In negotiating with the seller, counteroffers are important in getting you the best deal for Fairfax VA homes for sale. You want to get the lowest possible price while making the seller feel they’re still getting a reasonable amount. How much less you offer and how many times you can counter-offer is ultimately up to the market value of the home.
Forget list price. It’s irrelevant. Getting a good deal depends on the market value and not the list price. For example, a house that’s actually worth $220,000 is listed for $200,000 is a great deal and an incredible opportunity. However, if it’s market value is actually also $200,000, then it will usually sell for that much, and how long before it does is just dependent on how motivated the seller is.
What you don’t want to do is just go in and offer $150,000 right off the bat. This will insult the seller and you’ll be laughed out of the Fairfax VA home, with no further chance of ever buying it. It’s rare for anyone to recover from an initial insult like this because sellers are emotionally attached to their home. It’s their home and not just a house. You need to learn how to balance this negotiation so you can get a well-priced home in good condition. You will have to consult your agent and discuss which offer is low enough that’s still reasonable for the seller to consider.
The number of counteroffers you can make will vary depending on the seller. Some may think that both you and the seller can make one counteroffer each but that’s not really it. You can counter-offer as long as the seller responds back. Once there’s no more movement from the other side, negotiation’s over, you either take the last counteroffer or move on.
The same can be applied if you receive identical counteroffers from the seller. Extra effort beyond this is just wasted and will only create bad feelings in the transaction. So this means you’re not going to get anything less and the seller is sending a message of finality. Of course, the situation can turn out to be different from time to time, but these are good rules of thumb in making counteroffers.
These negotiating tips are just the appetizer. The main course is my free and live online webinar where you can learn more detailed information on Insider strategies that can help you save tens of thousands of dollars in your North Virginia home purchase. Sign up now!
Thierry is a Real Estate Agent at RE/MAX Premier, and Host of Talk Radio’s, “Inside Real Estate”
Thierry & his team Guarantee a $25,000 minimum savings for Northern VA Homebuyers by applying his unique insider techniques & strategies that he discovered throughout 8 years of exclusive Radio Interviews & Insider Access to wealthy Real Estate Insiders, Investors & Top Industry experts.
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