Win Your Home Negotiation With These Simple Strategies

By Chip Free

Chip Free is a seasoned real estate advisor with Lake Realty, a locally established firm in Lake Norman that his father founded over 30 years ago.

Buying a home is exciting, but the negotiation process? Not so much. You want to get the best deal, right? But here’s the thing: negotiating is a fine art. It’s about finding that perfect balance between what you want and what the seller is willing to accept. If you want to win, you need a strategy that works for YOU. Let’s dive in and break it down.

What’s most important to you? Before you even think about making an offer, ask yourself: What really matters to me? Is it the price? Maybe you want to pay the lowest amount possible. Or are you more concerned about how much money you’re risking if the deal falls through? Maybe the closing date is what matters most so you can move in smoothly without stress. Identifying your top priorities helps you structure the deal and decide where to focus during negotiations.

Key terms you need to know. When you’re making an offer, there are a few key terms to pay attention to:

• Purchase price – the most obvious one. But remember, the price isn’t everything.
• Nonrefundable deposit – this fee is what you pay to keep the home off the market while you do your due diligence. Be careful not to overpay on this one.
• Due diligence period – how much time you get to inspect the home and make sure everything’s in good shape.
• Earnest money deposit – this shows the seller you’re serious about buying.
• Closing date: when you officially take ownership of the home.

These terms will shape the negotiation and the overall deal. Make sure you understand them before you submit your offer.

The due diligence fee. One of the most critical parts of negotiations is the due diligence fee. This is money you pay the seller to remove the home from the market while you inspect it. The bigger the fee, the less leverage you have when negotiating repairs. If you overpay this fee, you might find it harder to ask for repairs later on.

When a seller asks for a high due diligence fee, ask questions! Find out if there have been inspections done before. Has the house sold recently, or has it been on the market for years? The more you know, the better position you’re in to negotiate.

Patience pays off. Sometimes, the best negotiating tactic is to be patient. If a home just came on the market, it might be harder to get a good deal at first. But if you wait a few weeks, the seller might be more open to negotiations. Trust me, sometimes waiting works in your favor.

Negotiating doesn’t have to be stressful if you know what matters most to you. Focus on the key terms, don’t overpay the due diligence fee, and don’t be afraid to ask questions. Patience can also be your secret weapon. In the end, it’s all about getting the best deal while protecting your interests. If you have any questions regarding negotiation, feel free to call or text me at 704-806-2410.