Lessons For Negotiating In Northern Virginia

For buyers, this is the desire: the offer is perfect, forget about negotiating, and allowing you to focus on your upcoming home ownership.

Andrew Patton
Andrew Patton

And, from time to time, it occurs. We know that, a few home sellers accept any offer they get, and in 22314 in the City of Alexandria for more than a few reasons.

Conversely, real estate sellers are also known to reject offers because of rationale known only to them. Or make counteroffers. A counteroffer is likely if you make an offer with lots of conditions, or when the property is in great demand.

When you receive a counteroffer, it's your option. You can accept, continue negotiations or move on to the next home.

Andrew Patton
Andrew Patton

In cases such as these, as your remarkable agent, I want you to get in touch with me. I will be your trusted adviser for real estate like 400 Madison St #1904 in Alexandria, Virginia, if you want to haggle with the seller. By this I mean that I will use my experience and negotiating accomplishments as we craft a series of offers and counter-offers to help get you the right deal on your dream home. This is what I do each and every day.

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

In 22314 in the City of Alexandria, I'll talk about three tactics every purchaser should know when negotiations begin:

  1. 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.

  2. 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.

  3. 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.

Photo of 400 Madison St #1904

Are you interested in a Contemporary property in Northern Virginia? Connect with me. 

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

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List Price: 769000.00

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Properties in Alexandria $719,000 to $819,000

Nesbitt Realty
Nesbitt Realty

 

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