Real Estate Negotiation Points to Ponder…
Everybody, including realtors, focus on the purchase price and of course that is the starting point when it comes to negotiating your home purchase. However, there 50+ other items that you will need to be aware of when it comes to your negotiations. These apply for both Sellers & Buyers.
- When will escrow close?
- Who will be the escrow/title company?
- How much of an initial deposit (earnest money) is needed?
- Should there be an increased deposit required?
- What type of loan is it? (Fha, VA, Conventional etc.)
- What is the interest rate and why is that important?
- Is there Seller financing available?
- Who’s going to occupy the property? Buyer or Tenant or SIP?
- Is there a Seller credit available and for what?
10.Is this an all-cash offer? What about Proof of funds?
11. Will there be an appraisal? How long is the contingency?
12. What inspections are being done and by whom and who pays for them?
13. Is there HOA? What about CC&R’s?
14. When do you receive Seller Transfer disclosures?
15. Are there any leased Items on the property? (Solar, Security etc.)
16. Does the Seller need time to move out? For how long and what price?
17. When does the buyers take possession of property?
18. What items are included in the sale, and which are not?
19. What reports are being provided and who pays for them?
20. Who pays city and county transfer tax fees?
21. Who pays escrow fees?
22. Who pays title insurance?
23. Are there any other private transfer fees?
24. If there is a Homeowner association, (HOA) who pays for the document transfer fees?
25. Who pays for the Home Warranty if there is even one in place?
26. How much time can you take for inspections? Which inspections should you consider and who pays?
These are just some of the other items that can and should be negotiated. Make sure you ask your realtor about these and other items.
John Ecklein, Realty ONE Group/Complete
Over 21 years of helping buyers, sellers and investors – There’s no substitute for experience!