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.
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.
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:
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.
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
Properties 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.