Some Best Practices For Your Counteroffer

For most people, this is the hope: your offer is for real estate perfect, skip the haggling, and and rather you can turn your attention to your and you can ponder your home.

And, every now and then, it develops. Surely, a couple of sellers accept any offer presented to them, and in Northern Virginia because of rationale known only to them.

But, sellers are also known to reject offers because of a variety of reasons. Or make counteroffers. A counteroffer is particularly probable if your offer is conditional, or when the property is in great demand.

When you receive a counteroffer, it's your selection. You can accept, continue negotiations or move on to the next unit in Alexandria.

In cases like these, as your agent, I'm there to help when you contact me. I will be the local expert to real estate negotiations in 22314 like 225 Strand St #304, if you decide you want to haggle with the seller. By this I mean that I will use my experience and negotiating ability as we craft a series of offers and counter-offers to help get you the best choice of deal on the unit you really want. This is what I do every day.

When negotiations are on-going, you’re not just going to sit there. I’ll help you understand the negotiating tips we will deploy. Those tactics will vary depending upon the property but in 22314 there are some tried and true practices we deploy time and again.

In 22314 in Alexandria, there are a number of basics every home hunter should see from the beginning of negotiations:

1. Be Flexible with your Contingencies

   One way to give your counteroffer an even bigger boost is to reduce the number of contingencies you’re asking for. If you do this, the seller know that you are willing to put yourself in a position in which you have fewer ways to back out, which reassures the seller that the deal will close.

   While reducing contingencies can be a good move, be cautious about the ones you pass on. An important contingency is  the home inspection, which is the right to have the home inspected and request repairs. This gives you an easy out if there are any major problems and protects you from buying a money pit.

   But a termite inspection, for example, might be waived if the home is in a low risk location.

   Waiving contingencies will also depend on your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. Additionally, remember that if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.

2. Know When to Walk Away

   It’s important for you to trust your gut – and your agent – when negotiating with a seller. If your agent says a deal is bad for you, be sure to listen.

   If you’re negotiating and don’t want to make any more trade-offs, walking away would be the best option. Although it’s a tough decision to make, especially since negotiating is tough and exhausting, you need to know that a better deal is out there for you. And after walking away from a sour deal, you’ll know that next time you will have a more informed experience.

3. Increase Your Earnest Money Deposit

   Increasing your earnest money deposit (EMD), which is the amount of money you put down to show you’re interested in the house, is another way to show the seller you are serious about the offer. The EMD is usually 1% to 3% of the sales price of the home. Offering 3% to 4% may be what will persuade the seller to accept your offer.

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