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When you think about real estate negotiations, what comes to mind? For most buyers and sellers, price tops the list. While this is certainly an important part of any real estate deal, did you know there are at least six other areas of potential real estate negotiations when buying or selling a Waterloo Region home? Here’s a closer look at them.
Besides the agreed upon price of the home, buyers must pay closing costs that cover lender fees and other charges. Buyers may ask sellers to help pay for these costs with a flat dollar amount or a percentage of the fees.
Do you need to close on a home quickly? Perhaps you need a little more time to search for your next home. There are also different advantages to closing at the beginning and end of the month. Closing dates are a commonly negotiated issue.
In a seller’s market offering to be flexible on closing dates can sometimes be the thing that gets your offer accepted over others that were otherwise very similar.
What will be included with the four walls and roof you are purchasing when you buy a Waterloo Region home? Negotiations are often called for when it come to whether the seller will be including the washer and dryer, kitchen appliances, and even items such as the living room furniture or that great pool table in the basement.
Many real estate contracts are contingent on financing or other home sales. The buyer may need to complete their lender requirements by a certain date or complete their current home sale before the contract is in full force.
These details must be worked out and agreed to up front and as quickly as possible, so that both parties can proceed to closing as quickly and efficiently as possible.
Most contracts include a stipulation that the buyers can complete a home inspection. Once the buyers receive this report, they can ask the sellers to fix items that were found to be in disrepair.
Each of these items must be negotiated and if needed, fixed to the buyer’s satisfaction before the deal proceeds and heads into the closing stage.
A home warranty can be provided as an incentive to buyers to offer peace of mind. It can be particularly appealing for older homes. A home warranty typically provides coverage for the home’s HVAC system, appliances, and other major items in the event that they need repair soon after the purchase.
Does this all sound like a lot to negotiate? It is. Fortunately, the best real estate agents are expert negotiators and can handle all of these points – and more if needed – for you. Your agent will work with you to identify your most pressing needs and work hard to get you the best deal.