4 Things to Negotiate Besides Price When Buying a Home in Stillwater

Most Stillwater buyers spend their negotiating energy on the list price, but some of the biggest savings in a purchase don't touch it at all.

The price on the contract is only one number. Your interest rate, who pays for repairs, what stays in the house, and which lender you choose all change what the home really costs you. Each one can be negotiated or shopped. Here are four to think about before you write your next offer.

1. Ask the seller to help buy down your rate

Instead of asking for a lower price, ask the seller to put money toward your interest rate at closing. Your lender uses that credit to lower your rate, either for the first year or two or for the life of the loan.

Some sellers find a credit easier to agree to than a price cut, because the recorded sale price stays the same. Whether it beats a price reduction depends on your loan and how long you plan to keep it, so ask your lender to run both options side by side. Loan programs also limit how much a seller can contribute, so confirm that before you write it into an offer.

2. Ask for a repair credit instead of repairs

After the inspection, you can skip the back-and-forth over who fixes what and ask for a credit at closing. You keep the money, pick your own contractor, and decide how the finished work looks.

There is one catch. If your appraisal requires specific repairs for your loan, those may still have to be completed before closing. Ask your lender which items fall into that category before you choose between a credit and repairs.

3. Ask what stays with the home

Appliances, washers and dryers, window treatments, light fixtures, and even some furniture can be part of the deal. If something matters to you, ask for it, and put it in the offer in writing so it isn't left to a verbal promise.

It's money you don't have to spend after move-in. Check the listing for what's already included, then confirm everything at your final walk-through.

4. Talk to more than one lender

The same buyer can get noticeably different rates and fees from different lenders, so get quotes from at least two or three. Include a bank, a credit union, and a mortgage lender if you can.

Compare the Loan Estimate from each one, not just the headline rate, because fees and closing costs differ too. Mortgage inquiries made within a short window are generally treated as a single inquiry for credit scoring, but ask each lender how that applies to you.

Which lever should you pull?

Not every seller will say yes to every request, and what's possible depends on the home, the timing, and your loan. A good agent helps you decide which lever to pull on which property, and when.

If you're thinking about buying in Stillwater, whether for yourself or for your OSU student, I'm happy to talk through your situation with no pressure. Send me a message or call 405-614-9600.

Ann Morgan, Stillwater Realtor® with Real Estate Professionals | sellingstilly.com

This post is general information, not financial or legal advice. Talk with your lender about your specific loan.