For a couple of home buyers, this is the desire: your offer is for real estate perfect, you don’t need to squabble, and instead you can spend your valuable time worrying about paint colors and moving companies.
And, sometimes it does happen. Indeed, a number of sellers accept any offer they get, and in 22314 in the City of Alexandria in consideration of various rationale.
On the other hand, unit sellers are also known to reject offers for various rationale. Or make counteroffers. A counteroffer is particularly certain if your offer contains conditions, or when the property or area is highly sought after.
If you do receive a counteroffer, it’s up to you to decide whether you want to accept the new contract, negotiate the terms, or walk away.
In cases like these, as your agent, I want you to email me. I will be your trusted adviser for real estate like 114 Roberts Ln #400, say the word and I'll help you to dicker 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 right deal on your aspirational purchase. I've dedicated my professional talents to this.
At the same time, it won't be all me though. I’ll help you understand the negotiating tactics we will deploy. Those rules will vary depending upon the place of residence but in the City of Alexandria here are some basics we normally implement.
In 22314 in Alexandria, I'll talk about 3 rules every buyer should know when negotiations initiate:
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.
- Ask for Fewer Concessions
Home buyers have to cover many additional expenditures, such as closing costs for taxes, lender’s fees, and title company fees, at a mortgage settlement. The closing costs will vary depending on your location, but you can expect to pay between 3% and 4% of the home’s selling price. An additional 1% to 3% is paid by the seller. (Our website’s closing cost calculator can help you get a rough idea of what you can expect to pay in closing costs.
When you make your initial offer, you have the option to ask the seller for concessions, which may include cash to help offset the closing costs. However, asking for concessions may not be a feasible option if there have been multiple offers on the house.
If the seller accepts your concessions, the net proceeds from the sale will be lower. Making a counteroffer that removes the concessions you may have otherwise received puts cash back in the seller’s pocket and can improve your bid.
- Let some of your Contingencies go – With Care
If you want to give your counteroffer an even bigger boost, try reducing the number of contingencies you are asking for. This lets the seller know that you are willing to put yourself in a position in which you have fewer ways to back out. Being in that position reassures the seller that the deal will close.
When you choose to reduce your contingencies, make sure you only give up the ones that are safe for you to give up. A home-inspection contingency is having someone inspect your home so that you can request repairs. This gives you an out if you find any major problems, and it protects you from buying a total money pit.
A termite inspection, on the other hand, might be waived if you live in a state where the risk is lower.
Waiving contingencies will ultimately depend on some other factors, such as your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. But remember that if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.
Are you interested in a $360,000 2-bedroom 2-baths unit like 114 Roberts Ln #400?
2 beds, 2 full baths
Home size: 1118
Added: 11/13/20, Last Updated: 11/19/2020
Property Type: Unit for Sale
MLS Number: VAAX253308
Subdivision: Fort Ellsworth
List Price: 360000.00
Properties in The City of Alexandria
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