When working with clients, negotiations is critical in getting them the best possible deal in their real estate transaction. However, many people forget what can be negotiated in a real estate contract.
It is important to know what can be negotiated when you are sitting at the table with your trusted realtor.
Here are the five primary negotiations points that you need to consider in a real estate contract.
Price is always a given and many people are solely fixated on this point which shouldn’t be in the case. There are many other points to consider when negotiating.
Buyers don’t want to overpay or price themselves out of a resale in the future, while sellers want to make sure the deal makes sense for their financial plan.
2. Terms and Contingencies
You can negotiate the terms and contingencies of your real estate contract. This means you can add clauses and conditions to the contract such as home inspection and financing.
3. Closing Date
The closing date is a huge negotiation as this can be a factor if you get the home or not. If your closing date coincide with the sellers, you have a better chance in securing the property.
4. Inclusions and Exclusions
In most cases, appliances are included in the purchase price; however, it isn’t always included. Other items such as curtains, blinds and shelves may not be included as well. Therefore, it is important to discuss this while negotiating as it is overlooked.
The trusty deposit that many people wonder if it is necessary in a real estate contract. Even though it isn’t mandatory to have a deposit in a real estate contract. However, we do recommend to put down a 5% deposit to show good faith in the negotiations.
There you have it! The top five primary points to keep in mind while you are negotiating for your first or next real estate property.
If you have any questions regarding the negotiation process please feel free to give me a call and we can discuss it further. Don’t forget to like, share and comment below.