When you buy a home, you are buying an investment into your future. You will present the seller with an offer and they will either accept, deny, or choose to present you with a counter offer. Some of the costs that can be negotiated are the cost of the house itself, what is included in the closing costs, and who will pay for any repairs that the house may need to have done.
Let’s say you have started the process to buy a home and you put in your offer on the property. But then, you obtain a home inspection and you realize there is $5,000 worth of work that needs to be done to repair certain issues found in the house. You may be able to do one of two things to compensate for this money that you can’t avoid spending. Your first option is that you may be able to request that the seller pay for the repairs in the closing costs. Another option that you have is that you can request that the seller lowers the price of the home the same amount that the repairs will cost so you can afford to pay for the repairs yourself.
Another possible example of cost negotiation is that if you find a house that you are very interested in buying but you believe that it is somewhat overpriced, you can offer less money. You may be able to find comparable homes in the same neighborhood that are priced lower and show this to the seller and their agent. This may convince them that they should lower the cost of the house. Depending on whether the current real estate market is better for buyers or sellers, the seller might come down in price a few thousand dollars and accept your offer.
It is important to know what options you have as far as cost negotiations when you are buying a home. Contact your real estate agent or an experienced real estate attorney who can assist you with the home buying process and answer any questions you may have.
If you require experienced legal assistance for any of your real estate, bankruptcy or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.