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.
- Be Patient about Taking Possession Adjusting your proposed possession date, which is the date you take over the property, could be more appealing to the seller, depending on their timeline. If the seller isn’t quite out of the house by closing time, you could propose a later possession date. A “rent-back” agreement would be another option. This means that if the seller remains in the house for a period of time after closing, they would pay you rent for that time period.
- 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.
2 beds, 2 full, 1 part baths
Home size: 1200
Added: 10/07/20, Last Updated: 11/06/2020
Property Type: Townhouse for Sale
MLS Number: VAFX1158000
Subdivision: Pinewood South<!--
List Price: 380000.00-->
Properties in Alexandria
- $389,900: 7148 Westfield Ct, Alexandria, VA 22306 | Woodstone | Comparables |
- $399,990: 3626 Greenway Pl, Alexandria, VA 22302 | Park Fairfax | Comparables |
- $349,000: 6903 Keyser Way #B, Alexandria, VA 22310 | Essex House | Comparables |
- $425,000: 7115 Strawn Ct, Alexandria, VA 22306 | Woodstone | Comparables |
- $389,999: 1431 N van Dorn St #A, Alexandria, VA 22304 | Parkside At Alexandria | Comparables |
- $390,000: 1401 N van Dorn St #C, Alexandria, VA 22304 | Parkside At Alexandria | Comparables |
- $390,000: 8215 McClelland Pl, Alexandria, VA 22309 | Barclay Court | Comparables |
- $365,000: 6112 Bristol Way, Alexandria, VA 22310 | Manchester Lakes | Comparables |
- $400,000: 6601 Netties Ln #1803, Alexandria, VA 22315 | Condo At Island Creek | Comparables |
- $415,000: 5304 Martinique Ln, Alexandria, VA 22315 | D Evereux West | Comparables |