A Few Best Practices For Negotiating A Townhouse Acquisition Like 564 Windover Ave NW In Northern Virginia

For many buyer clients, here's the hope: your offer is perfect, you don’t need to dicker, and instead you can spend your valuable time worrying about paint colors and moving companies.

And, once in a blue moon, it appears. Indeed, curated townhouse sellers accept any offer put before them, and in Fairfax County for various rationale.

But, homeowners are also known to reject offers for numerous reasons. Or make counteroffers. A counteroffer is particularly probable if you bid low, or when the property is in great demand.

If the seller counters, it's now the home buyer's turn to either accept, continue negotiations or move on to the next residence in Fairfax County.

When it's time to negotiate, as your enthusiastic agent, I want you to email me. I will be the local expert for real estate in 22180 in Fairfax County, if you decide that it's best to squabble with the seller. By this I mean that I will use my experience and negotiating ability as we craft a series of offers and counter-offers to help get you the right deal on the home of your dreams. This is what I do each and every day.

When all this is happening, you'll be an active participant in this process. I’ll help you understand the negotiating rules we will deploy. Those rules of thumb will vary depending upon the townhouse but in 22180 there are some conventions that we use repeatedly.

In 22180, let's discuss engaging rules of thumb every home shopper should see at the outset:

Demonstrate Patience About Taking Possession

Patience 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.
Increase Your Earnest Money Deposit

Your earnest money deposit, or EMD, is the amount of money you put up front to prove to the seller you are serious about buying the house. Increasing your EMD shows the seller that you’re more serious about the sale. The EMD is usually 1% to 3% of the sales price of the home. If you offer 3% to 4%, the seller may be more likely to side with you.
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.