Buy Your Own Home WarrantySometimes home sellers offer prospective the buyer a home warranty. A home warranty is a plan that covers the cost of repairing major home appliances and systems, like the air conditioner or hot water heater, if they break down within a certain period (typically a year after closing). According to Angie’s List, a basic home warranty costs about $300 to $600 a year. If you want the home warranty, you can tell the seller they don’t need to cover it — then buy it yourself. Just keep in mind, whether you or the seller buy the warranty, you’ll need to pay the service fee (typically between $50 and $100) if something does, indeed, need to be repaired while under warranty. Also, FYI: A home warranty is entirely separate from homeowners insurance. Homeowners insurance — the security blanket that covers your home’s structure and possessions in the event of a fire, storm, flood, or other accident — is required if you take out a mortgage. It can cost anywhere from $300 to $1,000 per year.
Increase Your Earnest Money DepositYour earnest money deposit, or EMD, is the amount of money you put down when buying a home. Increasing this amount of money shows the seller that you’re more serious about the sale. Offering 3% to 4% as an EMD instead of the typical 1% to 3% may be what it takes to persuade the seller to side with you.
Raise Your Price (Within Reason)Nobody wants to overpay for a house, but you may have to increase the amount of your offer, especially if you offered a low amount to begin with. Let your agent guide you regarding the amount by which to increase your offer so that it will be more appealing to the seller. Through the power of persuasion, I will be able to make your counteroffer look more appealing by pointing out other similarly priced homes – or comps – in the area that are similar in size and features. The situation can be stressful and may feel like it is escalating quickly as i negotiate, and you may feel as though you are willing to do whatever it takes to win. But we will keep several things in mind throughout this process:
- You have to stay within the monetary boundaries of the pre-approved amount you received from your lender.
- You should never overextend your budget.
- Your counteroffer needs to be an amount that you’re comfortable spending on a home since you want that house but you want to be able to continue living comfortably as well.
- Keep in mind that you’re not out of options.
4 beds, 2 full baths
Home size: 1815
Added: 10/29/19, Last Updated: 12/20/2019
Property Type: Detached Home for Sale
MLS Number: VAAX241118
Subdivision: Old Town<!--
List Price: 750000.00-->