A Few Conventions For Your Counteroffer

Oftentimes, here's the desire: the offer is perfect, you don’t need to negotiate, and and rather you can turn your attention to your and you can ponder your home.

Photo of 7645 Hooes Rd

And it may happen. Surely, a couple of home sellers accept the first offer put before them, and in 22152 in Fairfax County for various rationale.

On the other hand, detached home sellers are also known to reject offers because of rationale known only to them. Or make counteroffers. A counteroffer is possible if your offer is very low, or when the property or area is highly sought after.

When you receive a counteroffer, it's your option. You can accept, continue negotiations or move on to the next home in 22152.

When it's time to negotiate, as your real estate adviser, I'll encourage you to contact me. I will be the local expert for real estate in Northern Virginia, when you think it's your home, then I'l help you to wrangle with the seller. By this I mean that I will use my experience and negotiating experiences as we craft a series of offers and counter-offers to help get you the dream deal on the home you actually want. This is what I do every day.

As events unfold, you'll be a big part of the negotiation. I’ll help you understand the negotiating basics we will deploy. Those tactics will vary depending upon the home but in Northern Virginia here are some basics we frequently come back.

In 22152, I'll talk about several rules of thumb every shopper should know from the beginning of negotiations:

  1. Increase Your Earnest Money Deposit

    Your earnest money deposit, or EMD, is the amount of money you put down to prove to the seller you want to buy the house. Putting down more money shows the seller that you’re more serious about the sale. The typical amount of an EMD is 1% to 3% of the sales price of the home. Offering 3% to 4% may be what it takes to persuade the seller to side with you.

  2. 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.

  3. 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.

Photo of 7645 Hooes Rd

Are you interested in a surprising detached home in Northern Virginia like 7645 Hooes Rd? Email me. 

6 beds, 5 full, 2 part baths

Added: 08/22/20, Last Updated: 08/22/2020

Property Type: Detached Home for Sale

MLS Number: VAFX1148124

Subdivision: None Available

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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.