Will Nesbitt’s Conventions For Townhouse Buyers Negotiating A Dream Home In Northern Virginia

For many people, here's the idea: the seller accepts your offer as-is, there is no negotiation to handle, and allowing you to focus on your upcoming home ownership. And, sometimes it does occur. Of course, various s accept the first offer they receive, and in Prince William County for several reasons. Indeed, real estate sellers are also known to reject offers in consideration of various rationale. Or make counteroffers. A counteroffer is particularly certain when you make a lowball offer, or when you’re up against multiple competing offers. When you receive a counteroffer, it's your choice. You can accept, continue negotiations or move on to the next abode in Woodbridge.

When negotiates are underway, as your real estate agent, I'll be standing ready and I want you to contact me. I will be the local expert for real estate in 22192 in Prince William County, if you want to bargain 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 best choice of deal on your dream home. This is what I have done for my clients and I will do for you. At the same time, you'll be an active participant in this process. I’ll help you understand the negotiating tactics we will deploy. Those conventions will vary depending upon the residence but in 22192 in Woodbridge there are some conventions that we use repeatedly. In Woodbridge, Virginia, let's deliberate on a lot of basics every buyer should see when negotiations begin:

1. 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.
2. 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.

3. Raise Your Price (Within Reason)

   Nobody wants to overpay for a house, but you may have to increase the amount of your offer, especially if you offered a low amount to begin with. Let your agent guide you regarding the amount by which to increase your offer so that it will be more appealing to the seller. Through the power of persuasion, I will be able to make your counteroffer look more appealing by pointing out other similarly priced homes – or comps – in the area that are similar in size and features. The situation can be stressful and may feel like it is escalating quickly as i negotiate, and you may feel as though you are willing to do whatever it takes to win. But we will keep several things in mind throughout this process:
   • You have to stay within the monetary boundaries of the pre-approved amount you received from your lender.
   • You should never overextend your budget.
   • Your counteroffer needs to be an amount that you’re comfortable spending on a home since you want that house but you want to be able to continue living comfortably as well.
   • Keep in mind that you’re not out of options.

Are you interested in a mid-market property in Prince William County? I can help. 

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