Buying a Starter Home

Negotiating The Purchase Of A Home? Negotiating Strategies To Consider

1 September 2018

Capucine Leroux

After weeks of looking and numerous disappointments, you have finally found a home that both you and your spouse or partner love. Now comes the hard part - crafting a good purchase offer and then negotiating with the sellers to get them to accept it, instead of an offer from a competing buyer.

In a hotly contested real estate market, like the current one, offering a good price may not be enough to get you to the closing table. So it makes sense for buyers to negotiate other terms that can help set your offer apart and make it more attractive to the seller. If you ready to write a purchase offer or will be doing so in the next few months, these suggestions can help you increase your negotiating power. 

Can you close faster than your competition? 

If competing buyers are offering the standard closing time frame of 30 to 60 days, you may be able to give your offer some added attraction power by offering to close even faster. This type of added benefit can be particularly interesting to sellers who are very motivated to sell. Before putting a short closing time in the offer, however, it is important to check with your title company, loan officer, and home inspector, to make sure a faster closing is realistic in your situation. 

Are you willing to let the sellers keep possession after closing? 

Another negotiating point that can be very attractive to a seller is allowing them to retain possession of the home for a certain period of time after the closing. Sellers whose homes sell very quickly or those who have not yet closed on their next home may be very appreciative of the opportunity to remain in their home for a month or two after the closing. Many may even be willing to pay a fair rental price to you for doing so. 

Are you willing to take the home as-is? 

If your feel the home is in relatively good condition, making an as-is offer can be a great way to get the sellers attention. Doing this will simplify the process for both seller and buyer and eliminate any haggling over small inspection issues. 

Your realtor is your best negotiating tool and buyers can feel good about taking their advice when crafting a great purchase offer. Take time to discuss your situation and concerns with your agent throughout the home buying process for the best possible experience. 

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