Many times, there are two negotiation periods in a home sale.
The primary negotiation takes place when the contract is agreed upon. That includes the price, closing and possession. Buyers and sellers always feel relieved once this first round has resulted in a signed contract. However there may be more negotiations to come if there are contingencies for financing, inspections or other things.
The purpose of an inspection is for the buyer to receive an objective evaluation about the condition of the home and its components and to identify existing defects and potential problems.
Sometimes, buyers will expect sellers to make all of the repairs listed on the report and this is where the second round of negotiations begins. If the seller refuses, the negotiations can go back and forth until the other party accepts the offer on the table. At this point, depending on what type of contract you have, the transaction could fall apart.
When purchasing a new home from a builder, it is expected for everything to be in working order; after all, it is new. However, it is reasonable to expect that existing homes, will have some defects. Of course a home buyer will want to be aware about major items that are not in “working order”, but a buyer should expect normal wear and tear of components based on the home's age.
In a highly competitive seller’s market like Sarasota Florida, buyers might do whatever they can to get their contract accepted, realizing that there is another place to negotiate when they’re not competing with other buyers’ offers to purchase.
A real estate transaction will be a WIN-WIN negotiation when both seller and buyer feel good about the price and terms and when neither party feels as if the other party is taking advantage of them.