There’s nothing as frustrating as when you have found a great property and then lose it in negotiations with the seller.
This article is to help you be prepared for anything and everything so you never have to worry about that again.
Offer more earnest money
Nowadays, the normal percentage of earnest money is 1%-2% of the value of the property. If you are serious about getting the home, you should consider offering up to 5% in good faith so the seller knows you are interested in buying the property.
Make sure you are certain it is the property you want since you could lose the money in case you back out.
Discover the seller’s motivation
Making a connection with the seller can go a long way during the whole process, and finding out why they want to sell, may help you know how to proceed.
For example, some owners want to sell fast because they need to move and others want the sale to take a bit longer so they can have the time to get everything in order. Knowing this will help you structure your offer into one they can’t refuse!
Shorten the due diligence time
If the property has a lot of offers, one thing that may set you apart is to offer to shorten the due diligence period in a show of commitment and good faith.
It is risky to completely forgo it, but, depending on the seller, it may be appealing for them since this means they will have to wait less time for the sale to be closed.
Write a letter to the seller
As mentioned before, making a strong connection with the owner can help. In this case, a personalized, honest letter introducing yourself and explaining your motives behind buying the property can make the seller empathize with you.
It doesn’t have to be long, it can be just a short note to make the seller remember they are dealing with another human being with whom they can connect.
These tiny things can go a long way to make sure you don’t lose the property of your dreams!
