The FOCUS on NoVA Real Estate Team gives you tips on where you have negotiation power in a contract so your offer stands out above the rest.

On the buyers side, you found the home that is your dream home and you are writing your offer but there’s more to negotiation than just the sales price, though that is a big one.

You have the option to negotiate when it comes to the different contingencies in a contract, such as home inspection, appraisal and financing.

[Contingencies in a real estate transaction, and how to use them]

When it comes to the home inspection buyers have a couple of options. Most buyers ask for a home inspection with negotiation, allowing for buyers to have a home inspector come in and go through the home, write up a report on any issues and then negotiate again with the seller to have items fixed. Buyers can also do a home inspection to void only where an inspection is done for informational purposes only and that a buyer is not going to ask the seller to fix anything. This does leave the buyer the option to get out of the contract if there are major issues with the home. Buyers can also completely waive a home inspection, basically purchasing the home as-is.

Another negotiation area is appraisal and financing. A buyer has the option to waive the appraisal and financing contingencies but you do need to speak with your lender to make sure they’re going to allow for an appraisal to be waived. Also be aware what that means. If you have waived the appraisal contingency and the appraisal comes in low, then the buyer is on the line for paying that difference. This is a conversation you want to have with your Realtor and lender as you are making the offer.

Another negotiation area a buyer has is the settlement timeframe. Do you want to do a quick close or do you want to do a longer closed? Maybe the seller needs to find a new home. Are you going to allow for them to rent back the home?

Lastly, and obviously, there is the negotiation on the sales price. You can go in high, you can go in low or you can go in at asking price. Keep in mind that when it comes to the sales price buyers do have the option to ask for seller assistance. This is when a buyer asks for a certain percentage or a flat amount back for closing costs.

It’s not always about sales price that’s going to make the best offer so make sure you speak with your Realtor and be really educated on what you’re comfortable doing and what your options are to make sure that you put forth the best offer possible on your dream home.

If you have any questions about Northern Virginia real estate, reach out as we are happy to help.