Congratulations on finding your perfect home in Franklin! You may be all ready to grab the keys and start decorating the place as your own, but first you need to sign the contract. If you’re hesitant to know how to negotiate, here’s a few tips:
Does the seller want to be out of the house ASAP? Are there multiple offers? These questions, among others, are a game changer on how to structure your offer. The more you know about the seller(s) the more you’re able to make your offer more appealing to them.
Almost always, there’s room to work on the listing price of the property. Make sure your realtor knows the appraised value of the home or works off of other comps in the neighborhood. Additionally, talk about who’s paying for the inspection, who’s willing to pay for anything that needs fixing (if necessary), and who’s covering closing costs. These are all prices worth discussing with the seller.
When most people think of negotiating, they only think about a dollar figure. However, there are many other ways to settle an offer. Talk with your realtor about the closing date or furniture you would want to keep from the seller (if any). Ask if you can submit a letter with your offer about why this particular home would be perfect for your family. These negotiation tactics are just as fruitful as discussing price, so make sure to add some of these to your home buying process.
Set Your Own Limits
It’s best to set some limits on how far you’re willing to bend before negotiations take place. If the seller can’t come down far enough on the list price to accommodate your budget, it’s okay to walk away. Be upfront with your realtor with your expectations and where you and your family draw the line. Keep in mind that if an offer falls through, that wasn’t the home for you and your dream home is still out there waiting for you.
Home buying in Tennessee doesn’t have to be stressful if you use these negotiating tips. If you’re interested in chatting more, please don’t hesitate in giving me a call. Happy home buying!