When you go to buy a house, you’re certainly hoping to get the best price. But across most of the country, sellers are receiving multiple offers, so haggling over price likely won’t get you far. However, even in a seller’s market, there are still opportunities for negotiation. Here are some of the areas — beyond price — that may be worth discussing during your next home purchase.

Time
In any real estate deal, they say cash is king, primarily because it allows the process to move smoothly and quickly. But in today’s market, sellers don’t necessarily need things to move quickly. One of the biggest concerns for them in this low-inventory environment is finding their next property. If a buyer can give them time, it sets the offer apart.

“The most common strategy is to offer a typical close — usually 30 to 45 days — but give the seller additional time in the house,” said REALTOR® Amy Jackson with Coldwell Banker Hubbell BriarWood. “This way the seller receives their proceeds, but has some extra time to find their next house, pack, etc. Sometimes removing that stress for the seller is more important to them than price.”

Repairs
In a competitive market, buyers might be tempted to forgo a home inspection to speed up the process and appeal to sellers. But that can be very risky.

Jackson says she does not recommend waiving the home inspection, unless it’s a seasoned buyer who’s had a good look at the property and feels 100 percent comfortable removing the contingency.

“I had a client who had a very specific set of needs and found a home that checked every box,” she said. “In order to ensure her offer stood out, she waived the inspection because she was confident that no matter what turned up in the report, it would not change her mind about the house.”

For the majority of buyers who do include an inspection contingency, Jackson says to be mindful that while you can ask the sellers to make repairs, it’s not a time to nitpick.

“Structural defects, safety hazards, building code violations...anything that poses a safety risk or comes with a high repair bill is worth discussing,” she said. “But in a highly competitive market, you don’t want to risk losing a deal by haggling over aesthetic or superficial items.”

Appraisal
In addition to the inspection contingency, most real estate offers include an appraisal contingency. An appraisal is required by most lenders to make sure the buyer is not given a loan beyond the home’s appraised value. If the appraisal comes in above the sales price, the buyer can do a happy dance and move forward. However, if the appraisal comes in low, it can be a hurdle, but the appraisal contingency provides some options.

In today’s market when multiple offers are common, some buyers are avoiding potential low-appraisal issues by offering to either pay the difference — up to a set price — or at least offer a certain amount to help bridge the gap.

“Let’s say a house is listed for $200,000 and there are multiple offers,” explains Jackson. “You offer $205,000, but the house may not appraise for that amount...maybe it will only appraise for $203,000. Since there may be other offers over asking, you can give yourself an edge by offering to pay the difference up to $2,000 with a max of $205,000. This may give the seller some reassurance and help your offer stand out.”

Home warranty

A home warranty covers the costs of certain home repairs and replacements due to normal wear and tear. It can offer peace of mind to buyers, especially first-timers who may have put a strain on their bank account just getting into a home. The buyer can ask a seller to provide a home warranty as part of the negotiation.

Other areas
There are a few other potential negotiables including things like closing costs, home cleaning, personal property, etc. But Jackson says it’s important to discuss these details with your REALTOR®.

“Of course, buyers would love to have their closing costs offset by asking for concessions, but this can sometimes get confusing for the seller,” she said. “When there is so much competition out there, it’s best to write as clean an offer as possible.”

Because there are so many variables when putting together an offer, the best way to ensure you are covering all your bases is to work with a professional agent. Jackson says partnering with a reputable, local REALTOR^® can be just one more thing that helps give you an edge over the competition.

“When my clients find a house they like, the first thing I do is reach out to the seller’s agent,” she said. “I want them to know my clients’ intentions and I want to know what is important to the seller. That helps me guide my clients through the offer process, and it also lets the other side know we want to work with them, and that we are listening to their needs.”

To find a local REALTOR^® who can help you purchase your next home, visit the Greater Lansing Association of REALTORS^® website at www.lansing-realestate.com for a list of experienced, area agents.