Real Estate Experts Reveal 8 Money-Saving Negotiation Tactics Homebuyers Overlook
Too many homebuyers fixate on negotiating price and end up leaving far more money on the table.
As you start making offers, think beyond price and focus on negotiating these pieces of the puzzle.
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1. Ask for a Seller Credit
The greatest constraint for most buyers is the cash they have available to spend for the down payment and closing costs.
So? Ask the seller to cover your closing costs, rather than asking for a lower price.
“A $5,000 to $10,000 credit is more impactful than a lower sale price, which might only reduce your monthly payments a few dollars,” explained real estate broker Erik Leland with Realty First. “It also helps move sellers who are anchored to a specific price: you still check that box for them.”
2. Use Seller Concessions for a Rate Buydown
All that extra help with closing costs can help you afford to buy down your mortgage rate.
That could mean buying it down for the entire term of the loan. Or if you need the most help just getting in the door for the first two years, Realtor Dell Jeanty of Dell Residential recommended a 2-1 buydown, which lowers the interest rate by 2 percentage points in the first year and 1 in the second.
“For example, it could lower the interest rate from 6% to 4% in the first year and 5% in the second year. In the third year, it goes back to the original 6% rate,” Jeanty said.
3. Treat the Inspection as a Second Negotiating Round
Buyers can renegotiate either the price or the seller to cover the cost of repairs if the home inspection turns up problems. Make sure you use discretion, however.
“Too many buyers ask the seller to fix every tiny item on the inspection,” Leland said. “That kills any goodwill and makes it more likely for the seller to refuse all repairs. Instead, focus on two or three larger items from the inspection report and negotiate for those.”
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4. Offer Flexibility for the Seller’s Timeline
Some sellers care more about their own flexibility needs than the purchase price or concessions. For example, they may not have found a new home for themselves yet, or perhaps they have and they need to sell immediately.
“I had a client recently offer a flexible closing date instead of a lower price. I later learned the seller accepted our offer over a considerably higher one because of it,” Leland said.
5. Learn the Seller’s Motivation
Is the seller just testing the housing market? Or do they need to close immediately to move to another state for a new job, or are they behind on mortgage payments, or getting a divorce, or something else entirely?
Broker Jeff Lichtenstein of Echo Fine Properties recommended having your agent ask open-ended questions to learn as much as possible about why the seller is moving.
“If they just lost their job or got transferred or bought a new house themselves for example, you can offer speed in exchange for a lower price or concessions,” Lichtenstein said.
6. Don’t Waive Contingencies Blindly
Too many buyers get desperate and offer to waive contingencies. But you need to know the condition of the property before buying, and most likely need financing to move forward.
“In competitive environments, I’ve seen buyers waive inspections only to pay thousands in roof, mechanical or structural repairs after the closing,” said attorney Seann Malloy of Malloy Law.
7. Get Pre-Underwritten To Strengthen Your Offer
Most buyers get a standard loan preapproval letter from a lender, but it doesn’t actually mean much. Leland recommended going through the full underwriting process before making offers.
“When I submit an offer for a pre-underwritten buyer, the listing agent understands that we can close quickly and with near certainty. That gives us more leverage like a cash offer, especially when there are multiple offers,” Leland said.
8. Consider What Else You Could Ask For
Sometimes sellers stay firm on price, but they’d consider negotiating other items. Real estate agent Cindy Gokay urged buyers to get creative.
“Buyers should explore negotiating for furniture, appliances, lawn or pool equipment, tools, warranties, tax abatements, HOA or common charge credit, upgrade allowances or anything else relevant to that property,” Gokay said.
As you talk through your negotiating strategy with your Realtor, look for clues to the seller’s desperation as well. Longer days-on-market or previous contracts that have fallen through offer insights into just how far you can push the seller.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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