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Buying a home is a significant investment, and you should do your due diligence before placing an offer. While you must make a competitive proposal when buying a house, there are several negotiating tactics you can use to lower the total expenses for the home sale. The below tips will help you save money on the home of your dreams.

How to Handle Home Sale Negotiations

1. Research Realistic Offers

While you want to save money when you buy a house, you can’t lowball the seller, or they will reject your bid immediately. Work with a real estate agent to research the property. Comparing prices to other homes in the area, seeing how long the property has been on the market, and evaluating other factors will help you determine an appropriate opening offer. You should also ask the selling agent if there are any other offers on the home, in case you must bid higher.

2. Have the Seller Cover Closing

home saleRather than negotiating directly on the price, consider asking the seller to cover your portion of the closing costs. Normally both the buyer and seller pay these fees, and your share could cost several thousand dollars. This is often easier to negotiate than the home’s price and will help you save money.

3. Use the Home Inspection

The home inspection is critical after a buyer accepts your initial offer. However, the offer should include contingencies that allow you to change it depending on the findings of the home inspection. You could use these to ask the homeowner to make necessary repairs, or request that they provide financial compensation for future repairs you must make. Don’t be afraid to walk away if a seller won’t budge on significant home inspection concerns, such as a failing foundation or a faulty HVAC system.

 

If you need help negotiating a home sale, contact Christine Williams Realtor®-Coldwell Banker Gundaker. Helping families in the O’Fallon, MO, area find new homes for over 20 years, this real estate agent is with you every step of the way, from fine-tuning your wish list to signing the final paperwork. To learn more about her services and listings, visit her online. Call (314) 882-7050 to schedule an appointment.

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