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4 Things First Time Home Buyers Can Negotiate

As a first time home buyer, you should know what items you are able to negotiate. Before you get to that step, know what your credit scores are and get pre-approved for a mortgage. If you are pre-approved, you’ll have a good idea of the amount of money you can finance. Finally, check into some of the government programs that are available to first-time home buyers. First time home buying 101 helps you with many tips and tricks to buying a first home.

Would you like more information on first time home buyer tips in North Carolina?  Download our First Time Home Buyers Checklist!

1. Time Flexibility

One of the things first time home buyers can negotiate is closing dates. In some cases, the buyer may need more time, and in some cases, the seller may need more time. If you’re lucky, you both need more than the typical 30 days to close and will be able to choose a date. In some cases, you may be able to ask for some money off the price of the home if the seller needs to move but you are not able to close right away. In some cases, if you are a seller, you may close and then rent the home back from the buyer for a month or two. If you are a buyer that needs to move in sooner rather than later, you may be able to negotiate that buy helping the current owners with a place to stay, whether it’s in their RV in the back yard, of, if the home has a guest house, letting them stay there.

2. Offer Price Negotiation

One of the best tips for negotiating a house purchase is to know what a home is worth. The value of the home and what it sells for are two different things. If you want to pay for your own appraisal, you will be able to learn if the asking price is in line with the value of the home. Part of knowing the value is doing the research on the house to find out how often it’s been sold and how the home’s value has changed over time. Keep in mind the ups and downs of the real estate market as you are checking.

3. Pending Offers

You should know if there are pending offers on a home. Your real estate agent should be able to give you this information. If you are able to find out what those offers are, you may be able to offer a better deal in the hopes of avoiding a bidding war. And, just because there’s a pending offer, that doesn’t mean that you can’t make an offer.

4. Home Repairs

One of the biggest items to negotiate when buying a house is seller concessions, including repairs. Most buyers are encouraged to get an inspector. If the repairs are minor, the seller is usually not obligated to make the repairs. However, if the repairs are significant, you may negotiate them by having the seller pay for the repairs up front or by deducting them from the cost of the home.

These are only a few of the home price negotiation buying tactics that you may employ when you are looking for your dream home. Before you look at your first home, it helps to make a list of items that you are looking for. Using these and other first time home tips, separate the items into two lists: One that is non-negotiable and the other that is negotiable. Non-negotiable items are things that would make you walk away from a deal. Negotiated items are items you would like to have, but are not a deal breaker.

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About The Author
Kim McBee

Kim McBee epitomizes integrity, energy, hard work and a creative service in every detail of your real estate transaction that makes buying or selling your home an incredible, memorable experience. She uses her 13 years of experience to help you achieve your goals with the least amount of stress possible. Whether a first time buyer or an experienced seller, Kim will bring her spirited energy and real estate knowledge to your next adventure. Kim is a licensed Real Estate Broker in both North and South Carolina and is an active member of the Charlotte Regional Realtors Association as well as the National and Local Home Builders Associations. Kim started her career in real estate in 2002 with Crescent Resources, a large residential, commercial and multi-family developer based in Charlotte, NC. She and partner Gus Testa had the opportunity to work in most of their residential communities in the Charlotte region during their ten (10) year tenure. In 2012, Kim and Gus, along with a local area developer, formed On Point Carolinas Realty, LLC. On Point Carolinas Realty, LLC is a full service real estate company, working with buyers and sellers in both new home construction and re-sale homes. From 2002 – 2012, Kim and Gus sold between $15 - $50 million in volume in the Lake Norman, Charlotte and northern most portions of South Carolina. Now with On Point Carolinas Realty, LLC, they continue to work every aspect of the real estate industry representing sellers, buyers, investors and banks in the residential market. Before entering the real estate industry, Kim took a five year leave of absence from work as a scheduling analyst/cost engineer in the nuclear power industry for Stone & Webster >Engineering and Bechtel Power Corporation to stay home and raise her son.

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