Increase Your Earnest Money DepositIncreasing your earnest money deposit (EMD) — the sum of money you put down to prove to the seller you’re serious (i.e., “earnest”) about buying the house — is another way to show the seller you have more skin in the game. A standard EMD is typically 1% to 3% of the sales price of the home. Making a counteroffer with a 3% to 4% deposit could be what you need to persuade the seller to side with you.
Raise Your Price (But not too Much)If you started out with a really low offer, you may need to increase the amount of your offer – but not too much because you don’t want to overpay. Your agent will be able to give you some tips on how to increase your offer to make it more enticing to the seller. Using “comps” – homes in your area that have recently sold and are similar in terms of square footage and features – I will be able to persuade the seller to see the appeal of your offer. As I negotiate, the situation may become stressful and may feel like it’s escalating quickly. You might even feel the urge to do whatever it takes to win. I’m here to help you keep some things in mind so that you don’t go overboard.
- Your lender has given you a pre-approved amount that you cannot exceed.
- You must never overextend your budget.
- You need to be comfortable with your purchasing amount because even though you buy a home, you still want to be able to enjoy it. Besides, you need to remember that you’re not out of options yet!
- Listen to your Gut – and your AgentWhen you are in the middle of negotiations with a seller and you get a bad feeling in the pit of your stomach – or you get advice from your agent – indicating that something is wrong, you should listen. Don’t be afraid to walk away from a deal, especially if your agent advises you to do so. If you’ve already made negotiations, don’t want to make any more trades, and the seller won’t budge, sometimes walking away is the best decision to make. It won’t be easy because negotiating is hard and draining, But once those feelings of frustration pass, you’ll be better at negotiating and you’ll realize that you know how to do this.
2 beds, 2 full baths Home size: 1,358 sqft Added: 03/16/21, Last Updated: 03/20/2021 Property Type: Garage/Parking Space for Sale MLS Number: VAAX257180 Subdivision: Old Town Alexandria <!-- List Price: 690000.00 -->
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For real estate in Northern VA, contact me, Will Nesbitt at (703)765-0300.