- 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.
- Listen to your Gut – and your Agent When you are in the middle of negotiations with a seller and you get a bad feeling in the pit of your stomach – or you get advice from your agent – indicating that something is wrong, you should listen. Don’t be afraid to walk away from a deal, especially if your agent advises you to do so. If you’ve already made negotiations, don’t want to make any more trades, and the seller won’t budge, sometimes walking away is the best decision to make. It won’t be easy because negotiating is hard and draining, But once those feelings of frustration pass, you’ll be better at negotiating and you’ll realize that you know how to do this.
4 beds, 3 full baths
Home size: 1,680 sqft
Added: 05/06/21, Last Updated: 05/07/2021
Property Type: Detached Home for Sale
MLS Number: VAFX1195690
Subdivision: Woodleigh Woods<!--
List Price: 700000.00-->