- Reduce your Contingencies – With Caution If you want to give your counteroffer a bigger boost, try reducing the number of contingencies you’re requesting. This puts you in a position that makes it difficult for you to back out, thereby reassuring the seller that the deal will likely close. Make sure you exercise caution when you are reducing your contingencies. A home-inspection contingency allows you to have the home inspected so that you can request repairs or withdraw your offer. This protects you from buying a home with money-draining problems. You could, however, waive a termite inspection if you live in a state where the risk is lower. Many factors need to be considered when looking at waiving contingencies, such as your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. You must also keep in mind that if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.
- Listen to your Gut – and your Agent When you are in the middle of negotiations with a seller and you get a bad feeling in the pit of your stomach – or you get advice from your agent – indicating that something is wrong, you should listen. Don’t be afraid to walk away from a deal, especially if your agent advises you to do so. If you’ve already made negotiations, don’t want to make any more trades, and the seller won’t budge, sometimes walking away is the best decision to make. It won’t be easy because negotiating is hard and draining, But once those feelings of frustration pass, you’ll be better at negotiating and you’ll realize that you know how to do this.
- Ask for Fewer Concessions Home buyers have to cover many additional costs at a mortgage settlement, such as closing costs for taxes, lender’s fees, and title company fees. Depending on your location, the closing costs will vary, but you can expect to pay between 3% and 4% of the home’s selling price. The seller pays an additional 1% to 3%. (You can use the closing cost calculator on our site to get an estimate of what your closing costs might be.) You have the option to ask the seller for concessions when you make your initial offer. This may come in the form of a cash settlement to help you offset your share of the closing costs, but this may not be feasible if the seller has received multiple offers on the property. Requesting concessions will ultimately lower the seller’s net proceeds from the sale. The seller may make a counteroffer that removes the concessions, which ends up putting cash back in the seller’s pocket and can improve your bid.
3 beds, 1 full, 1 part baths
Home size: 1748
Added: 12/04/19, Last Updated: 12/04/2019
Property Type: Duplex for Sale
MLS Number: VAAX241902
Subdivision: Old Town Alexandria<!--
List Price: 799000.00-->
Properties in The City of Alexandria $749,000 to $849,000
MOTIVATED SELLER! Priced $267,000 BELOW Tax Assessed Value! Move-in ready in the heart of Old Town! This fabulous 1790 historic semi-detached home is one of the widest in Old Town and sits on a huge double lot. Alexandria City residential use is already approved! Can be used as residential or commercial! Office downstairs and live upstairs?? Kitchen and bathrooms have been completely remodeled, but original wide-plank hardwoods keep the charm! No headaches in this historic home, metal roof installed in 2015, HVAC new in 2016, and Water heater in 2018, doors and windows have been replaced. Endless entertaining options on an AWESOME back patio and backyard. Walk to Lyles Crouch Elementary. Walk to all the amazing restaurants and shops Old Town has to offer! Easy street parking!!