Taking the Reigns in Your Mesa Home Purchase
If you are considering buying a home in Mesa, you have a distinct advantage. The current housing market is considered a buyers market. That means there are more homes for sale than there are buyers. This puts buyers in a great position.
Unlike just a year ago, home owners aren’t receiving multiple offers on a home. As owners and builders become a little more desperate to sell their homes, buyers are in the position to not only negotiate for the best price, but often some perks that wouldn’t normally be included with the sale of the home.
There are several points you can negotiate that will save you money on your home. Discuss any of the following with your real estate agent:
With the purchase of a home, you pay a variety of costs at the closing process. These costs are considered the closing costs of the loan. Typically there are three categories of fees: lender fees which include points, credit reports, appraisals and underwriting fees; prepaid fees, such as interim interest, real estate taxes and escrow fees; and settlement fees such as title insurance, attorney fees, taxes, and recording fees.
Fees associated with closing costs can be as much as 2 to 3 percent of the sales price of the home. On a typical home, with a purchase price of $200,000, approximate closing costs could be around $5000. One possible negotiating tactic is to ask that sellers pay the closing costs of the purchase of the home.
Improvements or Repairs
Many homes in Mesa are in great locations and attractive settings, but may require some minor improvements and repairs. For instance, maybe the home needs painting, new carpet or flooring, additional landscaping, etc. As a buyer, you can negotiate that these improvements be made to the home prior to closing on the loan. Often, the seller will come back with a cash offer, giving you the money to make the necessary improvements, without the seller having to schedule all the appointments or do the work.
Another easy to negotiate item is to have items that normally wouldn’t be included with the sale of the home added into the purchase price. These items may include appliances, spas, even furniture. The market is currently so slow that many owners and builders are making special offers. You may find a builder that is willing to throw in a new swimming pool or spa, upgrade appliances, sometimes even a new car.
Don’t hesitate to get a little creative in your negotiations. Ask your real estate agent for ideas of how you can get the most for your dollar in your home purchase. You’ll find many Mesa home owners are more than interested in negotiating to sell you the ideal Mesa home.
Reg Gustin & Chris Larsen are senior loan officers with Sun American Mortgage and specializes in helping families and their financial lending needs.
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