Lessons For Negotiating A Condo Like 301 Beauregard St #1117

For many buyers, here's the goal: there are no negotiations, there is no negotiation to handle, and and you can ponder your selections with your new high-rise condo. And, from time to time, it crop ups sort of like that. We know that, curated homeowners accept any offer they receive, and in Alexandria because of a variety of reasons. Of course, real estate sellers are also known to reject offers for a host of reasons. Or make counteroffers. A counteroffer is particularly likely if you bid low, or when there is more than one offer. If the seller counters, it's now the buyer's turn to either accept, continue negotiations or move on to the next property in the City of Alexandria. In cases like these, as your real estate adviser, please contact me. I will be your trusted adviser to real estate negotiations like 301 Beauregard St #1117 in the City of Alexandria, 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 best deal on the home of your dreams. It's the reason agents like me exist. During negotions, I'll provide advice but you'll provide direction and make important decisions. I’ll help you understand the negotiating tactics we will deploy. Those ideas will vary depending upon the home but in 22312 in Alexandria there are some basics we come back to time and time again. In Northern Virginia, let's reflect on three tactics every home shopper should know from the beginning of negotiations:

1. Increase Your Earnest Money Deposit

   Increasing your earnest money deposit (EMD), which is the amount of money you put down to show you’re interested in the house, is another way to show the seller you are serious about the offer. The EMD is usually 1% to 3% of the sales price of the home. Offering 3% to 4% may be what will persuade the seller to accept your offer.
2. Buy Your own Home WarrantyA home warranty is something that sellers may offer. This is a plan that covers the cost of major appliance repair, such as the air conditioner or hot water heater, in the case of a malfunction. A home warranty, which according to Angie’s List can cost between $300 to $600 a year, is effective for a designated period of time after purchase, usually one year. If it seems that waiving the home warranty will make negotiations easier, you can tell the seller not to worry about it and then just buy it yourself. Regardless of who pays for the warranty, you will be responsible for paying the service fee, usually between $50 and $100, if something needs to be repaired. It is important to remember that a home warranty is different from homeowners insurance. Homeowners insurance, unlike a home warranty, is required if you take out a mortgage on your home. It can cost between $300 to $1000 per year, but it covers your home’s structure and possessions in a fire, storm, flood, or other accident.

3. Demonstrate Patience About Taking Possession

   Buying a home requires patience and flexibility in all areas of the process. After closing, you may need to be patient about the possession date. If the seller needs to remain in the house for a period of time after closing, you have some options. You could push back the proposed possession date or you could draw up a “rent-back” agreement. This agreement means that if the seller wants to stay in the home for a set period of time after the closing date, they would pay you rent for that time period.

Are you interested in a 2-bedroom 2-baths Bilevel-style abode in the City of Alexandria? Talk to me. 

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Nesbitt Realty is a family-run real estate brokerage located in Northern Virginia.