Pick Up the Cost of the Home WarrantySometimes sellers offer prospective buyers a home warranty. This is a plan that covers the cost of repairing major home appliances and systems, like the air conditioner or hot water heater, if they break down within a certain period (typically a year after closing). A basic home warranty costs about $300 to $600 a year, according to Angie’s List. If it seems like waiving the home warranty can sweeten negotiations, but you still want the peace of mind of having one, tell the seller they don’t need to cover it — then buy it yourself. Just keep in mind, whether you or the seller buy the warranty, you’ll need to pay the service fee (typically between $50 and $100) if something does, indeed, need to be repaired while under warranty. Also, FYI: A home warranty is entirely separate from homeowners insurance. Homeowners insurance — the security blanket that covers your home’s structure and possessions in the event of a fire, storm, flood, or other accident — is required if you take out a mortgage. It can cost anywhere from $300 to $1,000 per year.
- Let some of your Contingencies go – With Care Reducing the number of contingencies you are asking for will give your counteroffer a bigger boost because it’s your way of saying that you have fewer ways to back out of the offer. This reassures the seller that the deal will close. There is nothing wrong with reducing contingencies, but be careful about the choices you make. A home-inspection contingency has someone come in and inspect your home so that you can request any needed repairs and gives you an easy out if there are any major problems with the home. This way you don’t end up buying a complete money pit. You might waive a termite inspection, on the other hand, if you’re in a location where termites aren’t a problem. Waiving contingencies may boost your offer or counteroffer, but other things that factor into the decision are your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. Keep in mind that the seller won’t be responsible for fixing any problems if you decide to waive any of the corresponding contingencies.
Increase Your Earnest Money DepositYour earnest money deposit, or EMD, is the amount of money you put down when buying a home. Increasing this amount of money shows the seller that you’re more serious about the sale. Offering 3% to 4% as an EMD instead of the typical 1% to 3% may be what it takes to persuade the seller to side with you.
5 beds, 4 full baths
Home size: 3,536 sqft
Added: 04/29/21, Last Updated: 05/05/2021
Property Type: Detached Home for Sale
MLS Number: VAFX1195838
Subdivision: Mt Zephyr<!--
List Price: 750000.00-->
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