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3 Surprising items negotiated in a Real Estate transaction!
By Emilio DiSpirito, Realtor of DiSpirito Team with HomeSmart Professionals
When selling a home, you realize that it’s important to hire a Realtor who can negotiate the best and highest offer for your home. What many homeowners may not be aware of is that there are several items, terms, and contingencies outside of pricing that will impact your bottom line, sometimes by thousands!
In this blog, we are going to look at 3 items which will impact your bottom line the most! Make sure when you are hiring an agent, you are hiring a guru when it comes to local market knowledge, marketing, and negotiations. The better the local insights, the better it is priced to fair market, the better the marketing, the more likely it is your home will attract the right amount of buyers and depending on how proficient the agent is in negotiations, will depend on how much money you will take with you to your new home or leave for the next generation.
Side note: You may want to rethink hiring the agent who offers the lowest commission. If that agent can not negotiate their own value, how will they negotiate a big-ticket price and the right terms for you when it comes to your home? AKA, your nest egg. How much commission does an agent keep? You may be shocked! (https://rinewstoday.com/shocked-how-much-commission-do-real-estate-agents-keep/ )
Here are 3 items that your agent will need to negotiate for you to impact your bottom line!
- Outstanding assessments! This item could place a huge dent in what you walk away with! And this happens to be one of the largest surprises for homeowners at the closing table! We have seen anything from $200 to $20,000 in assessments outstanding on homes. Make sure to pass this expense on to the buyers!
- Sewer
- Water
- Condo assessments
- Personal Property and Fixtures! There have been some cases where buyers have asked sellers to leave EVERYTHING!!! Imagine the cost of fully furnishing your entire new home? Or buying all new yard equipment?! This area can cost you between $100 to $100,000! You may however be relocating or no longer in need of the items and may be saving money leaving for the buyer vs having to hall it away and dispose of it!! Discuss with your agent for your optimal outcome!
- Furniture
- Appliances
- Yard Machines
- Yard Equipment
- Recreational Items (pool table, swing set, tree house, etc.)
- Lighting fixtures, mirrors
- Artwork
- Etc.
- Repairs! This tends to be the largest hidden expense when selling a home and this is why we encourage our home sellers to do a prelist inspection! Keep in mind, buyers ask for $3 concessions for every $1 on average. Let’s tackle the health and safety items that inhibit buyers from financing and or items that cause them to run for the hills or leverage when it comes time to ask for concessions with inspections! Here is a list of the most expensive things we see come up during a home inspection!
- Mold or water damage
- Leaking plumbing
- Knob and tube wiring or other electrical deficiencies
- Defunct retaining walls
- Heating system and components past life expectancy
- Non-working septic system
- Unsafe well water and other well issues
- Leaking roof, poor flashing, etc.
- Cracked foundation
- Etc.
Aside from these items, you still need to worry about the following cost cows!!
- Appraisal
- Separate appraisal inspection (FHA, VA, USDA, RI Housing)
- Title defects
- Extensions to closing
- Etc.
With roughly 185 steps your listing agent will take for you throughout the transaction, it’s vital you select an agent with a proven track record of negotiations on all ends of the spectrum!
For any questions or comments, you can contact Emilio directly at [email protected]
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If you would have asked me what I wanted to be growing up, little Emilio would have told you “an archeologist” or “an architect” despite the fact that at age 8 I had my first lemonade stand, landscaping business and was recording my first “news show” on my boombox! Well, I never was much good at trigonometry and did could not see myself traveling for months and possibly years at a time, so becoming an architect or archaeologist clearly did not happen!
Fast forward 26 years later and I’m running a team of the finest residential real estate professionals, own a media company and host my very own radio news show about real estate!
In September of 2017, I married my best friend, Jaclynn, and we have two wonderful children, Destinee and Emilio, V. We have 3 dogs, one of which is a rescue and live in lovely Rhode Island. Jaclynn owns a high-end hair salon in addition to an on-location hair and makeup business!
For 7 years straight it seemed that I had put in more hours than the day had to give on my real estate business. 7 days a week, 14 to 16 hour days, without a break! Why? My friends and family did not understand the sheer magnitude of moving parts and services we offer to our clients during a transaction! One slip up or one missed call could mean make or break for someone’s dream home or even a lost deposit!
Running a team of like-minded, highly qualified and capable professionals has allowed me to offer a very streamlined, simplified and efficient approach to the sales process for our clients and allowed me to earn personal time again with my family while not missing a beat for my clients!
When I’m not working, I’m with my family, riding my mountain bike, eating at a number of local restaurants, enjoying live entertainment, hiking, skiing or reading!
Contact: [email protected]