For some people, here’s the goal: the seller signs off on your offer, you don’t need to negotiate, and and rather you can turn your attention to your and you can ponder your house.
And, sometimes it does happen. Surely, a couple of real estate sellers accept the first offer presented to them, and in 22079 in Fairfax County for various rationale.
Conversely, sellers are also known to reject offers for a host of reasons. Or make counteroffers. A counteroffer is particularly possible if your offer contains conditions, or when the property is in great demand.
When the buyer receives a counter-offer, it’s up to the home buyer to decide whether to accept the new contract, negotiate the terms, or walk away.
When this happens, as your bright agent, I’ll be standing by so you can email me. I will be the local expert for real estate in 22079 in Lorton like 9096 Furey Rd, if you want to wrangle 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 perfect deal on your aspirational purchase. I’ve dedicated my professional talents to this.
At the same time, you’ll be right there with me. . I’ll help you understand the negotiating conventions we will deploy. Those rules of thumb will vary depending upon the pied-a-terre but in 22079 in Lorton here are some basics we frequently implement.
In Lorton, there are conventions every property seeker should see when negotiations commence:
- Ask for Fewer ConcessionsBuying a house entails paying for more than just the asking price of the house. Home buyers have to pay closing costs for taxes, lender’s fees, and title company fees at a mortgage settlement. Depending on your location, the closing costs will vary. You will likely end up paying between 3% and 4% of the home’s sales price. The seller pays an additional 1% to 3%. You can use the closing cost calculator on our website to help you get a rough estimate of what your closing costs might be.
When you make your initial offer, you have the opportunity to ask the seller for concessions – usually a cash settlement paid to offset your share of the closing costs. Asking for concessions can work to your advantage as long as you aren’t going up against multiple offers.
Making concessions lowers the seller’s net proceeds, and you may receive a counteroffer that removes your requested concessions. In this case, cash goes back in the seller’s pocket, but this can also improve your bid.
- Let some of your Contingencies go – With CareIf 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.
- Pick up the Cost of the Home Warranty YourselfA home warranty is sometimes offered by a seller. A home warranty covers the repair of larger home appliances, such as the air conditioner or hot water heater, if they malfunction within a certain time period – usually a year – after purchasing the home. According to Angie’s List, a home warranty can cost $300 to $600, which is minimal in comparison to the cost of repairing one of these larger appliances.
If waiving the home warranty seems to make negotiations easier, offer to pay for it yourself so that the seller does not have to cover the cost. You should know, however, that regardless of who purchases the warranty, you will be responsible for paying the service fee, usually between $50 and $100, if something needs to be repaired while under warranty.
To clarify, a home warranty is different and separate from homeowners insurance. Homeowners insurance covers your home’s structure and possessions in case of a fire, storm, flood, or other accident; and it is required if you take out a mortgage to buy your home. This insurance usually costs between $300 to $1,000 per year, which is a small price to pay for peace of mind.
Are you interested in a engaging property like 9096 Furey Rd? I can help.
4 beds, 4 full, 1 part baths
Home size: 3,176 sq.ft.
Lot Size: 4,612 sq.ft.
Added: 09/16/18, Last Updated: 09/16/2018
Property Type: Residential Detached for Sale
MLS Number: FX10347883
Subdivision: Laurel Highlands
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