- If you respond within 24 hours to a counteroffer, you are ensuring that you are not making room for another prospective buyer to make an offer on the same property. If you do not respond within 24 hours, the seller may sense reticence and this may cause them to withdraw the counteroffer before you respond to it.
- Don’t ask for so many Concessions When buying a home, the buyer has to cover many costs besides just the cost of the home or mortgage. These include paying closing costs for taxes, lender’s fees, and title company fees. Although closing costs will vary by location, you can expect to pay between 1% and 3% of the home’s selling price. The seller will pay an additional 1% to 3%. Using our site’s closing cost calculator can help you get an estimate of what you can expect your closing costs to be. When you make an offer on a home, you can ask the seller for concessions, which may include a settlement paid in cash to help cover some of your share of the closing costs. Asking for concessions can’t hurt, but it may not be feasible if you’re up against several offers. If the seller gives you concessions, their net proceeds will ultimately be lower. The seller may make a counteroffer that removes the requested concessions, but this will put money back in the seller’s pocket and can improve your bid.
Raise Your Price (But be Reasonable)While you don’t want to overpay for a house, you may have to offer more money, especially if your first offer was a lowball offer. Listen to your agent’s advice about how much to increase your offer by to make it more enticing to the seller. As your realtor, I will be able to make your counteroffer look even more appealing by bringing attention to the prices of other homes in the area of similar size and with similar features. Although the situation may seem to be escalating quickly and will get stressful, you need to make sure you don’t make any impulsive decisions. In order to make sure you don’t go overboard, we will keep a few things in mind:
- No matter what, you won’t be able to exceed the amount your mortgage company pre-approved you for.
- You should not overextend your budget.
- You want to keep your counteroffer reasonable so that you can enjoy your new home but also keep living your life. Besides, you aren’t out of options yet.
4 beds, 2 full, 2 part baths
Home size: 2,294 sqft
Added: 04/29/21, Last Updated: 04/29/2021
Property Type: Detached Home for Sale
MLS Number: VAFX1195996
Subdivision: Yacht Haven Estates<!--
List Price: 789000.00-->
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