For most purchasers, this is the plan: the offer is accepted, forget about negotiating, and and you can instead focus on what you’re going to do with your new dwelling.
And, sometimes, it appears. By all means, some real estate sellers accept any offer they receive, and in McLean for various rationale.
But, sellers are also known to reject offers for some reasons. Or make counteroffers. A counteroffer is especially certain if you make a very low offer, or when you’re up against multiple competing offers.
When the property hunter receives a counter-offer, it’s up to the property hunter to decide whether to accept the new contract, negotiate the terms, or walk away.
When it’s time to negotiate, as your Realtor, please contact me. I will be the local expert for real estate in McLean like 1611 Woodmoor Ln, if you choose 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 deal on the home you really want. It’s what I do.
At the same time, you’ll be a driver and not a passenger. I’ll help you understand the negotiating tactics we will deploy. Those tips will vary depending upon the residence but in McLean, Virginia there are some tried and true practices we deploy time and again.
In McLean, there are some practices every buyer client should know from the beginning of negotiations:
- 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.
- 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.
- Respond quickly
It is always best to respond to a counteroffer within 24 hours so that you will not be making room for another potential buyer to offer for the property and you will miss out on the deal. It is never good to hesitate either because if the seller believes that you are not interested, he/she may withdraw the offer. The worst part is that you would not even have had the chance to respond.
Are you interested in a intriguing place in McLean, Virginia like 1611 Woodmoor Ln? Phone me.
7 beds, 6 full, 1 part baths
Home size: 6940
Added: 11/28/19, Last Updated: 11/28/2019
Property Type: Detached Home for Sale
MLS Number: VAFX1101472
Properties in 22101 $1,825,000 to $1,925,000
Our real estate agents are professionals dedicated to excellence in real estate.