For some people, here's the plan: the seller signs off on your offer, cut out the dickering, and and you can spend the next few weeks addressing more pressing home-ownership questions, like “Where am I going to set up my TV?” and “Do I put my oriental rug in the living room or the den?”
And it can occur. Indeed, curated home sellers accept any offer presented, and in 22032 in Fairfax County in consideration of various rationale.
Obviously, sellers are also known to reject offers because of a variety of reasons. Or make counteroffers. A counteroffer is more likely if your offer is conditional or is a low-ball offer, or when there are multiple offers.
When the buyer client receives a counter-offer, it’s up to the buyer to decide whether to accept the new contract, negotiate the terms, or walk away.
When negotiates are underway, as your agent, I'll encourage you to contact me. I will be your personal specialist for real estate like 4739 Feature Oak Way, say the word and I'll 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 great deal on the home you actually want. It's the reason reliable real estate agents like me exist.
As events unfold, you'll be a big part of the negotiation. I’ll help you understand the negotiating tips we will deploy. Those ideas will vary depending upon the detached home but in Fairfax there are some tried and true practices we deploy time and again.
In Fairfax County, here are some ideas every home buyer should know from the beginning of negotiations:
- If you ever get a counteroffer, always remember to respond to it within 24 hours because when you receive a counteroffer, it is important to respond within 24 hours because the longer you wait, the more time you leave for another buyer to make an offer. On top of that, if a seller senses that you are hesitant, they may withdraw their counteroffer before you even have a chance to respond.
- Let some of your Contingencies go – With Care
If you want to give your counteroffer an even bigger boost, try reducing the number of contingencies you are asking for. This lets the seller know that you are willing to put yourself in a position in which you have fewer ways to back out. Being in that position reassures the seller that the deal will close.
When you choose to reduce your contingencies, make sure you only give up the ones that are safe for you to give up. A home-inspection contingency is having someone inspect your home so that you can request repairs. This gives you an out if you find any major problems, and it protects you from buying a total money pit.
A termite inspection, on the other hand, might be waived if you live in a state where the risk is lower.
Waiving contingencies will ultimately depend on some other factors, such as your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. But remember that if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.
- Ask for Fewer Concessions
Home buyers have to cover many additional costs at a mortgage settlement, such as closing costs for taxes, lender’s fees, and title company fees. Depending on your location, the closing costs will vary, but you can expect to pay between 3% and 4% of the home’s selling price. The seller pays an additional 1% to 3%. (You can use the closing cost calculator on our site to get an estimate of what your closing costs might be.)
You have the option to ask the seller for concessions when you make your initial offer. This may come in the form of a cash settlement to help you offset your share of the closing costs, but this may not be feasible if the seller has received multiple offers on the property.
Requesting concessions will ultimately lower the seller’s net proceeds from the sale. The seller may make a counteroffer that removes the concessions, which ends up putting cash back in the seller’s pocket and can improve your bid.
Are you interested in a striking detached home like 4739 Feature Oak Way? I can help.
4 beds, 3 full, 1 part baths
Home size: 3492
Added: 09/17/20, Last Updated: 09/20/2020
Property Type: Detached Home for Sale
MLS Number: VAFX1154022
Subdivision: The Preserve
Properties in Fairfax County $819,000 to $919,000
It would be my pleasure to help you achieve your real estate goals.