- 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.
- 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.
Increase Your Earnest Money DepositIncreasing 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.
2 beds, 2 full, 1 part baths
Home size: 2420
Added: 09/16/19, Last Updated: 12/04/2019
Property Type: Unit for Sale
MLS Number: VAAX239838
Subdivision: Old Town<!--
List Price: 1820000.00-->