The home buying process comprises a series of negotiations between the buyers and sellers. You may think of price being the main aspect of these negotiations but there is a lot more to it. Being mindful of the major aspects that make up the negotiation process can help you proceed toward closing the sale. Here are some things for you to consider when negotiating with the seller as you look for your new home.
Listing price
There is no denying that the listing price is the most well-known aspect of the house buying process. While buyers are vying for a listing price that fits their budget, sellers typically try to maximize their profits by setting the listing price as high as they reasonably can. Buyers are able to distribute the selling price over the length of their mortgage, which can ease their overall financial burden.
Contingencies
It is commonly believed that buyers who keep the number of contingencies to a minimum have a greater chance of closing the deal. Both, the buyer and seller need to mutually agree to any contingencies included in the contract. The contract can be dissolved if either party is found in breach of the terms agreed earlier. As a buyer, you may choose to waive certain contingencies for benefits like a lower purchase price.
Closing timeline
Buyers and sellers usually agree to closing the deal within two to three months. Buyers may risk running over the closing schedule if they choose to include a lot of contingencies that can take unusually longer to fulfill. If there are other deadlines to consider like the start date for a new job, you may need to be even more careful with regard to closing the deal within the stipulated timeframe.
Remember that the listing price is not the only consideration when you look for a house, so be sure to consider all of these factors when you go house hunting. You can get in touch with me for any assistance or advice about buying or selling a home in Greater Boston. Feel free to call me or send me an email or get in touch on Facebook.
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