Let's Make A Deal: What Buyers Should Know About Purchase Offer Variables

Posted on: 17 February 2022

Buying a home is a large undertaking and the legal and financial ramifications can be huge. Before buyers agree to a sales contract, it's important that they understand what can and cannot be done about variable issues in the contract. Read on and find out more.

What Issues Are Negotiable? 

It's not only the price of homes for sale on the market that can vary. The price might be the easiest of all the variables to consider once you realize the scope of the entire contract. Don't try to make an offer on a home without knowing all the terms. Buyers have a right to ask for concessions, lay down contingencies, adjust terms, and more. Just look at all the issues that are negotiable when buying a home.

Included Extras – If you had your eye on the beautiful chandelier in the entrance hall, be sure to find out whether it's included or not. Some items that cannot be easily removed are automatically included in the purchase price but not everything. If you want, for example, the hot tub that may be too large for the sellers to cope with, you might have included it with the sale for a few dollars more.

The location of the home can influence what is included in the home. For instance, in vacation areas, homes are frequently sold entirely furnished. If you don't want the furnishings, that could affect things – either positively or negatively.

Closing Timing and Costs – In most cases, sellers already bear most of the costs of closing, but they are negotiable. You might want to sweeten the deal by offering to pay more closing costs, especially if you expect a lot of competition with your offer. The timing of the closing matters too. Some sellers and buyers want a fast closing but that may not work for both parties. For example, you may need more time if you are trying to sell your current home.

What to Keep in Mind

Including a lot of unusual provisions in an offer may not work in your favor. It's best to keep things simple with contracts and offers. However, some sellers may be motivated to grant concessions if they need to sell their homes quickly. While everything from the price to closing details is technically negotiable, that doesn't mean it's a good idea. The best way to find out what is and what is not okay when it comes to purchasing contract variables is by speaking to a real estate agent. They can advise you on what is customary in your area.