Negotiating Tips for Home Buyers in Spokane, WA

In the dynamic real estate market of Spokane, WA, savvy homebuyers understand the importance of negotiation in securing the best deal. While the market conditions may influence your bargaining power, there are several aspects of a real estate transaction that you can negotiate to your advantage. Here are some key things you can negotiate as a buyer in Spokane:

1. Purchase Price: One of the most obvious negotiation points is the purchase price. Before making an offer, research comparable sales in the area to determine a reasonable and competitive offer. Be prepared to engage in a back-and-forth with the seller to find a mutually agreeable price.

2. Closing Costs: Closing costs can add a significant amount to your overall expenses. Negotiate with the seller to cover some or all of the closing costs. This could include fees for the title search, inspection, and other associated costs.

3. Home Repairs or Credits: After a home inspection, you may identify issues that need addressing. Negotiate with the seller to either make necessary repairs before closing or provide a credit at closing to cover the cost of repairs. This can save you money and ensure that the home is in good condition.

4. Inclusions and Exclusions: Negotiate the inclusion or exclusion of certain items in the sale. This could include appliances, furniture, or other personal property. Clearly outline what stays with the property and what the seller will take with them.

5. Closing Date: Flexibility with the closing date can be a powerful negotiation tool. If you have a specific timeframe in mind, communicate this to the seller. Being accommodating or offering a quick close can make your offer more appealing.

6. Contingencies: Carefully consider the contingencies in your offer, such as financing and inspection contingencies. While some are necessary for your protection, being flexible with these timelines can make your offer more attractive to the seller.

7. Home Warranty: Negotiate for a home warranty to be included in the sale. This can provide you with peace of mind regarding potential future repairs and maintenance costs.

8. Occupancy Terms: If your move-in date is flexible, use this to your advantage. Offering the seller a post-closing occupancy agreement can be appealing, especially if they need extra time to vacate the property.

9. Financing Terms: Work with your lender to secure the most favorable financing terms. A strong pre-approval and a solid financial profile can strengthen your negotiating position.

10. Professional Services: Negotiate who will pay for certain professional services, such as the attorney's fees, home inspection, or even the real estate agent's commission. While some costs are traditionally borne by one party or the other, there's often room for negotiation.

In Spokane's real estate market, effective negotiation can make the difference between an average deal and a great one. By understanding the various elements you can negotiate as a buyer, you'll be better equipped to navigate the complexities of the homebuying process. Connecting with one of the Top Spokane Realtors on the Farr Group team is a great way to begin your home buying process.