Buying a home is more than agreeing on a sale price. Many buyers do not realize that other parts of a real estate transaction may also be negotiable. Understanding these options can help you make decisions based on your situation, budget, and priorities.

The important thing to remember is that not every term is negotiable in every transaction. It depends on the property, the seller, the buyer, the contract, market conditions, and the circumstances of the sale.

Is Price the Only Thing You Can Negotiate?

No. Price is one of the most obvious items, but it is only one part of a purchase agreement.

For example, a buyer may be comfortable paying the seller's asking price if the seller agrees to certain other terms. Another buyer may prefer a lower purchase price but be flexible about the closing date.

Negotiation is often about finding terms that work for both sides.

Closing Date

The closing date is another term that may be negotiable.

A buyer might need additional time to arrange financing, finish selling another property, or coordinate a move. A seller, on the other hand, may need more time to move out or may prefer to close sooner.

If both parties agree, the contract can reflect a closing date that works for everyone.

Closing Costs and Seller Concessions

Some buyers are surprised to learn that they may be able to negotiate for the seller to contribute toward certain closing costs or other allowable expenses.

These contributions are sometimes called seller concessions or seller credits. They may help reduce the amount of money the buyer needs to bring to closing.

However, there are limits and requirements that can depend on the loan type, lender, property, and transaction. Buyers should discuss the details with their lender before assuming a particular concession is allowed.

Repairs After the Inspection

The home inspection can reveal issues that were not obvious during a showing.

Depending on the contract and circumstances, a buyer may negotiate about repairs or other solutions. For example, the parties might agree that the seller will make certain repairs, provide a credit, or adjust another term of the transaction.

Not every inspection finding means the seller must make repairs. The specific contract language matters, and negotiations can vary from one transaction to another.

Inspection Periods and Other Deadlines

The timing of inspections and other contract deadlines can also matter.

A buyer may need enough time to complete inspections and review the results. Other deadlines may involve financing, appraisals, documents, or other requirements.

These dates are important because missing a contractual deadline can have consequences. Buyers should understand the deadlines in their agreement rather than assuming there is always extra time.

Personal Property

Sometimes buyers and sellers negotiate over items that are not necessarily part of the real estate itself.

Examples might include certain appliances, furniture, window treatments, or other personal property. If an item is important to the buyer, it should be clearly addressed in the contract rather than relying on a verbal understanding.

The same principle applies to anything the seller plans to remove. Clear written terms can help prevent misunderstandings.

Other Contract Terms

There can be other terms worth reviewing, including financing-related provisions, appraisal terms, contingencies, occupancy arrangements, and responsibilities for certain costs.

The key is to look beyond the purchase price. A transaction can involve many individual terms, and changing one may affect another.

Practical Takeaways for Buyers

Before making or accepting an offer, consider:

• Price: Is the purchase price appropriate for your budget and the property? 

• Closing date: Does the proposed date work with your moving and financial plans? 

• Closing costs: Are there allowable costs that could potentially be negotiated? 

• Repairs: What happens if the inspection identifies problems? 

• Inspection period: Do you understand how much time you have and what must happen during that period? 

• Personal property: Are appliances or other items included in writing? 

• Other contract terms: Have you reviewed the contingencies, deadlines, and responsibilities? 

Most importantly, do not assume that something is automatically included or negotiable. The written contract controls the transaction, subject to applicable law and the specific circumstances.

The Bottom Line

When buying a home, the purchase price is only one piece of the conversation. Closing dates, costs, repairs, inspection periods, personal property, and other contract terms may also be part of the negotiation.

What can be negotiated depends on the transaction, so understanding the contract and your options is important before making decisions.

For answers to all of your real estate questions, Simply Ask Sharon.