We can help you purchase your dream home, and save you money along the way.
Every buyer needs a tough negotiator.
My buyers save an average of $5,000 at closing. I guarantee my results. If I'm not able to get the seller give you a credit of at least $4,000 for closing costs, lender fees or repair items, then I will personallywrite you a rebate check for 1% of the final purchase price of your new home. (On a $500,000 purchase your check would be $5,000.) Yes, I'm that good at negotiating and I'm ready to work on your behalf. Feel free to call or email me anytime. I'm happy to answer any questions you may have about the home buying process.
There are two main places during the home buying process when a buyer is able to negotiate the terms of the purchase: 1) The initial purchase agreement, and 2) after the appraisal and all the inspections have been completed.
Initial Purchase Agreement: You need a Realtor that understands the nuances of how to negotiate your initial purchase price. If the property has been sitting on the market for a while, this allows you to be aggressive in your approach. However, if you're interested in a particularly desirable property that just came on the market, that's when a more skilled and experienced negotiator becomes essential in helping you buy your dream home at a reasonable price.
Second round of negotiations: A buyer has the opportunity to renegotiate the terms of the purchase after the inspections have been completed. It’s common to include a contingency period for inspections as part of the initial purchase agreement. The standard California Association of Realtors (CAR) purchase agreement defaults to 17 days. However, it can be shorter or longer (or even 0 days) depending on what is originally agreed upon. Most homes (even new construction) will have something wrong with them. (A leaky faucet, rusted pipe, faulty outlet.) It takes a tough negotiator to leverage this information to your advantage. A good negotiator will be able to renegotiate the terms of the original purchase agreement to now get the seller to credit the buyer money in lieu of any repairs. This money can be used towards you closing costs, lender fees or to pay for a contractor to repair the items in question. You can also opt to take a price reduction instead.
Commonly negotiated seller credits: In addition to the purchase price, there are several other beneficial credits you can obtain through the negotiation process. Depending on how the transaction unfolds, these items might be negotiated in the original purchase agreement, or after all inspections have been completed.
Closing Costs: On a $500,000 purchase price, the combination of your third party closing costs (escrow, title and notary fees) can average around $3500 and your lender fees around $900 (to $5,000 if you decide to pay points). Additionally, you’ll need to purchase a homeowner’s insurance policy and may have to pay property taxes at closing. Asking the sellers to pay your closing costs, either partially or in their entirety, may be of great help.
Repair Items: There can be a huge range when it comes to the costs associated with any discovered repair items. The expense might be $400 to replace a few electrical outlets, $4,000 to replace a sewer line, or $30,000 to replace the roof. It’s of the upmost importance to not only find a good property Inspector but that you have a strong Realtor on your side that can help you negotiate the terms you deserve. It might be possible for you to receive cash back in lieu of any repairs. You could use the cash as a credit to offset your closing costs, as a reduction in the final sales price of the home, or as a check paid to you at closing. There are some scenarios where a seller might prefer to make the repairs instead of paying out any credits.
I know this is a lot of information to process. Fortunately, I’m here to walk you through every step of the way. Feel free to contact me anytime with any question, big or small. I’m always happy to help.