- in Home Buying
When you are in the process of purchasing your home, negotiations do not have to stop at the contract signing stage. If you are a buyer, an inspection of the property may show that there are some issues, and you may be able to seek some kind of credits. There are many ways that you can negotiate repairs after a home inspection to lower the cost of the home.
Ask for Credit
If the sellers are in a hurry to get out of their home, they probably aren’t going to want to do the repairs on their home so that you can enjoy it. They may not approach the work with the same concerns that you, as the new owner, have. If you choose, you could take a cash-back credit as the close of escrow so that you can use the money to complete the project on your own. You would most likely do a better job that the sellers since they are in such a hurry to leave. If you do get the credit, there will also be less back and forth between lawyers confirming that the work has, in fact, been completed.
If your listing agent is as good as they say they are, they are going to walk the property inspection with you. If you say too much about your intentions for the home, the word is going to get back to the sellers and they are not going to give you that credit that you want. For example, if you are so excited about the house that you just go on and on about the renovation plans you have, the sellers aren’t going to want to give you a credit so that you can pay for everything you want to do. Keep your ideas on the down low and just act as normal as possible. Do not show excitement, this will show that you are too interested and then the sellers are not going to want to work with you for price cuts. If you mention in front of the listing agent that you do not mind replacing a malfunctioning HVAC system, the agent is going to tell the sellers and they are not going to give you the credit to fix it. So, keep in mind that showing too much excitement is going to reflect negatively on any negotiations you want to make after the inspection.
Keep Your Eyes Peeled
Here is a word for the wise, do not complete the original contract thinking that you will be able to negotiate more after the inspection. If the inspection comes back flawless, there is going to be nothing to negotiate. If you attempt to negotiate anyway, you may lose the contract and the sellers are going to want to move on to the next bidder. You need to have eyes wide open when you are going into escrow. Keep in mind that you are competing with other buyers and negotiations may sometimes lead to loss of sale.
If you do see the chance for a negotiation without losing the house, go for it. If you see something wrong that can be fixed by the seller or taken off the price of the house, mention it to your real estate attorney. A lot of sellers are willing to negotiate just so they can sell their house has been on the market for a long time.