


- Receiving a counteroffer is a very serious matter, and that is why you are advised to respond to it within 24 hours after you receive it. This prevents other buyers from from making an offer and ‘stealing’ the property from you. There is also the issue that the seller may withdraw the offer before you respond if he/she senses the slightest bit of hesitation.
Let Go of a Few Contingencies — With Care
Want to give your counteroffer an even bigger boost? Reduce the number of contingencies you’re asking for. It’s your way of saying, “Hey, look, I have fewer ways to back out,” which gives the seller more reassurance that the deal will close. But be selective: Some contingencies are too important to give up. A home-inspection contingency — the right to have a home inspection and request repairs — gives you an out if you spot major problems with the home (and protects you from buying a total money pit). You might waive a termite inspection if you’re in a state where the risk is lower. But ultimately, waiving contingencies depends on your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. And if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.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.
5 beds, 2 full baths
Home size: 988
Added: 08/24/19, Last Updated: 10/30/2019
Property Type: Detached Home for Sale
MLS Number: VAFX1085726
Subdivision: Sunny View
<!--List Price: 589900.00
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