Advice For Negotiating In Northern Virginia

Oftentimes, this is the desire: your offer is for real estate accepted as-is, there is no negotiation to handle, and allowing you to focus on your upcoming home ownership.

And it could occur. Naturally, curated detached home sellers accept the first offer presented, and in Northern Virginia for a host of reasons.

On the other hand, real estate sellers are also known to reject offers because of a variety of reasons. Or make counteroffers. A counteroffer is probable if your offer contains conditions, or when you’re up against multiple competing offers.

If the seller counters, it's now the home shopper's turn to either accept, continue negotiations or move on to the next residence in Springfield, Virginia.

Photo of 8431 Rainbow Bridge Ln

In cases like these, as your real estate agent, I'll be standing by so you can email me. I will be your guide to real estate negotiations in Springfield like 8431 Rainbow Bridge Ln, say the word and I'll help you to bargain 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 right deal on the home you actually want. It's the reason reliable agents like me exist.

But, I'll provide advice but you'll provide direction and make important decisions. I’ll help you understand the negotiating tips we will deploy. Those tips will vary depending upon the place of residence but in 22153 there are some conventions that we use repeatedly.

In Northern Virginia, there are numerous rules every shopper should see from the outset:

  1. Increase Your Earnest Money Deposit

    Your earnest money deposit, or EMD, is the sum of money you put down to prove to the seller you are serious about buying the house. Putting down more money shows the seller that you’re more serious about the sale. The standard amount of the EMD is usually 1% to 3% of the home’s selling price. If you offer 3% to 4%, the seller may be more likely to side with you.

  2. Act Fast — Like, Now

    When you receive a counteroffer, you should respond quickly — ideally within 24 hours. The longer you wait, the more space you leave for another buyer to swoop in and nab the property. Also? If a seller senses hesitation, they may decide to withdraw their counteroffer before you even have a chance to respond.

  3. Pick Up the Cost of the Home Warranty

    Sometimes sellers offer prospective buyers a home warranty. This 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).

    A basic home warranty costs about $300 to $600 a year, according to Angie’s List. If it seems like waiving the home warranty can sweeten negotiations, but you still want the peace of mind of having one, 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.

Will Nesbitt
Will Nesbitt

Are you interested in a remarkable place of residence like 8431 Rainbow Bridge Ln? I can help you accomplish your hope. 

4 beds, 2 full, 1 part baths

Home size: 1040

Added: 10/03/19, Last Updated: 11/30/2019

Property Type: Detached Home for Sale

MLS Number: VAFX1092238

Subdivision: Newington Forest

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I appreciate your business and look forward to serving you.

Will Nesbitt
Will Nesbitt

 

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.