The home buying process -
Negotiate terms. Sounds simple doesn’t it.
Most buyers think “negotiate terms” pertains to the purchase agreement only. There are actually three main negotiation points throughout the home buying process.
The first point of negotiating terms is with the initial purchase agreement offer. Price is only one of the items a buyer will be deciding on.
The appliances may be offered or asked for. Will a home warranty be a part of the contract? The dates of financing, inspections, and closing are to be decided on.
Each home purchase is unique and there may be further conditions to be written in to the purchase agreement. The seller will accept, reject or counter the purchase agreement.
The second point of negotiating terms is after the inspection is done. The buyer may ask for any repairs they wish. The seller is not required to do any repairs.
A seller will most likely address items that are health, safety or issues that may affect financing. A buyer may need to request further inspections to be done on any issues the inspector states a specialist should evaluate.
The third point of negotiating terms is after the appraisal. The home must appraise for the purchase price or more.
The appraiser will also be checking for certain items to be updated to a point for financing purposes. The buyer and seller may need to negotiate terms once again if the appraiser calls out anythin or the buyer may not be able to get financing.