Calling All Hagglers: 7 Things a Savvy Buyer Should Always Hammer Out With a Seller

Are you considering purchasing a home but are unsure of what you should ask for when it comes time to negotiate the purchase price? A helpful hint is as follows: There is no downside to going after what it is that you want.

Bruce Ailion, an attorney and real estate agent with Re/Max in Atlanta, says that “everything is negotiable,” and he’s not kidding. “Simple things like new paint, new flooring, a new roof, new appliances, and even closing costs are up for negotiation,” the agent told me. It has even happened that sellers have paid off the buyers’ debts in order for them to qualify. No limit.”

Having said that, it is highly unlikely that a buyer will agree to pay off your debt in a market like the current one for real estate.

Keeping this in mind, you should determine what kind of market you are shopping in so that you can determine the amount of negotiating power you have. Regardless of the current climate in the housing market, there are a few things that should always be at the top of a savvy buyer’s wish list.

1. Anything located either inside or outside the house

During the process of negotiation, you can at any time bring up items that are not included in the sale of the home according to the listing. This can be anything from furniture to outdoor plants, lighting fixtures, individualized accessories such as curtains or blinds, and tools for maintaining the yard for a buyer. You need only include a request for these things in your offer.

There is no guarantee that the seller will agree, but there is no downside to making the request.

“We have had customers negotiate for furnishings, a piano, theatre systems, playgrounds, and boats,” says Ailion. “We have also had people negotiate for playgrounds and playground equipment.”

2. It is time to finish up.

In most cases, sellers would rather accept an offer that includes a rapid closure because this gives the impression that the transaction would go through without any problems.

However, depending on the seller’s requirements, the closing time range may also be open to negotiation. Keep in mind that the most common reason for a delay in closing is waiting for approval on financing through a mortgage broker. This is usually the factor that causes the most delay.

As a consequence of this, many sellers like cash offers because they typically result in a quicker transaction. If, on the other hand, you don’t have the cash on hand and you want to be sure that you have a quicker closing, you should get pre-approved for a mortgage before you start looking for a home to buy.

3. Occupancy

A Post Close Occupancy Agreement specifies how long a seller is allowed to stay in the home after the closing. These agreements are frequently modified if a buyer believes that the seller is asking for an excessive amount of time after the closure has taken place. (A period of around one month is generally believed to be standard; therefore, you should negotiate any longer than that.)

On the other hand, this is one area in which a buyer can find themselves in a position of strength in a competitive market. You have a better chance of closing the transaction than another buyer who is looking for a property right away if you are willing to be flexible and allow the seller more time to move.

A client of mine was selling their apartment, but the new one wasn’t going to be ready in time, says Nicole Beauchamp, a global real estate adviser and associate broker with Engels & Volkers. “I had a client who was selling their apartment,” she says. “And they were willing to lower the price for someone who could be very flexible on the closing date and postclosing occupancy,” the agent continued.

If you sign into such an agreement, you also have the option of negotiating for the sellers to pay you a nightly charge in exchange for extending their tenancy in the property.

4. Unanticipated Events

In a purchase agreement, a contingency clause is a provision that outlines a condition or action that must be satisfied before the contract can be considered to be legally binding. In most cases, provisions like a house inspection and appraisal are included in the deal. Although you might believe that these fundamentals are set in stone for any real estate transaction, they are still open to negotiation. In fact, some purchasers choose to forego the inspections in an effort to speed up the closing process.

Jason Gelios, a real estate agent with Community Choice Realty in Southeast Michigan, says that during the recent “hyperactive seller’s market,” sellers had the power to negotiate certain contingencies out of a homebuyer’s offer. “Sellers had the power to negotiate certain contingencies out of a homebuyer’s offer.” In an effort to increase their chances of purchasing the property, prospective buyers are skipping house inspections and even appraisals.

However, skipping inspections is fraught with a significant amount of danger.

According to Catherine Stern, a real estate agent with Red Oak Realty in Berkeley, California, “From my experience, it is really vital to undertake inspections and for sellers to disclose everything they know,” says Catherine Stern. Catherine Stern works in the real estate industry.

Although it is technically possible to negotiate away these stipulations, you should exercise extreme caution before doing so. Inspections and appraisals are a sort of protection that can help you avoid making a purchase that turns out to be a bad investment.

5. Warranty for the home

This is something that a buyer might require a seller to cover, at the very least for the first year after the purchase. A house warranty is an agreement that is not required to be purchased from a home warranty business and provides coverage for the cost of repairing or replacing home appliances.

Gelios believes that a house warranty is probably one of the most negotiated topics that he sees between a homebuyer and a property seller. “Home warranties can provide buyers with the piece of mind that comes with knowing that their appliances are covered in the event of a breakdown. This results in a savings of at least $500 in most cases.”

6. The safety apparatus

If the property you wish to buy has an antiquated security system, you may want to negotiate with the seller to have it removed before the sale, or in certain situations, replaced. An outdated system could be a liability and be very expensive to either update or fix. It is even possible that it will disrupt the electrical panel in a house.

According to Marissa Verson Harrison, a real estate agent at Red Oak Realty in Oakland, California, modern systems include cameras, wires, and sensors. Harrison works in the real estate industry. “As a gesture of good faith, some vendors will leave these cameras behind, but if they don’t, we’ll have to negotiate their inclusion as part of the sale.”

7. A thorough cleaning

A contract should always include a provision requiring the sellers to provide a comprehensive cleaning of the property once they have moved out. You shouldn’t expect it to materialize out of thin air if you don’t make an effort to negotiate for it first.

“Deep cleaning is a much more intense procedure because they know the home is going to a new family—it is someone’s new beginning,” says Harrison. The reason for this is because they know the home is going to be someone’s new beginning.” “It’s essential because a house could be unoccupied yet filthy even if it were cleaned. Therefore, include it in the talks is not only useful, but it is also cost-effective and does not cause any problem.