Factors Beyond Price
When buying a home you can negotiate more than just the price. You can include any conditions you consider important, these conditions are called contingencies. Be careful to be reasonable. If you’re not, the seller may decide not to sell you the home.
In your offer you should specify exactly what is being purchased, the home, the fixtures, and the appliances should all be documented in the offer. Specify the amount of your deposit, which is normally refundable if your conditions are not met and the sale does not go through. A financing contingency must be included if you will be getting a loan. Also you should specify that you have the right to perform all reasonable inspections and finally the closing date.
A liquidated damages clause allows the seller to keep your deposit in the event you default on the purchase agreement. It doesn’t mean the seller can keep your deposit in the event inspections find something that you want corrected, but the seller is unwilling to pay for the correction.
The duration of your offer should be for one day, maximum of two. This prevents the seller from shopping your offer to other potential buyers. Include a home warranty in order to cover any problems you may find after the fact. It’s worth the money so you can sleep soundly. Avoid unusual conditions that make your offer less attractive. Often sellers will be accepting of your conditions in the beginning of negotiations, however after the agreement is made they tend to fight over small issue.