For some people, here's the hope: the seller signs off on your offer, skip the haggling, and instead you can spend your valuable time worrying about paint colors and moving companies.
And, from time to time, it happens. By all means, curated home sellers accept the first offer they receive, and in Alexandria, Virginia because of a variety of reasons.
Of course, sellers are also known to reject offers in consideration of various rationale. Or make counteroffers. A counteroffer is particularly likely if you bid low, or when the property is in great demand.
When you receive a counteroffer, it's your selection. You can accept, continue negotiations or move on to the next detached home in Northern Virginia.
In cases such as these, as your dilligent agent, please contact me. I will be your spirit guide to real estate negotiations like 1907 Windmill Ln, when you think it's your home, then I'l help you to haggle with the seller. By this I mean that I will use my experience and negotiating prowess as we craft a series of offers and counter-offers to help get you the right deal on the home you actually want. This is what I do every day.
When negotiations are on-going, you'll be a driver and not a passenger. I’ll help you understand the negotiating rules we will deploy. Those practices will vary depending upon the residence but in 22307 here are some basics we come back to time and time again.
In Fairfax County, let's consider three tactics every home buyer should know at the outset:
Raise Your Price (But not too Much)
Nobody wants to pay too much for a house, but to get the seller on your side, you may need to increase your offer, especially if you started out with a low offer. It’s going to be important to listen to your agent about how much to increase your offer by to make it more appealing to the seller.
As your realtor, I’ll be able to use my powers of persuasion to make your offer look more enticing by using similarly priced “comps” in the area. These are homes that have sold that are comparable in terms of size and features.
The situation will become stressful and may seem to escalate quickly. You might even feel like you need to do whatever it takes to win. Before you go too far, you’ll need to keep a few things in mind:
- Your lender has pre-approved you for an amount that you must not exceed.
- You have a budget, and you cannot exceed it.
- As badly as you want a house, you need to ensure that your counteroffer is an amount you are comfortable spending. Otherwise you’ll spend all your money on the house and not have any money left over to live your life. And keep in mind, you’re not out of options yet.
- Ask for Fewer Concessions
Buying a house entails paying for more than just the asking price of the house. Home buyers have to pay closing costs for taxes, lender’s fees, and title company fees at a mortgage settlement. Depending on your location, the closing costs will vary. You will likely end up paying between 3% and 4% of the home’s sales price. The seller pays an additional 1% to 3%. You can use the closing cost calculator on our website to help you get a rough estimate of what your closing costs might be.
When you make your initial offer, you have the opportunity to ask the seller for concessions – usually a cash settlement paid to offset your share of the closing costs. Asking for concessions can work to your advantage as long as you aren’t going up against multiple offers.
Making concessions lowers the seller’s net proceeds, and you may receive a counteroffer that removes your requested concessions. In this case, cash goes back in the seller’s pocket, but this can also improve your bid.
- 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 attractive property in 22307 in Alexandria? I can advise.
5 beds, 4 full baths
Home size: 3264
Added: 08/20/20, Last Updated: 08/20/2020
Property Type: Detached Home for Sale
MLS Number: VAFX1146008
Subdivision: Mason Hill
Properties in Fairfax County $935,000 to $1,035,000