The home buying process- Step 6 - Negotiate Terms

By
Real Estate Agent with Coldwell Banker Residential Brokerage Porter Co.

The home buying process - 
                                      Negotiate terms 

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.
Home buying


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.
Home buying process


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.
Buying a home

 

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.

 

The home buying process - 14 Steps to buying a home

 The home buying process –
Step 1: Choose a lender and get preapproved

The Home Buying Process –
Step 2 – Choose a Real Estate Agent


The home buying process –
Step 3 ~ Select properties

The home buying process -
S
tep 4 – View properties 

 The home buying process -
Step 5 – Write an offer to purchase


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Christine McDaniel, SFR ePro Realtor®
RedKey Realty Leaders
Cell: 219-730-3502
christinemcdaniel@yahoo.com
www.christinemcdaniel.com

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Northwest Indiana real estate including the counties of Lake, Porter, Jasper and Newton.The Key to all your real estate needs whether buying or selling in Crown Point, Chesterton, DeMotte, Hebron, St. John, Valparaiso or any other city or town in Northwest Indiana.  Let me be your Key to a smooth transaction.

 

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Rainmaker
668,532
Sharon & Bruce Walter
Keller Williams Realty Lafayette, IN - Lafayette, IN
West Lafayette homes for sale
Great information, Christine! In many cases the purchase price is a cakewalk compared to the negotiations concerning the inspection process. It is important to prepare our clients for what lies ahead as the offer being accepted by the seller is just the first step!
Mar 24, 2013 03:16 PM #1
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Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

What a great series of posts. You are right. People do believe that it's all about price, and there are so many other terms involved.

Mar 25, 2013 07:02 AM #2
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good information for home buyers and home sellers.  All need to be prepared for the points of negotiations.

Mar 25, 2013 07:34 AM #3
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Rainmaker
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Christine McDaniel

Broker Associate
I'm always happy to help answer real estate questions!
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