3 Best Practices For Negotiating A Next Home In Fairfax County

Photo of 9324 Old Mansion Rd

For people, here’s the idea: the seller signs off on your offer, skip the haggling, and and you can spend the next few weeks addressing more pressing home-ownership questions, like “Do I put my oriental rug in the living room or the den?” and “Why is it called wainscoting?”

Photo of 9324 Old Mansion Rd

And, here and there, it arises. Indeed, a few property sellers accept any offer presented, and in Northern Virginia because of rationale known only to them.

But, sellers are also known to reject offers in consideration of various rationale. Or make counteroffers. A counteroffer is more certain when you make a lowball offer, or when the property or area is highly sought after.

When you receive a counteroffer, it’s your choice. You can accept, continue negotiations or move on to the next property.

Photo of 9324 Old Mansion Rd

In cases like these, as your agent, I want you to email me. I will be your personal ace to real estate negotiations in 22309, if you decide that it’s best to haggle with the seller. By this I mean that I will use my experience and negotiating prowess as we craft a series of offers and counter-offers to help get you the ideal deal on the home you really want. I have done this many times, and I can do it for you.

But, it won’t be all me though. I’ll help you understand the negotiating ideas we will deploy. Those conventions will vary depending upon the home but in 22309 in Fairfax County there are some basics we come back to time and time again.

In Alexandria, let’s ponder fascinating tactics every purchaser should know before negotiations open:

  1. 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.
  2.  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.

  3. Know When to Walk

    When negotiating with a seller, trust your gut — and your agent. If he or she says a deal is bad for you: Listen.

    And if you don’t want to make any more trade-offs — and the seller won’t budge — it’s smart to walk. That can be a tough decision to make, and rightfully so! Negotiating is tough. It’s draining.

    And losing something you’ve worked hard to get can be disappointing. But don’t worry. There’s a better deal for you out there. And after those strong feelings of frustration pass, you’ll realize: Now I know how to do this.

Photo of 9324 Old Mansion Rd

Are you interested in a enticing residence in 22309 in Alexandria? I can help. 

6 beds, 5 full baths

Home size: 4100

Added: 06/01/20, Last Updated: 09/10/2020

Property Type: Detached Home for Sale

MLS Number: VAFX1131702

Subdivision: Riverwood

 

Contact us to get a free no obligation list of similar properties or to be notified when properties become available with your criteria.

 

Guide to Northern Virginia Real Estate

Northern Virginia is a part of the National Capital Region it is home to some of the most educated, affluent and particular buyers in the nation. Everyday we help people relocate in and out of Northern Virginia as well as help locals advance their real estate goals. If you’re shopping for a home in Northern Virginia, you will find our Buyer’s Guide to Northern Virginia Real Estate is a great resource for understanding the area and for seeking out the perfect real estate match for your tastes and budget.

If you need any help with a specific search please don’t hesitate to call us at (703)765-0300.

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