- 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.
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
Subdivision: Rosemont
Properties in 22101 $1,825,000 to $1,925,000
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