- 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.
- Be Patient about Taking Possession of the Home Depending on the seller’s timeline, being patient about the proposed possession date may butter them up a little. If the seller wants to remain in the house for a period of time after closing, you can consider pushing back the possession date. You could also have the seller pay rent for the period of time they remain in the house after closing, which would be done by drawing up a “rent-back” agreement.
- Whenever you receive a counteroffer, do not hesitate, but be sure to respond within a 24-hour period. This will help to ensure that no other prospective buyer makes the seller a more feasible offer causing you to miss out on that great deal. You should also remember that a seller is entitled to withdraw the offer, and he/she may do so if they find that you are hesitant. It would be very disappointing if you did not even get the chance to respond.
2 beds, 2 full baths
Home size: 1298
Added: 01/05/20, Last Updated: 01/05/2020
Property Type: Unit for Sale
MLS Number: VAAX242290
Subdivision: Alexandria House<!--
List Price: 769000.00-->