Navigating Negotiations: A Buyer & Seller Guide from Luminate Home Loans
webadmin • August 16, 2024
Navigating Negotiations: A Buyer and Seller Guide from Luminate Home Loans
If you haven’t kept a pulse on the current real estate landscape, now is a good time to know that buyers have a little more wiggle room in negotiations. While it’s not quite a buyer’s market just yet, those looking to purchase a home might find themselves with added leverage they didn’t know they had. On the flip side, anyone selling a home should gear up for potential discussions on various aspects of the sale.
Here’s a straightforward guide on what you might negotiate, tailored for both buyers and sellers so you can be as prepared as possible.
Your agent is your advocate, equipped to manage negotiations and ensure your interests are represented effectively. They can provide invaluable insights and guidance throughout the buying or selling process, and will help your offer stand out among the rest.
So just remember: buyers, know your negotiation points to engage confidently in discussions; sellers, anticipate these discussions to align your expectations and strategies accordingly.
Curious about how to navigate these negotiations or need more tailored advice? Connect with us at Luminate Home Loans, and let’s illuminate the path to your next home decision.
Here’s a straightforward guide on what you might negotiate, tailored for both buyers and sellers so you can be as prepared as possible.
Key Negotiation Points
- Sale Price: Negotiating the home price is common. Buyers are seeking fair deals, especially when budget constraints are tight. For sellers, setting a realistic price from the start can facilitate a smoother sale process.
- Repairs: After a home inspection, buyers can request repairs or even ask for a price reduction to handle fixes themselves. Sellers might consider offering to cover some closing costs instead of making repairs, which could be a simpler solution for both parties.
- Included Extras: Buyers may negotiate to have appliances or certain pieces of furniture included in the sale. For sellers, leaving behind some items could sweeten the deal and attract more interest.
- Closing Costs: These necessary expenses can be hefty, typically amounting to 2-5% of the home’s purchase price. Buyers can negotiate for sellers to cover some or all of these costs to ease the financial burden.
- Home Warranties: A home warranty, potentially paid for by the seller, can give buyers peace of mind about future maintenance issues. It’s an affordable gesture that can enhance the attractiveness of the deal.
- Closing Timeline: Flexibility on the closing date can be crucial for buyers who may need more time due to personal circumstances. Sellers who accommodate these needs can help ensure a successful transaction.
The Value of a Skilled Agent
While the above negotiation points are a good starting point, we also can’t emphasize enough the importance of working with a skilled real estate agent.Your agent is your advocate, equipped to manage negotiations and ensure your interests are represented effectively. They can provide invaluable insights and guidance throughout the buying or selling process, and will help your offer stand out among the rest.
Luminate’s Takeaway
As negotiations become a more significant part of the home buying process, being informed and prepared is key. Education is so important to us here at Luminate Home Loans because we want you to succeed!So just remember: buyers, know your negotiation points to engage confidently in discussions; sellers, anticipate these discussions to align your expectations and strategies accordingly.
Curious about how to navigate these negotiations or need more tailored advice? Connect with us at Luminate Home Loans, and let’s illuminate the path to your next home decision.
Here at Luminate Home Loans, we’re always looking for ways to offer more value to our clients and partners. That’s why we’re thrilled to announce that we’re now a wholly owned subsidiary of Luminate Bank®—and soon, we’ll officially transition under the Luminate Bank® name.
For years, homebuyers have been hoping for a return to the ultra-low mortgage rates seen during the pandemic. But as we move through 2025, it’s becoming increasingly clear that today’s rates—hovering between 6% and 8%—aren’t going anywhere.
Luminate Bank® Welcomes Josh Eifert as Chief Financial Officer, Honoring Legacy of Dave Turk [Minneapolis, Minn.] – [2/4/2025] – Luminate Bank® is proud to announce the appointment of Josh Eifert as its new Chief Financial Officer, succeeding Dave Turk, who has played a pivotal role in shaping the company's strong financial foundation. Josh brings a wealth of experience and strategic vision to Luminate Bank, with 26 years in the banking industry. Most recently, Josh served as CFO at Tradition Capital Bank in Edina, Minnesota, where he led the financial strategy during its remarkable growth from $300 million to more than $2.5 billion in total assets. Before his tenure as CFO, Josh contributed to Tradition Capital Bank in other key financial roles. He began his career with Norwest and Wells Fargo Banks, gaining extensive expertise in financial and operational capacities. Luminate Bank's leadership transition reflects the company's thoughtful succession planning, ensuring its financial strategies remain robust and forward focused. Under the leadership of Dave Turk, Luminate Bank has built an exceptional financial infrastructure, delivering consistent results and creating a foundation that positions the company for continued success. Luminate Bank's CEO, Marc Campbell, shared his confidence in the appointment: "Josh not only brings exceptional financial acumen and strategic insight to Luminate Bank, but he also embodies the principles that define our organization: integrity, innovation, and a steadfast commitment to excellence," Luminate Bank's CEO, Marc Campbell, shared with confidence. "His leadership will ensure our financial strategies succeed and inspire confidence across all who depend on us." "I am honored to join Luminate Bank at such an exciting time. The company's remarkable history of financial excellence and its forward-thinking approach align perfectly with my values and vision," stated Josh Eifert. "I look forward to collaborating with the talented leadership team to build on this strong foundation and drive continued success for our customers, employees, and stakeholders." Josh graduated from the University of Minnesota with a degree in finance and completed the Graduate School of Banking at Colorado. CEO Marc Campbell expressed gratitude for retiring CFO Dave Turk's contributions, saying, "Dave has been instrumental in positioning Luminate as a financial leader. His dedication, insight, and stewardship will always be a part of our company's legacy." Josh Eifert will officially assume his role on February 18, 2025. About Luminate Bank® At Luminate Bank, We Open Doors—empowering individuals and families to achieve their financial dreams through personalized service and innovative digital solutions. As a nationwide bank headquartered in Minneapolis, Minnesota, we are committed to helping our clients meet their financial goals with a blend of modern technology, traditional values, and the trusted guidance of experienced professionals. Known for our exceptional commitment to customers, we take pride in delivering a seamless, supportive experience for every step of the journey. Our dedicated mortgage division has branches and a team of loan originators across the US, making expert home financing solutions accessible to communities nationwide. Luminate Bank is committed to safeguarding your money and accounts with FDIC insurance coverage up to applicable limits. Learn more about how we can open doors for you at www.luminate.bank , follow us on Instagram, LinkedIn, and Facebook, or call (952) 939-7200. For media inquiries, please contact: Debbie Schwake, CMO debbie.schwake@luminate.bank
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