For some home buyers, here’s the desire: the seller signs off on your offer, don’t bother with negotiation, and allowing you to focus on your upcoming home ownership.
And it might crop up. By all means, curated sellers accept the first offer they gaze upon, and in Northern Virginia in consideration of various rationale.
But, real estate sellers are also known to reject offers for various rationale. Or make counteroffers. A counteroffer is very likely when you make a lowball offer, or when there is more than one offer.
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.
When negotiates are underway, as your well-informed Realtor, I’ll be standing ready and I want you to email me. I will be your spirit guide to real estate negotiations in Northern Virginia, say the word and I’ll help you 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 great deal on the home you want. It’s the reason real estate advisers like me exist.
As events unfold, you’ll be right there with me. . I’ll help you understand the negotiating rules of thumb we will deploy. Those conventions will vary depending upon the pied-a-terre but in 22152 here are some basics we normally come back.
In 22152 in Springfield, let’s discuss several ideas every shopper should know before negotiations start:
- Be Patient about Taking PossessionAdjusting your proposed possession date, which is the date you take over the property, could be more appealing to the seller, depending on their timeline. If the seller isn’t quite out of the house by closing time, you could propose a later possession date. A “rent-back” agreement would be another option. This means that if the seller remains in the house for a period of time after closing, they would pay you rent for that time period.
- Reduce your Contingencies – With CautionIf you want to give your counteroffer a bigger boost, try reducing the number of contingencies you’re requesting. This puts you in a position that makes it difficult for you to back out, thereby reassuring the seller that the deal will likely close.
Make sure you exercise caution when you are reducing your contingencies. A home-inspection contingency allows you to have the home inspected so that you can request repairs or withdraw your offer. This protects you from buying a home with money-draining problems.
You could, however, waive a termite inspection if you live in a state where the risk is lower.
Many factors need to be considered when looking at waiving contingencies, such as your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. You must also keep in mind that if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.
- Let go of the ConcessionsWhen buying a home, home buyers must pay many additional fees, such as closing costs for taxes, lender’s fees, and title company fees. Though these fees can vary depending on the home’s location, you can expect to pay between 3% and 4% of the home’s sales price, and the seller pays an additional 1% to 3%. Our site has a closing cost calculator that you can use to estimate what you can expect to pay in closing costs.
Upon your initial offer, the buyer has the opportunity to ask for concessions from the seller. This can include a cash settlement to help cover some of your share of the closing costs. While this can be a good option, it may be less feasible if you’re going up against multiple offers.
Concessions will ultimately lower the amount of money the seller makes in the deal, so you may receive a counteroffer that removes the concessions. It may be wise to let go of the concessions because this puts cash back in the seller’s pocket and can also improve your bid.
Are you interested in a mid 20th-century residence in 22152 in Springfield? I can help you carry out your hope.
4 beds, 3 full, 1 part baths
Home size: 2,016 sq.ft.
Lot Size: 9,843 sq.ft.
Added: 07/17/18, Last Updated: 07/18/2018
Property Type: Residential Detached for Sale
MLS Number: FX10300467
Subdivision: Keene Mill Station
Properties in Keene
Contact us to get a free no obligation list of similar properties or to be notified when properties become available with your criteria.