Oftentimes, here's the idea: your offer is for real estate accepted as-is, you don’t need to bargain, 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 “Should I paint the bathroom ceiling?”
And it can happen. Surely, a number of home sellers accept any offer presented to them, and in 22206 in Arlington because of a variety of reasons.
Obviously, property sellers are also known to reject offers for a host of reasons. Or make counteroffers. A counteroffer is particularly likely if you make a very low offer, or when there are multiple offers.
If you do receive a counteroffer, it’s up to you to decide whether you want to accept the new contract, negotiate the terms, or walk away.
In cases like these, as your real estate pro, I'll encourage you to email me. I will be your personal expert to real estate negotiations in 22206 in Arlington County like 2807 S Abingdon St #B, if you decide that it's best to wrangle with the seller. By this I mean that I will use my experience and negotiating levels of patience as we craft a series of offers and counter-offers to help get you the right deal on your dream home. It's what I do.
At the same time, it won't be all me though. I’ll help you understand the negotiating tactics we will deploy. Those practices will vary depending upon the place but in 22206 there are some basics we come back to time and time again.
In 22206, let's mull over enticing rules every home buyer should see from the beginning of negotiations:
Increase Your Earnest Money Deposit
Your earnest money deposit, or EMD, is the amount of money you put down when buying a home. Increasing this amount of money shows the seller that you’re more serious about the sale. Offering 3% to 4% as an EMD instead of the typical 1% to 3% may be what it takes to persuade the seller to side with you.
- 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.
- 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 surprising home in Arlington, Virginia? Contact me.
3 beds, 2 full baths
Home size: 922
Added: 12/03/20, Last Updated: 12/07/2020
Property Type: Interior Row/Townhouse for Sale
MLS Number: VAAR173364
Subdivision: Fairlington Villages
Properties in Fairlington
It would be my pleasure to help you achieve your real estate goals.