As a Buyer, What Can I Negotiate During a Home Sale?

Estimated reading time: 4 minutes

Negotiations are an opportunity to haggle for things that are important to you. It’s not necessarily about being the most stubborn or toughest in the room. With help from your Real Estate Agent, you can create a prepared and professional strategy that can get you to the closing table with terms that work for you.

What are 6 Common Things to Negotiate for During a Home Sale?

The more information you have ahead of time, the more levelheaded you can be about the deal. If the seller is receiving other offers, experts recommend focusing on your top priorities during negotiations. However, if you know the seller hasn’t had a showing in six months, you may have the power to ask for more.

1. Home Repairs

A home inspection can help both you and the seller uncover things that potentially need to be fixed around the property. Not only will it reveal anything structural or safety related, but you can also use the inspection as a potential bargaining chip in your negotiations.

If the inspection reveals any issues, you can ask the sellers to make repairs as a condition of the sale. However, it’s not guaranteed that the seller will be willing to take on all repairs.

2. The Home Warranty

A home warranty covers repairs and replacements of home systems or appliances from typical wear and tear. While the exact services covered depend on the contract and company, plans may include appliances or systems, such as HVAC or plumbing.

When the seller pays for the warranty, it can be a win-win for both parties. The seller will receive warranty coverage while the home is listed for sale, protecting their appliances and systems and reducing their liability for repairs. This also reduces the amount of costs you’ll have to pay at closing as the buyer.

3. Things That Come with the House

In general, any object that’s permanently fixed to the house is yours to keep when you purchase the home. This may include built-in bookshelves, ceiling fans, and window treatments. Other things, such as appliances, special lighting fixtures, and outdoor furniture, may be up for negotiation.

When in doubt, ask the sellers if they’re willing to leave anything behind within the home.

4. Closing Costs

Your down payment is not the only cost you’ll have to budget for before you get your keys. Closing costs are fees that are paid at closing and typically cost between 2-7% of the home’s purchase price. They may include an application fee, closing fee, escrow deposit, and an origination fee.

Finding the necessary funds can be a major stress for buyers, especially first-timers. By negotiating for the seller to split costs with seller concessions, it can reduce the amount of cash needed to close the transaction. As a buyer, you’ll be less stressed about the cash needed and the seller will increase the likelihood that the transaction will close.

Before negotiation a seller concession, buyers should understand the rules that limit how much a seller can contribute. The allowed amount depends on the type of mortgage and, in some cases, the size of the buyer’s down payment. Be sure to consult with both your Licensed Loan Originator and your Real Estate Agent to decide if seller concessions are best for you.

5. Your Closing Date

In most cases, both you and the seller are dealing with high stress and emotions. If you know the home seller’s schedule isn’t as flexible as yours, taking their lead on when to schedule closing, you may ease some of their anxiety and make your offer more appealing. On top of selling their home to you, the seller may also be juggling the purchase of their next property.

6. The Home’s Sale Price

In a survey from LendingTree in late 2023, 63% of homebuyers successfully negotiated a home’s price. Many home sellers are willing to work with offers that are below their full asking price. However, it requires delicate negotiations. The home’s inspection can be a valuable negotiation tool, but it isn’t the only thing you can lean on.

In addition to the local market knowledge your Real Estate Agent will bring, they will inform you on additional steps you can take to make your offer more appealing.

Sellers are more likely to accept an offer if they feel confident that a buyer can secure financing. Make your offer stand out with a pre-approval from Homestead Funding!