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Negotiation: How To Get What You Want
After a seller successfully gets their home market ready, and when a buyer finally finds “the one”, the next steps of the negotiation of the transaction between the two can be both daunting and stressful. While both buyer and seller will have the price of the house at their forefront of their mind, it’s important to remember that there are additional elements to the transaction that can be negotiated. It is these elements in fact that may be more of a bargaining tool to the other party and help to get to an accepted contract.
Inspections and closing timelines may be a top negotiation point for a seller who has had their house on the market for a while and is anxious sell, or maybe has just put their house on the market and doesn’t want to wait for months to get to the closing table. Frequently a quick inspection and closing time may be attractive to a seller, just keep in mind as the buyer to give yourself enough time to complete proper inspections and work with your lender to be sure that you’ll have your financing in place.
After having inspections completed, there may be a laundry list of items that have been noted for repair. Depending on how small or large these repairs appear to be, may mean that not every repair needs to be addressed, or perhaps some things are repaired prior to closing, or a credit to put toward repair is offered.
When buying, closing costs will be determined by a variety of factors, but typically will run you somewhere between 2% and 5% of the purchase price. Buyers will often ask sellers to cover some or a portion of the closing costs upfront or request a closing credit to make specific repairs or updates to the home.
Did walking through the house really wow you, partly because of the way the seller’s have their home decorated? Buyers will frequently negotiate keeping couches, dining room sets, outside furniture, fixtures, appliances, landscaping tools, and other items as part of the home purchase, saving them from having to purchase these things after closing. Often sellers will agree to make the overall package of the house more attractive to the buyer, and for many it’s attractive element to the negotiation because it means that they won’t have to move these things. For a seller downsizing this could be a bonus.
Negotiation is about having a picture of what you want, going after it, and treating the other person with respect in the process, compromising so that you look out for your best interests, and be willing to budge in order to satisfy both parties. Henry Boyle summed up negotiation perfectly by saying, “The most important trip you can make in life is meeting people half way.”
Melissa Rolland is a Real Estate Salesperson and Realtor®, Accredited Home Stager, and author of the book Straight from the Kitchen Table: Every Day Real Estate. She lives in Tolland, CT along with her husband Todd, an Associate Broker and Realtor®. Together they manage the Rolland Realty Group powered by eXp Realty of CT, LLC. You can connect with them at www.RollandRealtyGroup.com or (866) 408-8059.“The statements and opinions contained in this article are solely those of the individual author and do not necessarily reflect the positions or opinions of EXP REALTY INTERNATIONAL, INC. or its subsidiaries or affiliates (the “Company”). The Company does not assume any responsibility for, nor does it warrant the accuracy, completeness or quality of the information provided.
Melissa Rolland is a real estate salesperson, accredited home stager and has been a real estate investor for over a decade, helping hundreds of homeowners buy houses, sell houses, and invest in real e....