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: 

OPTIONS: 

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 CONTINGENCY 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. APPRAISAL CONTINGENCY: 

Standard Appraisal: home has to appraise

Appraisal Cap: you offer X amount over a low appraisal (typical is $10-20k over) to NOT exceed the ratified sales price. 

Guaranteed Price & Appraisal: you guarantee a price up to X and over that it has to appraise. For instance: 1.15M and over it would have to appraise.

No Appraisal: people will do this, we typically do not recommend waiving the appraisal. 

Buyer Appraisal Package - how many offers, etc. upgrades, etc.

6. FINANCING CONTINGENCY:  

Minimize the Days: Typical is 21 days. We recommend less than 14 days.  

Waive/Remove: If you are FULLY approved with a local lender and you have confidence in not losing your job prior to settlement, you have the freedom to waive this contingency. 

7. 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. 

8. 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.

9. RENTBACK: no charge on the RENT (mortgage is paid in arrears). Seller remains for FREE

10. GRANTOR'S TAX: pay it for them ($2.00 per thousand) in Virginia. In DC pay a portion of the seller recordation fee. 

11. CONGESTION RELIEF: pay it for them ($1.50 per thousand) in Virginia. 

12. HOME WARRANTY: seller or buyer pay

13. ESCALATION ADDENDUM:  Review numbers and market data provided by your NG Realtor

Under 500k (Increment: 2,100)

500k plus (Increment: 3,800)

CAP:

ODD always… not a typical amount: instead of 710 cap at 711k

14. PERSONAL LETTER: we recommend writing a personal letter. Sample Purchaser Cover Letter

** With Fair Housing Rules we recommend NOT including a picture of you/your family. You can include pets (dogs/cats etc) if you want along with the offer.  

If you are contingent have the FULL CONTRACT and NO CONTINGENCIES remaining for an ideal offer…

* If you are competing with multiple offers it is unlikely that the Seller will accept an offer contingent on selling another home.