A Few Pieces Of Advice For Home Buyers Negotiating A Purchase In Alexandria

Photo of 328 N Royal St

Oftentimes, this is the dream situation: the seller accepts your offer as-is, forget about negotiating, and and you can ponder your choices with your new property.

Photo of 328 N Royal St

And, once in a blue moon, it appears. We know that, collected property sellers accept any offer they receive, and in Alexandria in consideration of various rationale.

But, sellers are also known to reject offers for several reasons. Or make counteroffers. A counteroffer is particularly likely if you bid low, or when there are multiple offers.

When you receive a counteroffer, it's your selection. You can accept, continue negotiations or move on to the next home in 22314.

When it's time to negotiate, as your real estate agent, I'll be standing by so you can talk to me. I will be your personal ace to real estate negotiations in Northern Virginia, if you choose to bargain with the seller. By this I mean that I will use my experience and negotiating skills as we craft a series of offers and counter-offers to help get you the great deal on the townhouse you really want. I have done this many times, and I can do it for you.

When negotiations are on-going, it won't be all me though. I’ll help you understand the negotiating rules of thumb we will deploy. Those tips will vary depending upon the townhouse but in Alexandria here are some basics we commonly come back.

In the City of Alexandria, I'll talk about three tactics every shopper should see from the beginning of negotiations:

  1. Pay for the Home Warranty Yourself

    Sellers will occasionally offer a prospective buyer a home warranty. This is a plan that, according to Angie’s List, costs around $300 to $600 and covers the repair of larger home appliances, such as the air conditioner and hot water heater, if they malfunction within a certain time period after purchasing the home. Usually the time period is one year.

    If you want the home warranty but feel that buying it yourself would ease negotiations, tell the seller they don’t need to cover it – then buy it yourself. Regardless of who buys 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.

    You must remember that a home warranty is separate and different from homeowners insurance. Homeowners insurance covers your home’s structure and possessions in case of a fire, storm, flood, or other accident. If you take out a mortgage, homeowners insurance is required, and it can costs around $300 to $1,000 each year.

  2. Increase Your Earnest Money Deposit

    Your earnest money deposit, or EMD, is the amount of money you put up front to prove to the seller you are serious about buying the house. Increasing your EMD shows the seller that you’re more serious about the sale. The EMD is usually 1% to 3% of the sales price of the home. If you offer 3% to 4%, the seller may be more likely to side with you.

  3. Know When to Walk Away

    It’s important for you to trust your gut – and your agent – when negotiating with a seller. If your agent says a deal is bad for you, be sure to listen.

    If you’re negotiating and don’t want to make any more trade-offs, walking away would be the best option. Although it’s a tough decision to make, especially since negotiating is tough and exhausting, you need to know that a better deal is out there for you. And after walking away from a sour deal, you’ll know that next time you will have a more informed experience.

Photo of 328 N Royal St

Are you interested in a 4-bedroom property in 22314 in Alexandria like 328 N Royal St? Email me. 

4 beds, 2 full, 2 part baths

Home size: 2280

Added: 01/24/20, Last Updated: 01/26/2020

Property Type: Townhouse for Sale

MLS Number: VAAX242792

Subdivision: Princess Royal

Properties in Alexandria $1,200,000 to $1,300,000

Our family business lives, works and plays here and we appreciate the opportunity to help you achieve your real estate goals.

I have more than a dozen years of experience in this business and want to put that experience to work for you.

 

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.