By: Jerika P – i-Lead Realty Social Media Manager
In the home sale process, buyers have the opportunity to negotiate several key factors that can impact the overall deal. From repairs to move-in dates, knowing what to look for and how to navigate negotiations can make a significant difference. In this blog, we’ll explore five key items that buyers should consider discussing with sellers to ensure a smooth and fair transaction.
Negotiating Repairs
Introduction:
Buying a home can be an exciting and daunting process, and negotiations are a significant part of that process. As a buyer, you want to make sure you’re getting the best deal possible. Here are five things that you can negotiate during the home sale process to ensure that you’re getting the most out of your purchase.
Negotiating Repairs:
Repairs are one of the most crucial things to look out for during the home inspection. When negotiating repairs, make sure that you’re aware of what needs fixing and how much it will cost. By getting the repairs accepted, you can ensure that you’re buying a move-in ready home. This benefit makes the negotiation worth it, so be sure to prioritize repair negotiations when buying a home.
Tips to get repairs accepted:
Having a plan in place to mitigate repair costs is essential. Getting multiple repair estimates, prioritizing major repairs, and negotiating for repairs before closing are great ways to keep costs low. Remember, just because a seller agrees to repair something doesn’t mean that they’ll do it properly or to your liking. So always be prepared with a backup plan.
Benefits of having a move-in ready home:
A move-in ready home gives buyers peace of mind and avoids the hassle of doing repairs themselves. It’s also an excellent option for those who don’t have the time or energy to deal with repairs right away. So, negotiating repairs is something buyers should take seriously. Be strategic, and don’t be afraid to ask questions and negotiate.
Negotiating Title Insurance
Title insurance is a must-have for homebuyers. It protects your investment and provides peace of mind in case there are issues with the title, liens, or other legal problems. Before negotiating, make sure you understand the cost of title insurance so that you can factor it into your budget. Negotiating title insurance is possible, but it’s important to approach it strategically. One way to do this is to ask the seller to pay for it as part of the closing costs or to split the cost with you. Be sure to work this out before signing the contract, and consult with a professional if you need help navigating this complicated process.
Negotiating Survey Costs
Understanding the seller’s responsibility concerning property surveys is critical when negotiating home sale costs. The expectation is that the seller brings the survey from their prior closing, and as long as there have been no significant changes in the boundary lines, it carries over to the present closing. However, if the seller can’t find the survey, buyers can negotiate for them to foot the bill. Since a standard survey can cost between $500 and $700, buyers can make alternative arrangements. Another viable option could be to request an updated plat map from the seller’s previous survey that will offer an affordable solution and save up to $700.
Negotiating Home Warranty
Benefits of a home warranty are often overlooked by buyers, but it is a great investment to make when purchasing a home. Having a home warranty provides peace of mind that if anything goes wrong, it can be fixed without spending a lot of money, especially right after buying a home. We suggest making a home warranty a standard part of the negotiation process, as it can cover repair costs for appliances, electrical and plumbing systems, and heating and cooling systems. It is always better to have that safety net when making such a big investment, and a home warranty can help ensure that buyers are protected from unexpected costs in the first few months of their homeownership.
Negotiating Move-In Date
Sellers don’t always want to move on the day of closing, which is why negotiating move-in dates is important. Providing sellers with a little flexibility could be the cherry on top of the negotiation. It could be considered when negotiating the price of the house, and giving them an extra day or two to move out is a gesture that could go a long way. It shows that you understand they’ve lived there and that moving can be stressful. Being understanding of the seller’s situation can make them more willing to work with you to close the deal. However, it’s important to keep in mind that providing flexibility shouldn’t put you in an uncomfortable situation. Just remember that in the end, it’s a give and take relationship that both parties should benefit from.
Conclusion
In a nutshell, negotiating repairs, title insurance, survey costs, home warranty, and move-in date are key factors that can make or break a home sale deal. By keeping these factors in mind and knowing how to negotiate them, buyers can save a lot of money and prevent any unforeseen issues. Reach out to our team for more guidance on navigating the home sale process.
If you are searching for a Real Estate Professional or would like to learn more, you can contact us here.
Navigate the real estate process smoothly by booking a strategy call with us! Click here.