The offer from the buyer on purchasing a house will be dependent on the completion of a successful home inspection process. Generally, buyers have the right to walk away from the deal if any undisclosed issues with the house are revealed during the inspection process. Thus, when the moment finally arrives to make a drastic decision regarding the issues, the buyer enters into a negotiation mode with the seller.
When the buyer negotiates with the seller, it’s usually to determine who will be bearing the costs of the repairs (related to the problems uncovered within the house). Hence, during any negotiation process, there are essential tactics that buyers should follow, which we’re going to discuss in this comprehensive guide.
Buyer Tips For Negotiating With The Seller
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Always Learn The Current State Of The Housing Market
According to a reliable service provider for home maintenance inspections in Rock Springs, as a buyer, you need to know whether you’re in a seller’s market or a buyer’s market. A seller’s market means that there are more buyers than sellers. As a result, demand for homes will be higher than the supply of houses, leading to the sellers having an upper hand in negotiation over the buyers.
Alternatively, a buyer’s market means that there are more sellers than buyers. Hence, the demand for homes will be lower than the supply of houses, leading to the buyer having an upper hand in negotiation over the sellers.
So, if you’re in a seller’s market, that means the seller will not be worrisome if you as a buyer walks away from the deal. Furthermore, if the house has already received multiple offers beforehand, then you’ll not be able to make many demands because the seller might not care even if the deal fails.
However, it’s suggested that you should always remind the seller regarding any issue that might be bothering you. At the very least, the seller might end up covering some amount of the repair costs. Otherwise, the seller has to go through another round of inspections & negotiations with a different buyer.
Lastly, if a house is really difficult to sell, then you as a buyer will surely have more leverage over the seller.
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Always Ask For Discounts Over Repairs
While you might believe that it’s much more convenient to ask the seller to make the necessary repairs, the truth is far from it. When you ask the seller to do the repairs, you’ll lose the power of decision-making. As a result, the seller will use his or her decided contractor to complete the repairing job.
Since you’ll be moving into the house, you have to live with the repairs. Thus, it’s crucial that the repairs are done properly and the only way to perform the same is to make the repairs all by yourself. So, it’s better to opt for a discount on the asking price of the house that’s equal to the repairing cost. Moreover, it’s always ideal for a seller to provide a discount because the deal will be completed without delay and there will be no time-consuming repairs to worry about. It’s a win-win situation for both parties.
- Always Be Reasonable
As a buyer, you shouldn’t get too much nit-picky with small issues uncovered via the home inspection process. This is because it’s unrealistic to think that a home should have zero issues. Unless the home inspection process discovers something substantial, it’s not wise to negotiate deeply with the seller.
In case you uncover a substantial issue, then you need to address the same with the seller before the contract is created. Once the contract is drafted, you’ll have no right to complain.
For more suggestions, contact our specialists right away.
