4 Issues Every Home Buyer Should Negotiate
There’s no doubt about it – negotiating takes both finesse and confidence. It’s not for everyone, especially those of us who are passive. But when the times comes to purchase a new home and you’re sitting across the table from a home seller, buyers meek and confident alike must be able to hold their own in a negotiation. A skilled realtor can certainly help, depending on what’s on the table. Either way, the cost of backing down too soon could be too much to bear, literally. Here are 4 points that every home buyer should be prepared to negotiate:
- Closing Costs
Not always negotiable fee-wise, but if the seller can pay them, see that they do. Transferring the cost to the seller will take a hefty up-front expense off of your loan.
Buyers can have these point fees transferred to the seller, reducing the cost of the loan. Even when a seller pays these points, the borrower can still deduct them from their taxes.
- Closing Date
Negotiate to choose the closing date, allowing for the selection of the most convenient date to fit your unique circumstances. If you run into trouble here, the seller should be accommodating. Say you want to move in soon, and within a reasonable amount of time, but the seller or sale closing is not moving fast enough - you can negotiate to store some belongings in the seller’s home or have them pay for storage space in the interim.
Allowances usually compensate for any damaged or outdated features of the home, including old carpeting, fading or chipping paint, or other undesirables. A similar negotiation should take place if any home repairs/improvements are needed.