HomeBuyers Seminar

The event last Thursday, July 27th held at Simi Valley Chamber of Commerce was a huge success. Hosted by Realtor Demi Fox and Lender Erica Benvenuto with special guest speakers, Mortgage Insurance Rep Jocelyn Vazquez, and Homeowners Insurance Broker Elizabeth Richesson.

Some topics were covered such as:

• Down Payment Insight
• Credit improvement tips
• Appraisal FAQs
• Explain Escrow Process Step by Step
• Magnify your buying power
• How rising interest rates affect you
• Housing Inventory in LA & Ventura County

And with that…

Whether you are a first-time homebuyer or a seasoned veteran, the negotiation part of the transaction can be a little daunting and stressful. However, it is necessary to ensure you are getting the best possible deal for your money. So, what should you negotiate when buying a home?

1. Closing costs. Your closing costs are determined by a variety of factors, but you can expect them to be between 1-3% of the purchase price. Ask the seller to cover some or all of the closing costs as a credit at close off escrow. That way, you save money that may be used to make specific updates and fixes to the home. Or simply to keep cash on hand 
2. Furnishings. Love how the seller has furnished and decorated the home? Buyers often negotiate keeping couches, fixtures, landscaping items, patio furniture, appliances, and more. And many sellers agree, wanting the move lighter and help save potentially on moving costs.
3. Inspection and closing timing. Buyer offers that include a quick inspection and close timeline are often more attractive to sellers who have been going through the process for far too long. Just check with your realtor and lender first to ensure ample time to get your financing in place and complete proper, thorough inspections.
4. Home warranty. Sellers will often agree to pay the premium on the home warranty at closing and then hand it off to the new homeowner, who is responsible for the deductible on any future claims.
5. Repairs. Your inspection may uncover small or large repairs needed to bring the home up to standard. You can negotiate to have these items fixed before closing or ask for a price reduction to cover the costs. Discuss with your realtor the seller's obligation first.