First-time home buyers in California should do a lot of research about what to expect during the process since they will be investing in an asset that they are likely to keep and live in for many years to come. There are several things home buyers should expect to negotiate when buying a home.
Closing costs vary, but they are generally around 2 to 5 percent of the purchase price of the home. Sometimes sellers will cover closing costs if this is negotiated in the buying process.
Inspections are an essential part of the residential real estate buying process. Sellers may be willing to negotiate regarding timelines when it comes to inspections to encourage a quick sale. If any defects are found, buyers may want to consider requesting repairs before closing or asking for a discount on the price of the home to compensate for repairs that will be needed.
Many sellers show their home with furnishings to make the home look more appealing. Sometimes buyers can negotiate to buy the furnishings along with the home. Sellers will often agree to sell furniture along with a house to make buying the home seem more desirable.
An attorney with experience in real estate transactions may be able to help with residential real estate transactions. An attorney may assist with negotiating contract terms of the purchase agreement as well as making sure the agreement is properly drafted.
Sellers must make disclosures as required by law regarding any latent (or hidden) material defects in the home and any factors that could affect the home’s value or a resident’s health or safety. An attorney may be able to help make sure that this is done properly according to state law and act as an advocate for those who are buying a home to ensure that their rights are protected.