers may in turn be more flexible on their price.
Personal Property - It is not uncommon for the seller to leave the Washer/Dryer, Window Treatments and Kitchen Appliances that are currently with the home but is not mandatory. When making an offer you will want to make sure to write those in. If there are specific items (e.g. Living Room Furniture, Lawn Ornaments, Garage Freezer, Pool Table) that you want, they might come with a price. Sometimes the sellers are happy to part with things like this and sometimes they want more money$. Since there is a value on items like a Pool Table, don't expect it to be a part of the deal. However, Pool Tables are not exactly easy move so, you might good a bargain.
I hope you find this helpful and Happy House Hunting!
The Long Group