While much of the purchase agreement is standard, there are a few areas that we can negotiate:
The Price
What you offer on a property depends on a number of factors including its condition, length of time on the market, buyer activity, and the urgency of the seller. While some buyers want to make a low offer just to see if the seller accepts, this often isn't a smart
choice, because the seller may be insulted and decide not to negotiate at all.
The Closing Date
The seller may be more apt to choose your offer over others based on this date. This date is also driven by how quickly you can obtain financing.
Additional Property, Repairs and Warranties
Often, the seller plans on leaving major appliances in the home; however, which items stay or go is often a matter of negotiation. We also often ask for a one year home warranty as well.
Earnest Money
This is your "skin in the game". The "standard" is 1% of purchase price, however it is not a rule. You can increase this deposit towards your purchase to show how invested you are in making sure the transaction gets to closing. This money is refundable if you use a contingency to end the contract. The seller keeps this money if you choose to walk away for a change of mind.
Contingencies
Inspection, Appraisal, Financing, Title, Neighborhood Review, etc… there are several contingencies we can add to give you "outs". The more contingencies, obviously the less attractive to a seller. I always recommend you add an inspection contingency to your offer, even for new construction.
