In part one of this two-part blog series, we went over some basic concepts for negotiating during a home sale process. This is a process between buyers and sellers where all the final details of a sale are discussed and finalized, and it's highly common as you're searching for a home -- so it pays to be aware of what's normal and acceptable during the negotiation process (and what's not)
At Daybreak Living, we're happy to not only offer a wide range of new homes for sale, but also to provide our clients with expertise on various parts of their homebuying process, including potential negotiations. Today's part two of our series will go over a few additional negotiation tactics and concepts to be aware of.
Reducing Contingencies
When we talk about contingencies in a home purchase agreement, we're referring to clauses that outline what happens if you can or can't obtain specific requirements for your home purchase. For example, if the sale of your current house hasn't gone through by closing day, one contingency might be where you'll need to rent it out instead of moving in.
However, some buyers are able to remove most contingencies from their agreements -- and this is a great way to reduce risk on the home seller's side, too. While some contingencies are very important and shouldn't be sacrificed, there may be others you can let go of to engender some goodwill.
Ask for Fewer Concessions
On the flip side of the above coin is concessions you'll be asking for from the seller, which can include things like appliances, window coverings, lamps and even free upgrades. At Daybreak Living, we've seen many concessions come through our process to make buyers feel better about their purchase -- sometimes this is a brand new oven or refrigerator that the sellers are happy to leave behind for the next family.
Asking for fewer concessions may paint you in a more favorable light; while it's not always possible, you'll certainly be more likely to get what you want if the seller sees that your offer is serious.
Know When to Walk Away
Finally, it's vital to remember that not every home negotiation process will end in a sale. Sometimes the two parties just can't come to an agreement in a timely manner, or they're playing games with each other when they should be focused on closing the deal.
If you find yourself in this position, don't fret -- simply let your agent know if you want to continue looking at homes, or move on to another one. It's important that buyers are able to walk away from a transaction if they can't make it work with the home seller, or vice versa.
For more on how to navigate the home negotiation process, or to learn about any of our homes for sale or other services, speak to the staff at Daybreak Living today.
Utah Dave - Daybreak Neighboorhood Expert and Local Resident