- 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.
Demonstrate Patience About Taking PossessionPatience and flexibility are important when it comes to buying a home. If the seller is not ready to leave the house after closing, you might need to be patient and push back the proposed possession date. Another option is to draw up a “rent-back” agreement, which would require the seller to pay you rent for the period of time that they remain in the house after closing.
- Ask for Fewer Concessions Buying a house entails paying for more than just the asking price of the house. Home buyers have to pay closing costs for taxes, lender’s fees, and title company fees at a mortgage settlement. Depending on your location, the closing costs will vary. You will likely end up paying between 3% and 4% of the home’s sales price. The seller pays an additional 1% to 3%. You can use the closing cost calculator on our website to help you get a rough estimate of what your closing costs might be. When you make your initial offer, you have the opportunity to ask the seller for concessions – usually a cash settlement paid to offset your share of the closing costs. Asking for concessions can work to your advantage as long as you aren’t going up against multiple offers. Making concessions lowers the seller’s net proceeds, and you may receive a counteroffer that removes your requested concessions. In this case, cash goes back in the seller’s pocket, but this can also improve your bid.
3 beds, 2 full, 1 part baths
Home size: 2618
Added: 12/08/20, Last Updated: 12/08/2020
Property Type: Other for Sale
MLS Number: VAFX1171620
Subdivision: Pender Oaks
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