Asking price, and other terms home buyers can negotiate

Question: Dear Kari, We're new to the home-buying process and were wondering besides negotiating the purchase price of a home, are there other things we can ask the sellers to include or cover? Answer: Wow, that's a fantastic question! When most buyers think about gaining an edge in a home purchase, their first thought is usually negotiating a lower asking price. But the good news is price isn't the only factor on the table. There are many other terms buyers can potentially negotiate with sellers to create a stronger overall deal. This applies unless the home is being sold in "as-is" condition. Some examples of possible items buyers might be able to negotiate with sellers to benefit their position: · Interest rate buy-down: Ask the sellers to contribute toward buying down the mortgage interest rate. · Title insurance costs: Have the seller contribute to the buyer's portion of these fees to protect the buyer and lender if any title claims arise. · Lender fees: Arrange for sellers to help pay some loan costs like appraisal fee, origination costs and/or loan processing costs. · Closing date: Adjust the home's closing date to help manage prepaid loan expenses and lower the cash required at closing table. · Appliances and fixtures: Include a request to keep the refrigerator, washer and dryer. · Earnest money amount: The amount of the deposit money is negotiable. · Contingencies: Modify or add contingencies for financing, appraisal, inspection or other terms that are important. · Repairs or credits: After the home inspection, if issues are discovered, negotiate for the seller to make the repairs, provide a credit at closing so you can handle them yourself or agree to a price reduction. · Cleaning and junk removal: Work it out for the sellers to have the home professionally cleaned and all junk removed from the yards. · Home warranty: Make a request for the sellers to provide a one-year home warranty, which is a service contract covering some repairs of major systems and appliances in the home. · Outdoor items: Negotiate for patio furniture, grills, lawnmower sheds, children's play structures. potted plants and other items. · Electronics: Request all-mounted TVs, alarm system or sound systems and more. · Furniture and décor: Including certain furniture or décor items in the agreement can simplify the seller's transition while increasing the buyer's value. · HOA fees: Ask for some prepaid HOA dues or transfer fees to be paid by the sellers. · Work with a savvy real estate agent: An experienced agent can help reveal the seller's motivations, analyze market trends and guide you on the most effective negotiation strategy. With this insight, your offer will be better informed, and the more you understand your options, the stronger your position when crafting a competitive, strategic offer. I wish you the best in the home-hunting process.