Oftentimes, here's the plan: your offer is accepted, cut out the dickering, and and you can ponder your choices with your new townhouse.
And it can arise. Surely, curated homeowners accept any offer they get, and in Alexandria for a host of reasons.
But, home sellers are also known to reject offers for several reasons. Or make counteroffers. A counteroffer is especially likely if you make a very low offer, or when the property or area is highly sought after.
When the purchaser receives a counter-offer, it’s up to the home shopper to decide whether to accept the new contract, negotiate the terms, or walk away.
When negotiates are underway, as your agent, I'll be standing by so you can email me. I will be the local expert for real estate in Alexandria like 1216 Franklin St, when you think it's your home, then I'l help you to negotiate with the seller. By this I mean that I will use my experience and negotiating aptitudes as we craft a series of offers and counter-offers to help get you the ideal deal on your dream home. This is what I have done for my clients and I will do for you.
When negotiations are on-going, I'll provide advice but you'll provide direction and make important decisions. I’ll help you understand the negotiating rules of thumb we will deploy. Those rules of thumb will vary depending upon the townhouse but in the City of Alexandria there are some tried and true practices we deploy time and again.
In Alexandria, here are several tactics every home shopper should know before negotiations open:
Let Go of a Few Contingencies — With Care
Want to give your counteroffer an even bigger boost?
Reduce the number of contingencies you’re asking for. It’s your way of saying, “Hey, look, I have fewer ways to back out,” which gives the seller more reassurance that the deal will close.
But be selective: Some contingencies are too important to give up. A home-inspection contingency — the right to have a home inspection and request repairs — gives you an out if you spot major problems with the home (and protects you from buying a total money pit).
You might waive a termite inspection if you’re in a state where the risk is lower.
But ultimately, waiving contingencies depends on your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. And if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.
- Pick up the Cost of the Home Warranty Yourself
A home warranty is sometimes offered by a seller. A home warranty covers the repair of larger home appliances, such as the air conditioner or hot water heater, if they malfunction within a certain time period – usually a year – after purchasing the home. According to Angie’s List, a home warranty can cost $300 to $600, which is minimal in comparison to the cost of repairing one of these larger appliances.
If waiving the home warranty seems to make negotiations easier, offer to pay for it yourself so that the seller does not have to cover the cost. You should know, however, that regardless of who purchases the warranty, you will be responsible for paying the service fee, usually between $50 and $100, if something needs to be repaired while under warranty.
To clarify, a home warranty is different and separate from homeowners insurance. Homeowners insurance covers your home’s structure and possessions in case of a fire, storm, flood, or other accident; and it is required if you take out a mortgage to buy your home. This insurance usually costs between $300 to $1,000 per year, which is a small price to pay for peace of mind.
- Let go of the Concessions
When buying a home, home buyers must pay many additional fees, such as closing costs for taxes, lender’s fees, and title company fees. Though these fees can vary depending on the home’s location, you can expect to pay between 3% and 4% of the home’s sales price, and the seller pays an additional 1% to 3%. Our site has a closing cost calculator that you can use to estimate what you can expect to pay in closing costs.
Upon your initial offer, the buyer has the opportunity to ask for concessions from the seller. This can include a cash settlement to help cover some of your share of the closing costs. While this can be a good option, it may be less feasible if you’re going up against multiple offers.
Concessions will ultimately lower the amount of money the seller makes in the deal, so you may receive a counteroffer that removes the concessions. It may be wise to let go of the concessions because this puts cash back in the seller’s pocket and can also improve your bid.
Are you interested in a intriguing townhouse in Alexandria, Virginia? I can assist. Contact me.
2 beds, 2 full baths
Home size: 800
Added: 01/09/20, Last Updated: 01/09/2020
Property Type: Townhouse for Sale
MLS Number: VAAX242444
Subdivision: Jefferson Homes
Properties in 22314 $590,000 to $690,000