Consider the following situation. You’ve found a great house and you’ve made an offer on it. The seller has accepted the offer, so you’ve moved forward with the inspection – but unfortunately, there is a list of items that will need to be addressed.
While some of these items you may be able to live with, there are a few others – particularly those that pertain to major systems like the HVAC – that would require a great deal of money out-of-pocket to address.
If you’ve already fallen in love with the house, yet you just simply can’t justify spending thousands of additional dollars to fix items that you feel are the seller’s responsibility, how do you best go about negotiating with the seller so that the deal goes through, but without you having to fork over more cash?
In this case – and especially if the property is a good fit for you – it is important to not get too hung up on the small things, but to focus instead on the larger issues at hand. Here, the contract could be amended, stating that the seller will have the stated items repaired and / or replaced prior to closing.
Another key negotiating technique is, rather than asking the seller to actually make the repairs, you could instead opt to take care of what needs to be done, and have the seller provide you with a credit at closing. In this case, you and the seller could agree to a certain dollar amount that will then be credited back to you at the closing table. Alternatively, the seller could just simply reduce the selling price of the home.
If the seller continues to hold strong, though, then there is another possibility. Buyers’ offers are typically contingent upon the completion of the inspection. And, if there are issues that come up during the inspection that were not previously disclosed by the seller, then you may have to consider walking away from the deal altogether.
In any case, these types of negotiations are oftentimes best handled through your real estate agent. When working with a real estate professional, all of your negotiations are handled via the proper format, which includes getting the back-and-forth between you and the seller in writing so that everyone involved in the transaction is on the same page.
If you’re considering the purchase of a home in Bakersfield or the surrounding area, give us a call. We can provide you with all of the information that you need for finding the home of your dreams, as well as getting you through the negotiation process to make your new home a reality.