Raise Your Price (But not too Much)Nobody wants to pay too much for a house, but to get the seller on your side, you may need to increase your offer, especially if you started out with a low offer. It’s going to be important to listen to your agent about how much to increase your offer by to make it more appealing to the seller. As your realtor, I’ll be able to use my powers of persuasion to make your offer look more enticing by using similarly priced “comps” in the area. These are homes that have sold that are comparable in terms of size and features. The situation will become stressful and may seem to escalate quickly. You might even feel like you need to do whatever it takes to win. Before you go too far, you’ll need to keep a few things in mind:
- Your lender has pre-approved you for an amount that you must not exceed.
- You have a budget, and you cannot exceed it.
- As badly as you want a house, you need to ensure that your counteroffer is an amount you are comfortable spending. Otherwise you’ll spend all your money on the house and not have any money left over to live your life. And keep in mind, you’re not out of options yet.
Demonstrate Patience About Taking PossessionDepending on the seller’s timetable, you may need to be patient about your proposed possession date. Try offering a later possession date if the seller wants to stay in the home for a few days after closing, Another option would be to draw up a “rent-back” agreement, meaning that if the seller wants to stay in the home for a set period of time after the closing date, they would pay you rent for that time period.
- Reduce your Contingencies – With Caution If you want to give your counteroffer a bigger boost, try reducing the number of contingencies you’re requesting. This puts you in a position that makes it difficult for you to back out, thereby reassuring the seller that the deal will likely close. Make sure you exercise caution when you are reducing your contingencies. A home-inspection contingency allows you to have the home inspected so that you can request repairs or withdraw your offer. This protects you from buying a home with money-draining problems. You could, however, waive a termite inspection if you live in a state where the risk is lower. Many factors need to be considered when looking at waiving contingencies, such as your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. You must also keep in mind that if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.
3 beds, 2 full, 2 part baths
Home size: 1656
Added: 01/17/20, Last Updated: 01/22/2020
Property Type: Townhouse for Sale
MLS Number: VAFX1106236
List Price: 529900.00-->