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.- 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 Additionally, if the seller finds that you are hesitating, the counteroffer may be withdrawn, and you may not even get an opportunity to respond.
- 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.
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
See more in Arlington County $1,612,500 to $1,712,500
Nesbitt Realty is a family-run small business that appreciates the opportunity to serve your Northern Virginia real estate needs.