Do You Need Buyer Concessions to Sell Your Home?

Posted by Janis Penick on Monday, June 3rd, 2019 at 3:24pm.

Selling your homeIf you are selling your Bastrop home, you will most likely need to negotiate some when you receive an offer on your home. This is a common part of the home selling process and one that you should be prepared for when you list your home. Being open to allowing some concessions for the buyer also doesn’t mean you have to say yes to everything.

Buyers may ask for many different things when they make an offer on a home. Some buyers truly need the help and wouldn’t be able to purchase your home without it while other buyers may just ask to see what they can get. It can be tricky to figure out which situation your buyer is in so you just need to negotiate in a reasonable manner that will hopefully mean you are able to come to mutually agreeable terms.

What are the most common concessions a buyer will ask for?

Probably the most common request is for closing cost assistance. This is especially common among first time home buyers who may not have significant savings to use for their down payment in addition to all of the closing costs. If a buyer does ask for you to cover some of their closing costs, don’t be immediately turned off by that. Focus on a price that will allow you to provide them the closing cost assistance they need and don’t let that one factor keep you from coming to terms.

Another common thing for buyers to ask for is for you to provide them a one year home warranty. Again, they could buy this themselves but may not have the cash to do so and as a first time home buyer, this could give them added peace of mind to know that some items will be covered if something goes wrong shortly after they buy the home.

Personal property is another common request and can be simple like a refrigerator or washer and dryer or more significant like whole rooms of furniture. Again, try not to let this turn you off. Put a value on the items requested and negotiate the same way you would with money unless it is a special item that you don’t want to part with under any circumstances.

Any buyer working with an agent should understand that the items they are requesting aren’t being provided to them “free” even if they have no value attributed to them in the contract. From your perspective, would you rather sell your home even if that means providing some concessions that might cost you a little bit of money or keep your home on the market for another 6 months while you wait for another buyer? Being open to concessions when you are selling your home may mean you are able to sell your home faster.

The Janis Penick Team

RE/MAX Bastrop Area
Serving Bastrop, Cedar Creek and Smithville

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