It is no surprise that the South Florida real estate market these days is one that is truly competitive. Inventory levels are at extreme lows and home prices continue to rise. For many buyers it can feel like there are not a whole lot of options out there. When the day comes that your luck has changed and you locate a home to put an offer on, one of three things will happen. Your offer will either be accepted, rejected or countered.
If your offer is accepted then you are very lucky. However, if it is not accepted and you have the chance to negotiate, then you may have more options than you realize. Here is a list of things that you can negotiate into your deal as you move forward.
- Price – This is the most obvious being how much more you are willing to pay for the home
- Closing date – Can you select at a date that is more fitting to the seller given their timing?
- Closing location – Could there be location to meet for the closing that would be more convenient for the seller?
- Contingencies – Are there things that you would be willing to negotiate that the deal may be contingent upon? Home inspection or sale of your current home are both items that could be considered.
- Closing costs – Would the seller consider paying some of these for you?
- Home Warranty – Is there a warranty on the home if it is new construction? Or is there one for at least all of the major appliances? Would the seller transfer this or could they potentially include one for you?
- Repairs – Is there work that needs to be done in the home? When negotiating you could ask if the sellers would consider addressing some of these items for you.
- Credits – When you negotiate through the deal and if there are items that need to be fixed, maybe the seller will credit you towards them if they are not willing to fix them before closing. Maybe a roof needs repair or there is an electrical issue that needs to be resolved.
- Possession Date – Timing is another factor that can be negotiated. Maybe the sellers need more time before they move or maybe as a buyer you need to get in earlier. This can all be negotiated as part of the terms of the deal you assemble.
- Items left in the property – As you navigate your deal you could consider asking for certain things to be left in the home. Maybe it is furniture, artwork or the like. These all can be negotiated as well.
At the end of the day no two transactions are alike. The most important thing is after all of the negotiating that each party will walk away feeling like they got what they wanted.