Do You Need Any Info For Negotiating In Northern Virginia?

For the majority of people, here's the desire: the offer is accepted, cut out the dickering, and and you can ponder your options with your new home. And, on rare occasions, it arises exactly like that. Obviously, some owners accept the first offer they gaze upon, and in Northern Virginia for various rationale. On the other hand, owners are also known to reject offers for a host of reasons. Or make counteroffers. A counteroffer is particularly probable when you make a lowball offer, or when the property is in great demand. When the home hunter receives a counter-offer, it’s up to the purchaser to decide whether to accept the new contract, negotiate the terms, or walk away. In cases like these, as your Realtor, I want you to talk to me. I will be your spirit guide to real estate negotiations in 22303 in Fairfax County if you choose to squabble with the seller. By this, I mean that I will use my experience and negotiating prowess as we craft a series of offers and counter-offers to help get you the dream deal on the home you want. It's what I do. But, you'll be right there with me. I’ll help you understand the negotiating conventions we will deploy. Those tactics will vary depending upon the townhouse but in Fairfax County, there are some basics we come back to time and time again. In 22303 in Fairfax County, I'll talk about several conventions every buyer client should see from the outset:

1. Be Flexible with your ContingenciesOne way to give your counteroffer an even bigger boost is to reduce the number of contingencies you’re asking for. If you do this, the seller knows that you are willing to put yourself in a position in which you have fewer ways to back out, which reassures the seller that the deal will close. While reducing contingencies can be a good move, be cautious about the ones you pass on. An important contingency is the home inspection, which is the right to have the home inspected and request repairs. This gives you an easy out if there are any major problems and protects you from buying a money pit. But a termite inspection, for example, might be waived if the home is in a low-risk location. Waiving contingencies will also depend on your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. Additionally, remember that if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.

2. Ask for Fewer Concessions

   At a mortgage settlement, home buyers have to pay closing costs for taxes, lender’s fees, and title company fees. Closing costs vary by location, but you can expect to shell out between 3% and 4% of the home’s sales price. The seller pays an additional 1% to 3%. (Our site has a closing cost calculator you can use to get a rough idea of what your closing costs might be.) When making an initial offer, you have the option to ask the seller for concessions — a settlement paid in cash to help you offset your share of the closing costs. (This move is less feasible if you’re going up against multiple offers.) Concessions effectively lower the seller’s net proceeds from the sale. Making a counteroffer that removes the concessions you would have otherwise received at settlement puts cash back in the seller’s pocket — and can improve your bid.

3. Raise Your Price (Within Reason)

   While you obviously don’t want to overpay for a house, you may have to up the ante — especially if you initially made a lowball offer. Lean on your agent’s expertise to determine how much money you should add to the sales price to make it more enticing to the seller. Then, through their powers of persuasion, I can make the counteroffer look even more attractive by pointing out similarly priced “comps” — recently sold homes in your area that are comparable in terms of square footage and features. As I negotiate, it can feel like things are escalating quickly. It’s stressful. You may feel a sudden urge to do whatever it takes to win. Before you go overboard, there are we will keep in mind:
   • You can’t exceed the monetary confines of the pre-approved mortgage you received from your lender.
   • You shouldn’t overextend your budget.
   • Because your counteroffer has to be an amount you’re comfortable spending on a home. You want that new house and to keep living your life. Plus: You’re not out of options yet.

Are you interested in an attractive home in 22303 in Alexandria? Call me. 

Properties in Fairfax County $403,750 to $446,250

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Nesbitt Realty is a family-run real estate brokerage located in Northern Virginia.