For most shoppers, here's the hope: there are no negotiations, don't bother with negotiation, and and you can ponder your options with your new place of residence.
And, sometimes it does occur. Obviously, various real estate sellers accept the first offer presented, and in 22031 for various rationale.
Conversely, sellers are also known to reject offers because of rationale known only to them. Or make counteroffers. A counteroffer is certain if you make a very low offer, or when there is more than one offer.
When you receive a counteroffer, it's your option. You can accept, continue negotiations or move on to the next property in Fairfax.
When this happens, as your agent, I'm there to help when you contact me. I will be your trusted adviser for real estate in 22031 in the City of Fairfax, if you choose to dicker 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 ideal deal on the home of your dreams. This is what I have done for my clients and I will do for you.
But, you'll be an active participant in this process. I’ll help you understand the negotiating ideas we will deploy. Those basics will vary depending upon the detached home but in Northern Virginia there are some conventions that we use repeatedly.
In 22031 in the City of Fairfax, let's deliberate on some tactics every shopper should know when negotiations initiate:
- When you make an offer and receive a counteroffer, you are advised to respond during a 24-hour period so you do not make room for other potential buyers to make better offers than you. You should also act fast so that the counteroffer is not withdrawn.
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.
Are you interested in a 3-bedroom home in 22031 in the City of Fairfax?
3 beds, 2 full baths
Home size: 1268
Added: 02/06/20, Last Updated: 02/06/2020
Property Type: Detached Home for Sale
MLS Number: VAFC119376
Properties in 22031 $575,000 to $675,000
Single family home in Mantua area priced nearly $50k below county tax assessed value of $677k (2019)! Ideal for investor or HGTV enthusiast looking for an amazing 0.82 acre wooded lot in a quiet, desirable community! Split-level offers hardwood floors, three-season sunroom, and gas fireplace! Property backs to a small creek that leads to Accotink Creek that winds through adjacent Eakin Park and Sally Ormsby Park. Home is in fair condition, but will benefit from updating and renovations to really make it shine! Recent updates include: new water heater 2019, new gutters 2018, new waterproofing, French drains, bypass drains 2018, new windows throughout home (except LR) 2017, ducts cleaned w/ microbial spray 2017. Roof and HVAC replaced in 2010 (est.) Great location near vibrant Mosaic District with upscale retail, dining, and theater, near INOVA Fairfax Hospital, Fairview Park Marriott, Glory Days, Sweetwater, and only a mile from the 495 Beltway! (Professional photos coming soon!)
Find out why our clients love us. Call (703)765-0300. I’d like to make the world a better place, one day at a time.