Nuggets Of Wisdom For Your Counteroffer

Photo of 7614 Southern Oak Dr

For nearly all property hunters, here's the desire: the seller accepts your offer as-is, skip the haggling, and instead you can spend your valuable time worrying about paint colors and moving companies.

Photo of 7614 Southern Oak Dr

And it might happen. Without a doubt, a number of real estate sellers accept the first offer put before them, and in Springfield because of rationale known only to them.

Obviously, property sellers are also known to reject offers in consideration of various rationale. Or make counteroffers. A counteroffer is more likely if your offer contains conditions, or when there is more than one offer.

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

Photo of 7614 Southern Oak Dr

When it's time to negotiate, as your agent, I'll be standing by so you can talk to me. I will be your trusted adviser for real estate in Fairfax County like 7614 Southern Oak Dr, if you decide you want to dicker 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 best deal on the dwelling you really want. It's the reason well regarded agents like me exist.

When negotiations are on-going, you'll be an active participant in this process. I’ll help you understand the negotiating ideas we will deploy. Those tips will vary depending upon the property but in 22153 there are some tried and true practices we deploy time and again.

In Northern Virginia, there are enticing basics every property hunter should know from the outset:

  1. Be Flexible with your Contingencies, but with Care

    If you want to boost the appeal of your counteroffer, reduce the number of contingencies you’re asking for. This reassures the seller that the deal will likely close because it puts you in a position that makes it difficult for you to back out.

    Reducing contingencies is a great way to make your offer appealing, but you need to exercise caution when doing so. A home inspection is important because any major problems will be uncovered and you will be able to either request repairs or back out easily if you aren’t happy with the outcome. This also protects you from buying a money pit.

    It may make the offer look more appealing if you waive a termite inspection, especially if you live in a state with a lower risk.

    If you are considering waiving some contingencies, you’ll have to check with your loan program requirements. Other factors that come into play are your market, your risk tolerance, and the circumstances of the house in question. Keep in mind that the seller won’t be responsible for fixing any problems if you decide to waive any of the corresponding contingencies.

  2. Raise Your Price (But not too Much)

    If you started out with a really low offer, you may need to increase the amount of your offer – but not too much because you don’t want to overpay. Your agent will be able to give you some tips on how to increase your offer to make it more enticing to the seller.

    Using “comps” –  homes in your area that have recently sold and are similar in terms of square footage and features – I will be able to persuade the seller to see the appeal of your offer.

    As I negotiate, the situation may become stressful and may feel like it’s escalating quickly. You might even feel the urge to do whatever it takes to win. I’m there to help you keep some things in mind so that you don’t go overboard.

    • Your lender has given you a pre-approved amount that you cannot exceed.
    • You must never overextend your budget.
    • You need to be comfortable with your purchasing amount because even though you buy a home, you still want to be able to enjoy it. Besides, you need to remember that you’re not out of options yet!
  3. Be Patient about Taking Possession of the Home

    Depending on the seller’s timeline, being patient about the proposed possession date may butter them up a little. If the seller wants to remain in the house for a period of time after closing, you can consider pushing back the possession date. You could also have the seller pay rent for the period of time they remain in the house after closing, which would be done by drawing up a “rent-back” agreement.

Are you interested in a mid-sized end unit townhouse in 22153 in Springfield like 7614 Southern Oak Dr?  

3 beds, 3 full, 1 part baths

Home size: 1672

Added: 01/03/20, Last Updated: 01/06/2020

Property Type: End Unit Townhouse for Sale

MLS Number: VAFX1102014

Subdivision: Springfield Oaks

Properties in Springfield $414,900 to $514,900

When you need help with real estate, contact me, Will Nesbitt at (703)765-0300.

Stuart Nesbitt Kim Nesbitt Aubrey Nesbitt Julie Nesbitt Andrew Patton Alan Clreinx Ben Schulz Will Nesbitt
Stuart Nesbitt Kim Nesbitt Aubrey Nesbitt Julie Nesbitt Andrew Patton Alan Clreinx Ben Schulz 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.