What’s Negotiable? The Basics Of Real Estate Negotiation For Buyers And Sellers

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When it comes to buying or selling a home, there’s more to negotiate than just the selling price. Buyers and sellers need to be aware of their options. An experienced realtor can provide guidance, but the decisions are up to you.

What you can negotiate

Here are four areas other than price that allow for negotiation:

·        Closing costs

Because this process is expensive for everyone, the buyer may ask the seller to pay some of the closing costs depending on what their lender allows. This may increase the selling price so the seller doesn’t actually pay anything out of pocket.

·        Needed repairs

Unless the seller specifies that the home is being sold as-is, this is another are that leaves room for negotiation.

·        Home warranties

Even a home that looks good after an inspection can have some issues with the A/C or plumbing later on. Many buyers want a home warranty as an extra layer of protection after they buy. Some sellers offer home warranties, but it’s not unusual for a buyer to ask for one.

·        Appliances and Furniture

While dishwashers and stoves are normally part of the package, things like refrigerators, washers, and dryers are not. In fact, the buyer may even want to keep some furniture items.  This could increase the sale price, but it could also be a way for the seller to make concessions without having to lower their price.

The process of negotiating

Who has the advantage in the negotiations often depends on the market. In a seller’s market, the seller doesn’t have to do a lot of negotiating to get their house sold. They can go with whatever buyer gives them the best offer. In a buyer’s market, if a seller doesn’t give a little to the buyer’s demands, the buyer could just move on to another home.

The buyer and seller can both benefit by being represented by realtors. Their realtors will understand the contracts and negotiations.  Also, your realtor can let you know how friendly the market is to negotiating from your side. In Brazos Valley, you need a realtor that can tell you what the market is like by area. A house in Bryan and a house in College Station may look the same on a website, but a realtor can give you the full picture based on local markets.

A U.S. News & World Report article that gives negotiating tips for homebuyers is an enlightening read for both sides. One thing that stands out is the recommendation to have a real estate agent help you through the process. The article points out that just because it’s easy to find home listings online, that doesn’t mean you should go it alone. A realtor is an asset.

There is always a little room for negotiation on both sides. A local realtor can help you make an offer or decide if an offer is acceptable based on the market. Whether you’re buying or selling you can get through this process with expert help from a local realtor.