We’re in a seller’s market, so as a buyer, you need to know what else you can negotiate over besides asking price when making an offer on a home. Luckily, there are six such options to consider:
1. Repairs. When it’s time to inspect the home, there may be some repairs you don’t want to do after you’ve moved in, so you can negotiate with the seller to have them done ahead of time.
2. Timing. Whenever we represent a buyer, we always ask the seller what’s most important to them besides the price, and timing is usually the next best thing. You can set a date for your closing, so make sure your offer is structured to match up with the seller’s timeline.
3. Closing costs. For example, you can roll your closing costs into your offer so you have more money to do what you want to do to your new home once you own it. This is definitely something to discuss with your Realtor.
4. Personal property. If you look beyond the price, there might be something the seller owns that you might like, such as a pool table or swingset. Most offers don’t include personal property items, but it’s worth it for you to consider if you want to give yourself an advantage.
5. House cleaning. If the owner keeps dogs in their home and you have bad allergies, for instance, you can ask them to do a deep clean of the home before you move in. This task has become significantly more important to buyers over the past year, for obvious reasons.
6. Home warranty. You can offer a home warranty after the inspection phase. Some of the home’s appliances might be a little old or not functioning as well as they should, and neither you nor the seller wants to buy new ones before closing. A home warranty helps you repair or replace any items for a small amount of money.
Bonus tip: Attaching a personal note to your offer is a great way to pull at a seller’s heartstrings. We’ve been able to outbid other buyers who offered a higher price just by doing that.
If you have questions about this or any real estate topic, don’t hesitate to reach out to us. We’d love to hear from you, and we invite you to stay tuned for more blog videos we’ll be sharing in the future. Remember: If you’re ready to buy or sell, call R&L!