Home Buying Negotiations

Dated: April 1 2017

Views: 171

     First off get a agent, why not it's free service to the buyer. The agent will go into two sets of negotiations for you. One will be for the price of the contract (the price of the home). It always helps with the negotiations if you are pre-approved. Let say you find the house you want. They are asking $200,000. Your agent offers $195,000 but, your not pre approved and another agent offers $190,000 with a pre-approved buyer. The owners already bought their new home and need to sell quickly. More than likely they will accept the $190,000. So, it is always better to get pre-approved not only for negotiation purposes but, also to know what your budget will be (how much home you can afford). You can also negotiate contributions by the seller toward closing cost, title insurance, survey and home warranty to be paid by the seller.  

     Second set of negotiations come after a inspection. All problems can be fix by the seller or renegotiated on the price. This will all depend on your situation. For example a VA loan, the buyer can not pay for repairs and some repairs have to be fix by the seller to be approved by the VA.

Third will be after appraisal. If it  comes back below sales price they will either have to come down on their sales price or have the buyer pay the difference in their down payment. Or just opt out  the sale.

Blog author image

Ryan Lopez

Born and raised in the small town of New Iberia, Louisiana. Later graduated from college with a associates degree in computer networking. Went on to a 20 year career in the oil and gas industry. Now h....

Want to Advertise on this Site?

Latest Blog Posts

How Much Life Insurance Do I Need

How Much Life Insurance Do I Need?Start by calculating your long-term financial obligations, then subtract your assets. What's left is the gap that life insurance will have to fill.You can’t

Read More

How To Have A Relaxing Vacation While Selling Your Home

How to Have a Relaxing Vacation While Selling Your Home The stresses of selling a house will never completely go away, but these steps will help you enjoy your time away even with a home on

Read More

Are You Ready To Buy A Home Or Just Window Shopping

Are You Ready to Buy a Home—or Just Window Shopping?Congratulations, you're officially obsessed with real estate—swerving toward every open house sign and poring over

Read More

May 3 2018 53815 1

Why Do You Need Life Insurance? One of the most fundamental questions you should ask yourself when contemplating life insurance is this: Will someone in my life be adversely effected (from a

Read More