It can be a competitive market in Metro DC. If you find yourself competing against another buyer for the home you want please review the following options with your Nellis Group certified Realtor:
1. EMD (Earnest Money Deposit): 5-10% (cashed within 2 business days)
2. DOWN PAYMENT: 20-50%
3. Closing Costs: Probably not- if needed ADD ON TOP (increase the sales price)
4. Home Inspection Options (4 Types):
Home Inspection Pre-Offer: Conduct the inspection without knowing if you will be able to reserve the home. (HI is not a contingency to the offer)
Home Inspection Standard: Right to void offer and negotiate repairs
Home Inspection Void Only: Right to void offer
Home Inspection Removed: We do not recommend this as an option unless you did a Pre-Offer Inspection. (This would mean you do not have a walk away)
5. LAP: If you need closing costs review if it can be covered by our approved bank for this unique program- ideal for FHA or VA loans.
6. Settlement Date: Stipulate seller can select within 7 days of ratification. Give them a range of 30-60 days to choose.
*If property is vacant consider a 14 day close. Many sellers will take an offer with a faster settlement date.
7. RentBack: no charge on the RENT (mortgage is paid in arrears). Seller remains for FREE
8. Grantor’s Tax: pay it for them (1%) in Virginia. In DC pay a portion of the seller recordation fee.
9. Congestion Relief: pay it for them (1.5%) in Virginia.
10. Home Warranty- seller or buyer pay
11. Escalation Addendum: Review numbers and market data provided by your NG Realtor
Under 500k (Increment: 2,100)
500k plus (Increment: 3,800)
ODD always… not a typical amount: instead of 710 cap at 711k
12. Personal Letter- we recommend writing a personal letter. Sample Letter
If you are contingent have the FULL CONTRACT and NO CONTINGENCIES remaining for an ideal offer…