Once you've found a home you like and have cleared the mortgage hurdle, it’s time to start thinking about the negotiating process. This requires careful planning in order to improve your chances of making a successful offer. You also need to take home closing costs into consideration.
Wondering how to negotiate with the seller? Keep the following tips in mind before you make your offer:
- Try to limit contingencies if possible. Contingencies make offers less desirable to sellers, so try to avoid them if you can. Contingencies include things like home sale contingencies, where you have to sell your home in order to afford to buy a new one, and home inspection contingencies, which state that you don’t have to go through with the purchase if the inspector finds major issues.
- Handle home closing costs carefully. Obviously, you don’t want to pay the entire amount of the closing costs if possible, but asking sellers to cover part of them could hurt your chances of having your offer accepted. If you do plan on asking the seller to pay for part of the closing costs, you can sweeten the deal a bit by being flexible about the closing date.
- Make a cash offer if you can afford to. This isn't possible for most home buyers, but a cash offer is the best way to ensure that your offer is accepted. If you do make a cash offer, you don’t have to get an appraisal done, but you might want to consider doing so anyway in order to make sure that you’re getting a good deal.
Looking for additional information on negotiating a home offer and understanding home closing costs? Call me!
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