Though negotiating is a big part of the whole process when purchasing a North Carolina home, there are some factors that remain true for all.

You’re in a strong bargaining position if: 

  • You’re an all-cash buyer
  • You’re already preapproved for a mortgage
  • You don’t have a home that needs to be sold before you can buy

These circumstances give you a little more power while you are negotiating. However, even if you are in a strong position, in a "hot" market, you may want to make your offer more desirable by offering more than asking price. When the market is "soft," homes tend to sell more slowly, creating a larger pool of homes from which to choose. On the other hand, when the market is "hot," there may be a limited number of homes to visit and the demand for them may be high.

Overall, here are some suggestions: 

  • Enter into negotiations with the maximum amount you are willing to spend firmly in mind.
  • Keep in mind (and add to the contract) some terms you can live without – then you can make concessions without compromising the items that are important to you.
  • Always have a few alternative homes in mind – knowing you have other options will help you stay objective during bargaining and may encourage the seller to be more reasonable.
  • Try to determine what the seller wants and needs. If, for example, the seller’s new home is not ready by the closing date, you might consider allowing the seller to rent back the home for a short time as long as your own schedule allows it.

You may be able to negotiate the terms as well a the price. These changes can help you financially in the long run.

 

 

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