- When you receive a counteroffer, responding quickly – within 24 hours – is important because the longer you wait, the more time you leave for another buyer to make an offer that is better than yours. Also, a seller may withdraw their counteroffer before you can respond if they sense that you are hesitant.
Let Go of a Few Contingencies — With CareWant to give your counteroffer an even bigger boost? Reduce the number of contingencies you’re asking for. It’s your way of saying, “Hey, look, I have fewer ways to back out,” which gives the seller more reassurance that the deal will close. But be selective: Some contingencies are too important to give up. A home-inspection contingency — the right to have a home inspection and request repairs — gives you an out if you spot major problems with the home (and protects you from buying a total money pit). You might waive a termite inspection if you’re in a state where the risk is lower. But ultimately, waiving contingencies depends on your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. And if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.
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.
3 beds, 3 full, 1 part baths
Home size: 2726
Added: 11/12/20, Last Updated: 11/14/2020
Property Type: Townhouse for Sale
MLS Number: VAAX252514
Subdivision: Old Town Greens<!--
List Price: 979000.00-->