- 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.
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 there 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!
Increase Your Earnest Money DepositYour earnest money deposit, or EMD, is the amount of money you put up front to prove to the seller you are serious about buying the house. Increasing your EMD shows the seller that you’re more serious about the sale. The EMD is usually 1% to 3% of the sales price of the home. If you offer 3% to 4%, the seller may be more likely to side with you.
2 beds, 2 full, 1 part baths
Home size: 1,260 sqft
Added: 03/04/21, Last Updated: 03/12/2021
Property Type: End Unit Townhouse for Sale
MLS Number: VAAX256622
Subdivision: Old Town SE Quadrant<!--
List Price: 700000.00-->