Tips For Negotiating Your Home Purchase

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How to Buy Your Home in Tenneseee For the Best Price

The right home has been found and your about to let your Nashville Agent know that you want to place an offer but your unsure of where to start.

When writing an offer for a home, it is standard in most markets to make an offer lower than the listed price of the home. This is not offensive to the seller---after all, the seller is not obligated to accept your offer. Also, always be sure that your offer is written, contingent upon satisfactory lender approval of a suitable mortgage, and that there is a date certain by which time the sale must be consummated or your obligation will end to the seller of the home.

Ask your Agent to help you determine a fair price by looking at comps or comparables in the area to determine a reasonable price range for that house.  Once you determine your starting off your agent will present the offer to the seller who will accept, counter or reject the offer.  Do not panic if your offer isn't immediately accepted negotiations can sometimes be a lenghy process, keep in mind there is a person on the other side who is also wanting to sell their home for the most possible. 
 
The more you ask for in your agreement can make it harder to reach a settlement but here are a few things to discuss with your agent when writing a sales offer.
 
  • Closing Costs - Will you split the cost or ask the seller to pay for these?
  • Title Insurance - In many cases today the seller will pay for this to show they are giving you a house free and clear of any liens.
  • Repairs - determine if there are any repairs you feel would need to be made to make the home satisfactory for you. Ask for these to be repaired or if you are handy ask to knock it off the price.
  • Closing Date - Do you need to move in on a certain date or do they need out.  This can be a leverage tool for getting a better price. 
  • Home Warranty - Many home buyers prefer for the seller to pay for a home warranty which would cover common problems that may come up after purchase. 

These are just a few things to get you started be sure to ask your agent for other things that you might want to consider using or asking for in your contract to help you get the best price and to save you money.

After the offer has been accepted you should have the right to inspect the home for any unknown issues, unless otherwise stated in your contract. Read here to learn about the home inspection process and how to find the best home inspector to work with.