Act Now!Receiving a counteroffer is awesome! Did you know that you should respond to counteroffers within a 24-hour period? The reason is there are other prospective buyers and you would like to avoid another buyer from offering a better price than you. The longer you wait, the greater the chances of that happening. Additionally, you do not want the seller to withdraw the counteroffer because he/she sensed your hesitation, and you did not even get to respond to it.
Ask for Fewer ConcessionsAt a mortgage settlement, home buyers have to pay closing costs for taxes, lender’s fees, and title company fees. Closing costs vary by location, but you can expect to shell out between 3% and 4% of the home’s sales price. The seller pays an additional 1% to 3%. (Our site has a closing cost calculator you can use to get a rough idea of what your closing costs might be.) When making an initial offer, you have the option to ask the seller for concessions — a settlement paid in cash to help you offset your share of the closing costs. (This move is less feasible if you’re going up against multiple offers.) Concessions effectively lower the seller’s net proceeds from the sale. Making a counteroffer that removes the concessions you would have otherwise received at settlement puts cash back in the seller’s pocket — and can improve your bid.
- Just walk away After lengthy negotiations, nobody wants to just walk away. But it’s important to keep in mind that your seller – and your gut – know what’s best for you when it comes to negotiating. If you have already made trade-offs and don’t want to make any more, and the seller won’t budge, you would be best to just walk away. Walking away from the negotiations that you’ve worked so long and hard on can be very difficult, but your agent can help you understand that there is a better deal out there. If your gut is telling you not to settle – just walk away. After your feelings of frustration pass, you’ll realize that you know how to negotiate and how to take control of the process, whether it means walking away from the next one also, or accepting the offer.
2 beds, 2 full, 1 part baths
Home size: 821
Added: 07/20/19, Last Updated: 12/12/2019
Property Type: Penthouse for Sale
MLS Number: VAAX238106
Subdivision: Parker Gray Historic District<!--
List Price: 575000.00-->