Oftentimes, this is the great situation: the offer is accepted as-is, you don’t need to dicker, and and you can spend the next few weeks addressing more pressing home-ownership questions, like “Should I plant annuals or perennials?” and “Do I want a new couch in blush or emerald green?”
And, from time to time, it happens kind of like that. Surely, various sellers accept the first offer they receive, and in Burke because of rationale known only to them.
On the other hand, real estate sellers are also known to reject offers in consideration of various rationale. Or make counteroffers. A counteroffer is very possible if you bid low, or when there are multiple offers.
When the shopper receives a counter-offer, it’s up to the shopper to decide whether to accept the new contract, negotiate the terms, or walk away.
When it's time to negotiate, as your real estate adviser, please contact me. I will be the local expert to real estate negotiations like 6066 Old Landing Way #44 in 22015, if you choose to negotiate 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 most suitable deal on the home you really want. It's what I do.
When negotiations are on-going, I'll provide advice but you'll provide direction and make important decisions. I’ll help you understand the negotiating tactics we will deploy. Those ideas will vary depending upon the place of residence but in Burke there are some conventions that we use repeatedly.
In Burke, Virginia, let's mull over several rules every buyer client should know when negotiations start:
Increase Your Earnest Money Deposit
Increasing your earnest money deposit (EMD) — the sum of money you put down to prove to the seller you’re serious (i.e., “earnest”) about buying the house — is another way to show the seller you have more skin in the game. A standard EMD is typically 1% to 3% of the sales price of the home. Making a counteroffer with a 3% to 4% deposit could be what you need to persuade the seller to side with you.
- 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.
- 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.
Are you interested in a $345,000 home like 6066 Old Landing Way #44? I can guide.
3 beds, 2 full, 1 part baths
Home size: 1360
Added: 12/04/20, Last Updated: 12/06/2020
Property Type: Interior Row/Townhouse for Sale
MLS Number: VAFX1170820
Properties in Burke
$364,500 : 5933 First Landing Way #98, Burke 22015
3 beds, 2 full, 1 half baths
Living area: 1,360 sqft
Year built: 1980
Days on Market: 33