Common Items That Are Negotiable in Real Estate Contracts
Home sale is one way to express your bargaining prowess, and you can save lots of money if you play the game well. Making the most out of negotiations is wonderful and you would be surprised how persuasive you could be when negotiating. There are many obvious things that can be negotiated, and we are about to talk about some of them.
Personal properties
In any home sale, you will likely come across household items included in the bargain, but in case they are not, you can ask for them. You can request for certain items like a refrigerator or furniture. Even though the mortgage sponsors may not want to negotiate personal properties with you, you may ask for them especially if they are not included in the original contract. The key here is to negotiate differently those personal items like mowers, piano, rugs, etc. outside the contract.
Cost of replacing old appliances
After examining appliances such as water heater, furnace and air conditioner, you would know if the need immediate replacement or can still serve for a long time. Check properly if the bathroom fixtures are working perfectly and if the air from the vents is in the appropriate temperature. If you found out that they are old and dying, you can bargain for a reduction in the purchase price for easy replacement. This is important because they may seem a minor issue to fix, but if you calculate what you would spend on them altogether, you will be surprised at how they add up pretty fast, costing you so much to repair.
3- home warranties and Insurance
As you negotiate, don’t forget to include insurance and warranties, as this will enable you know where to run to if things go south. You should negotiate for different types of insurance, be it fire, flood, etc. in addition, never forget to ask for the home warranty, as this will give you the confidence to close the purchase. These warranties aren’t expensive, as many sellers would gladly include one.
4 – Luxurious items
The power of your negotiation depends on certain factors and market condition. If there are more supply than demand, and if a home has been on the market longer than expected, then you have an advantage as a buyer. When there is an expensive or luxurious item, you can add them as you bargain. Negotiating these expensive items is a great way to save money and have everything work out for you.
5 – Extra closing costs to pay a credit card
One common request when negotiating a home sale is closing costs, and you can ask for more than offered initially. When all the settlement and loan costs are taken care of and there is extra money left, then these extra funds can be used for things such as a better home warranty, homeowner’s fees or even advanced tax payment. Such funds can be added to the credit card balance of the buyer.
