Oftentimes, here's the idea: your offer is for real estate perfect, skip the haggling, and and you can spend the next few weeks addressing more pressing home-ownership questions, like “Why is it called wainscoting?” and “Where will Aunt Gladys stay when she visits?”
And, sometimes, it occurs. Indeed, a couple of sellers accept the first offer presented to them, and in 22202 in Arlington because of a variety of reasons.
Surely, real estate sellers are also known to reject offers for various rationale. Or make counteroffers. A counteroffer is particularly possible if you bid low, or when there is more than one offer.
When the property hunter receives a counter-offer, it’s up to the buyer client to decide whether to accept the new contract, negotiate the terms, or walk away.
In cases such as these, as your agent, I'm there to help when you contact me. I will be your personal expert to real estate negotiations in Arlington, Virginia, if you decide you want to negotiate with the seller. By this I mean that I will use my experience and negotiating areas of focus as we craft a series of offers and counter-offers to help get you the perfect deal on your dream home. I've dedicated my professional talents to this.
But, I'll provide advice but you'll provide direction and make important decisions. I’ll help you understand the negotiating conventions we will deploy. Those practices will vary depending upon the place of residence but in Arlington there are some basics we come back to time and time again.
In 22202, let's examine tips every home buyer should know when negotiations commence:
- 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)
While you obviously don’t want to overpay for a house, you may have to up the ante — especially if you initially made a lowball offer. Lean on your agent’s expertise to determine how much money you should add to the sales price to make it more enticing to the seller.
Then, through their powers of persuasion, I can make the counteroffer look even more attractive by pointing out similarly priced “comps” — recently sold homes in your area that are comparable in terms of square footage and features.
As I negotiate, it can feel like things are escalating quickly. It’s stressful. You may feel a sudden urge to do whatever it takes to win.
Before you go overboard, there are we will keep in mind:
- You can’t exceed the monetary confines of the pre-approved mortgage you received from your lender.
- You shouldn’t overextend your budget.
- Because your counteroffer has to be an amount you’re comfortable spending on a home. You want that new house and to keep living your life. Plus: You’re not out of options yet.
- Buy Your own Home Warranty
A home warranty is something that sellers may offer. This is a plan that covers the cost of major appliance repair, such as the air conditioner or hot water heater, in the case of a malfunction. A home warranty, which according to Angie’s List can cost between $300 to $600 a year, is effective for a designated period of time after purchase, usually one year.
If it seems that waiving the home warranty will make negotiations easier, you can tell the seller not to worry about it and then just buy it yourself. Regardless of who pays for the warranty, you will be responsible for paying the service fee, usually between $50 and $100, if something needs to be repaired.
It is important to remember that a home warranty is different from homeowners insurance. Homeowners insurance, unlike a home warranty, is required if you take out a mortgage on your home. It can cost between $300 to $1000 per year, but it covers your home’s structure and possessions in a fire, storm, flood, or other accident.
Are you interested in a mid 20th-century 1-bedroom residence like 1300 Army Navy Dr #725 in 22202 in Arlington?
1 beds, 1 full baths
Home size: 900
Added: 12/01/20, Last Updated: 12/05/2020
Property Type: Penthouse for Sale
MLS Number: VAAR173302
Subdivision: Horizon House
Properties in Arlington
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