| Real Estate & Property Management Services

For most buyers, here's the plan: the seller signs off on your offer, you don’t need to dicker, and and rather you can turn your attention to your and you can ponder your unit.

And, sometimes it does happen. Of course, a number of sellers accept the first offer they get, and in Fairfax, Virginia because of a variety of reasons. We know that, real estate sellers are also known to reject offers in consideration of various rationale. Or make counteroffers. A counteroffer is more likely if your offer is conditional or is a low-ball offer, or when the property or area is highly sought after. When the home shopper receives a counter-offer, it’s up to the buyer to decide whether to accept the new contract, negotiate the terms, or walk away. In cases like these, as your real estate adviser, I'm there to help when you contact me. I will be your spirit guide to real estate negotiations like 2655 Prosperity Ave #102, if you decide that it's best to negotiate 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 ideal deal on your aspirational purchase. I have done this many times, and I can do it for you. When all this is happening, it won't be all me though. I’ll help you understand the negotiating tips we will deploy. Those ideas will vary depending upon the home but in Fairfax County there are some tried and true practices we deploy time and again. In Northern Virginia, I'll talk about a few rules of thumb every buyer should know when negotiations initiate:

Let some of your Contingencies go – With Care Reducing the number of contingencies you are asking for will give your counteroffer a bigger boost because it’s your way of saying that you have fewer ways to back out of the offer. This reassures the seller that the deal will close. There is nothing wrong with reducing contingencies, but be careful about the choices you make. A home-inspection contingency has someone come in and inspect your home so that you can request any needed repairs and gives you an easy out if there are any major problems with the home. This way you don’t end up buying a complete money pit. You might waive a termite inspection, on the other hand, if you’re in a location where termites aren’t a problem. Waiving contingencies may boost your offer or counteroffer, but other things that factor into the decision are your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. Keep in mind that the seller won’t be responsible for fixing any problems if you decide to waive any of the corresponding contingencies.
Raise Your Price (Within Reason)
Even though you don’t want to overpay for a house, you have to keep in mind that you may end up having to increase your offer, particularly if your first one was on the low end. Let your agent’s expertise guide you in helping you determine how much you should increase your offer by to make it more appealing to the seller. As your realtor, I’ll use similarly priced “comps” – homes in your area that have recently sold and are similar in terms of square footage and features – to persuade the seller to see the appeal of your offer. Negotiations may escalate quickly and be stressful for you, and you may feel like doing whatever you have to do to get your hands on that home, but you will have to keep several things in mind in order to keep yourself from going overboard:
- No matter what, you can’t exceed the monetary confines of the amount for which you were pre-approved.
- You should, under no circumstances, exceed your budget.
- You don’t want to buy a home and then not be able to enjoy it, so you’ll want to make sure your counteroffer is an amount that you’re comfortable spending so that you still have money to spend on living.
- Remember, you’re not out of options yet.
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.