For home buyers, here’s the best situation: the seller accepts your offer as-is, skip the haggling, and allowing you to focus on your upcoming home ownership.
And, sometimes it does occur. By all means, various property sellers accept any offer they receive, and in the City of Manassas for various rationale.
But, real estate sellers are also known to reject offers because of a variety of reasons. Or make counteroffers. A counteroffer is possible if you make a very low offer, or when there is more than one offer.
When you receive a counteroffer, it’s your choice. You can accept, continue negotiations or move on to the next home.
When this happens, as your Realtor, I’ll be standing by so you can talk to me. I will be your personal ace for real estate like 9404 Scarlet Oak Dr #3 in 20110 in the City of Manassas, if you decide you want to dicker with the seller. By this I mean that I will use my experience and negotiating ability as we craft a series of offers and counter-offers to help get you the best deal on the home you really want. I have done this many times, and I can do it for you.
During negotions, you’ll be a driver and not a passenger. I’ll help you understand the negotiating rules of thumb we will deploy. Those basics will vary depending upon the home but in 20110 in Manassas here are some basics we come back to time and time again.
In Manassas, Virginia, let’s really consider 3 practices every buyer should see when negotiations start:
- 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.
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!
- Don’t ask for so many ConcessionsWhen buying a home, the buyer has to cover many costs besides just the cost of the home or mortgage. These include paying closing costs for taxes, lender’s fees, and title company fees. Although closing costs will vary by location, you can expect to pay between 1% and 3% of the home’s selling price. The seller will pay an additional 1% to 3%. Using our site’s closing cost calculator can help you get an estimate of what you can expect your closing costs to be.
When you make an offer on a home, you can ask the seller for concessions, which may include a settlement paid in cash to help cover some of your share of the closing costs. Asking for concessions can’t hurt, but it may not be feasible if you’re up against several offers.
If the seller gives you concessions, their net proceeds will ultimately be lower. The seller may make a counteroffer that removes the requested concessions, but this will put money back in the seller’s pocket and can improve your bid.
Are you interested in a 2-bedroom 2-baths Traditional-style home like 9404 Scarlet Oak Dr #3 in Manassas? I can help you actualize your hope.
2 beds, 2 full baths
Home size: 865 sq.ft.
Added: 11/18/18, Last Updated: 11/18/2018
Property Type: Residential Garden 1-4 Floors for Sale
MLS Number: MN10380223
Subdivision: Rolling Oaks
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