If you are in the enviable position right now of looking to buy a home, enjoy the current market: the buyer’s market! Many folks that have to sell their homes right now are happy to start a dialogue with a potential buyer, so arm yourself with any and all information to get the best deal possible!
- Right now you have more time to look, so you will be better armed with the knowledge of which houses have been sitting on the market for a while. These homeowners might be more likely to negotiate.
- Consider looking at new construction. Builders sometimes offer incentives and sometimes have very attractive financing programs.
- In certain areas that have been hit a bit harder by the market downturn, you certainly do have the upper hand whilst negotiating – and can always ask for an upgrade or a major repair before finalizing the deal. More important, know the market! Get information on what’s happening now. I can say with some certainty, the Corvallis Market has been less impacted than one might believe.
- Some buyers are asking for a written warranty on appliances and certain structural repairs. Down the road this could be a big money-saver for you. Coldwell Banker and American Home Shield provide a product that not only protects the buyer for the first year of homeownership, it covers the seller too! Asking for a warranty early in the transaction can help with inspection related items.
- Motivated sellers are more likely to work with your timeline. Don’t be afraid to ask if the closing can be pushed out. But, remember, pushing out the closing can also create issues for a buyer. Think about interest rate lock expiration dates and the fact that the longer closing is going to cost the seller (especially if the house is vacant or in default)
- Even some lenders are willing to negotiate. The lending business is competitive. Compare lenders, not just interest rates, but fees as well. Find out if the lender with the best rates and fees also has a track record of delivering… Reputation is very important. And, today, the appraisal environment can be problematic. Find out how long that part of the process is taking.
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