A Few Best Practices For Purchasers Negotiating A Real Estate Purchase In Arlington

Photo of 2304 N Kensington St

For a couple of people, this is the plan: the seller accepts your offer as-is, there is no negotiation to handle, and and you can ponder your selections with your new property.

Photo of 2304 N Kensington St

And, sometimes it does develop. We know that, several property sellers accept any offer they gaze upon, and in Arlington, Virginia because of rationale known only to them.

On the other hand, sellers are also known to reject offers because of a variety of reasons. Or make counteroffers. A counteroffer is especially certain if you make an offer with lots of conditions, or when there are multiple offers.

When you receive a counteroffer, it's your option. You can accept, continue negotiations or move on to the next detached home.

Photo of 2304 N Kensington St

When it's time to negotiate, as your Realtor, I'm there to help when you reach out to me. I will be your guide to real estate negotiations like 2304 N Kensington St, if you want to haggle 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 perfect deal on the home of your dreams. I've dedicated my professional talents to this.

As events unfold, you'll be an active participant in this process. I’ll help you understand the negotiating tactics we will deploy. Those rules of thumb will vary depending upon the residence but in Arlington there are some tried and true practices we deploy time and again.

In Arlington, there are several rules every purchaser should know from the beginning of negotiations:

  1. Buy Your Own Home Warranty

    Sometimes home sellers offer prospective the buyer a home warranty. A home warranty is a plan that covers the cost of repairing major home appliances and systems, like the air conditioner or hot water heater, if they break down within a certain period (typically a year after closing). According to Angie’s List, a basic home warranty costs about $300 to $600 a year. If you want the home warranty, you can tell the seller they don’t need to cover it — then buy it yourself.

    Just keep in mind, whether you or the seller buy the warranty, you’ll need to pay the service fee (typically between $50 and $100) if something does, indeed, need to be repaired while under warranty.

    Also, FYI: A home warranty is entirely separate from homeowners insurance. Homeowners insurance — the security blanket that covers your home’s structure and possessions in the event of a fire, storm, flood, or other accident — is required if you take out a mortgage. It can cost anywhere from $300 to $1,000 per year.

  2. A counteroffer should be responded to within a 24-hour period because if you wait too long, another buyer make make a more feasible offer to the seller.

    Additionally, if the seller finds that you are hesitating, the counteroffer may be withdrawn, and you may not even get an opportunity to respond.

  3. Ask for Fewer Concessions

    Home buyers have to cover many additional expenditures, such as closing costs for taxes, lender’s fees, and title company fees, at a mortgage settlement. The closing costs will vary depending on your location, but you can expect to pay between 3% and 4% of the home’s selling price. An additional 1% to 3% is paid by the seller. (Our website’s closing cost calculator can help you get a rough idea of what you can expect to pay in closing costs.

    When you make your initial offer, you have the option to ask the seller for concessions, which may include cash to help offset the closing costs. However, asking for concessions may not be a feasible option if there have been multiple offers on the house.

    If the seller accepts your concessions, the net proceeds from the sale will be lower. Making a counteroffer that removes the concessions you may have otherwise received puts cash back in the seller’s pocket and can improve your bid.

Photo of 2304 N Kensington St

Are you interested in a $1,662,500 7-bedroom 6-baths detached home in 22205 in Arlington? Get in touch with me. 

7 beds, 6 full baths

Home size: 3934

Added: 09/25/19, Last Updated: 11/29/2019

Property Type: Detached Home for Sale

MLS Number: VAAR154962

Subdivision: Tuckahoe

Properties in Arlington County $1,612,500 to $1,712,500

707 N Barton St

New Construction in Lyon Park! Contemporary craftsman on 4 levels with high end finishes and features throughout. Gourmet kitchen with stainless steel appliances, butler’s pantry, wet bar, LED light fixtures, double wall oven with Advantium microwave, large center island with storage space and more. Master bedroom suite featuring a large walk-in closet with barn doors, soaking tub, dual vanities and Bluetooth surround sound system (Smart Home features). Large fully finished lower level with full bedroom, bathroom, washer/dryer hookup and separate entrance – Perfect for an in-law or nanny suite! 2-car detached garage in rear with Level 2 charging station your electric car! Deck in rear – Perfect for entertaining or relaxing! Very energy efficient with Andersen 400 Series windows and HardiePlank cement siding. Prime location with easy access to Pershing Dr shops and restaurants, Clarendon, Rt 50 and much more! 1-year Builders Warranty (NAHB Professional Builders Standards). [Lyon Park$1,699,000]

Will Nesbitt
Will Nesbitt

Nesbitt Realty is a family-run small business that appreciates the opportunity to serve your Northern Virginia real estate needs.

 

Will Nesbitt

View posts by Will Nesbitt
Will is the principal broker of Nesbitt Realty and Condo Alexandria. He is licensed in anywhere in the Commonwealth of Virginia, but focuses on those communities found in and around Alexandria, Arlington, Mount Vernon and Springfield/Franconia. Will has been involved in real estate management, sales and investment for more than twenty years. He is a veteran of the U.S. Army. While in the army, he studied Russian at Monterey's Defense Language Institute. He is also a "veteran of the dotcom wars" and built most of the sites associated with NesbittRealty.com Will currently resides in Belle Haven Estates just outside Old Town, overlooking New Alexandria. He is a former president of the Mount Vernon Youth Athletic Association and founded the Alexandria Fun with Friends Group. Will is the author of BattlestorM, a tabletop fantasy game, which was published by Ral Partha Publishing in the late '90's, and Arthur's Realm, a boardgame available at the Gamecrafter.