|Buyer contingencies are back in play and here are some you need to try
It was less than a year ago when home buyers were sweating the details of their offer.
Now that buyers have more bargaining power, consider asking the seller to make a few concessions for you. You may be surprised what sellers are willing to do to make the sale go forward.
Work with your real estate agent. They’ll provide guidance based on their pulse of the current market, so you don’t end up lowballing the seller. Here are some negotiations they may suggest:
Asking the seller to lower the asking price can be a smart buyer’s move. With the help of your real estate agent, along with some local market research, you can come up with a solid offer.
Home sale contingency
No one likes the idea of paying two mortgages. A home sale contingency releases you from the purchase if your house doesn’t sell within a certain timeframe.
Closing cost assistance
Getting the buyer to agree to cover some of the costs frees up cash for you, which you’ll use for your down payment, moving costs and more.
Home repair contingency
If professional home inspection reveals any needed fixes and updates, ask the seller to cover the costs as a condition for moving forward with the sale. Better yet, see if they’ll work with your choice of contractor.
Furniture and equipment
It doesn’t hurt to negotiate for furnishings or home equipment to stay with the house. If you saw a great patio set, landscaping equipment or a unique piece of furniture during the showing, ask if it can come with the purchase. If the seller was planning to downsize, they’ll be glad to avoid the hassle.