- Pay for the Home Warranty YourselfSellers will occasionally offer a prospective buyer a home warranty. This is a plan that, according to Angie’s List, costs around $300 to $600 and covers the repair of larger home appliances, such as the air conditioner and hot water heater, if they malfunction within a certain time period after purchasing the home. Usually the time period is one year. If you want the home warranty but feel that buying it yourself would ease negotiations, tell the seller they don’t need to cover it – then buy it yourself. Regardless of who buys 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. You must remember that a home warranty is separate and different from homeowners insurance. Homeowners insurance covers your home’s structure and possessions in case of a fire, storm, flood, or other accident. If you take out a mortgage, homeowners insurance is required, and it can costs around $300 to $1,000 each year.
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Let Go of a Few Contingencies — With Care
Want to give your counteroffer an even bigger boost? Reduce the number of contingencies you’re asking for. It’s your way of saying, “Hey, look, I have fewer ways to back out,” which gives the seller more reassurance that the deal will close. But be selective: Some contingencies are too important to give up. A home-inspection contingency — the right to have a home inspection and request repairs — gives you an out if you spot major problems with the home (and protects you from buying a total money pit). You might waive a termite inspection if you’re in a state where the risk is lower. But ultimately, waiving contingencies depends on your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. And if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it. -
Increase Your Earnest Money Deposit
Your earnest money deposit, or EMD, is the amount of money you put down to prove to the seller you want to buy the house. Putting down more money shows the seller that you’re more serious about the sale. The typical amount of an EMD is 1% to 3% of the sales price of the home. Offering 3% to 4% may be what it takes to persuade the seller to side with you.
3 beds, 2 full, 1 part baths
Home size: 2560
Added: 05/21/19, Last Updated: 05/21/2019
Property Type: Townhouse for Sale
MLS Number: VAPW468404
Subdivision: Belmont Bay
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