The process of buying or selling a house is a straightforward one. The buyer assesses a house, makes an offer, then the seller either rejects it or makes a counteroffer. Eventually a price is agreed upon and the home sale moves toward the finish line.
Most buyers believe that buying a house is all about the price. However, there are many terms to negotiate when buying a house.
When completing a home sale buyers should keep the following six overlooked areas in mind.
Cost of Closing
Closing costs can be daunting to a buyer if they are already cutting it close with the purchase. Many buyers are pouring most of their money into a down payment on the house and there may be little leftover afterward. While this is not an ideal situation, there are few people that have excess cash laying around to purchase their first house.
Buyers will want to factor in the cost of closing when making a deal. Remember that these closing costs will usually be two to five percent of the purchase price. It is possible to negotiate these costs into the offer to help both sides come out happier.
Transaction Fees
Transaction fees are a cost for the seller. These fees will be paid for transferring taxes as a house is purchased. A buyer that wants to get their offer noticed may offer to pay these fees. This is separate from paying all of the closing costs, but can still be enticing to a seller.
What Items Have to Stay
There are many instances in a home sale where a buyer believers an item comes with the house and it actually does not. Anything that a buyer wants should be put into the offer. If it is not in the offer then the owner is able to take it with them when they leave.
Items like fixtures typically stay with the home. Most real estate pros suggest an item that is bolted to the house will stay. However, in the case of an expensive chandelier or other items that verge on being decorations, the owner may choose to take them.
It is always better to outline what pieces need to stay once the home sale is final.
What May Go
Larger items are always up for question. Some homeowners buy new appliances when they move into a new home and allow their old appliances to be included with the house. A buyer may find this appealing if they need new appliances. They may also find this an inconvenience if they have their own appliances that are in better condition.
Negotiation for what appliances will stay is always an option. If there are large items that a buyer would like to see go with the seller, they must state this as well. Many sellers do not want to pay for the moving costs of large items like a fridge and may leave it if it is not in the contract that they must take it with.
Finalizing the Moving Date
Some homeowners manage to sell their home before they purchase a new one. With this in mind, the move date can be changed during deliberation. A contingency may allow a seller to remain in the house for a certain amount of time to allow them to finalize their purchase. Pay attention to this date if you are working on a tight schedule.
Inspection
It is always better for a buyer to get an inspection. With an inspection, any repairs that are needed can be addressed. Many sellers do not want to fix minor problems and may not want to address large ones. Asking for a credit to correct these problems can allow the buyer to continue with the sale and pay less money than originally planned.
Both a seller and a buyer can benefit from paying attention to an offer. There are many items that can be addressed that can benefit both sides. While the price is important, there are other factors to consider in a home sale. Both sides must make their intentions clear to avoid feelings of remorse once the deal is done.
