Even though a seller seems motivated to sell his or her home, there is no guarantee that he or she will sell it to you, To convince the seller you are the right buyer, you have to sweeten your offer. At the same time, you have to protect your own financial interests. Here are some ways you can make your offer more appealing to the seller without compromising your own interests.
Drop the Home Warranty
It is commonplace for sellers to purchase a home warranty for buyers, but you can use it for a bargaining chip. Instead of asking the seller for the warranty, offer to forgo it. Even though the warranty will only save the seller a small amount, it can be enough to convince the seller that you are right for his or her home.
You could also offer to foot the bill for some minor issues that were revealed in the inspection report. Small repairs, such as fixing a leak, will not break the bank and can help push the seller to close the deal.
If you do decide to take on the expense of minor repairs, ensure that the new terms are noted in your purchase contract. By amending your contract, you and the seller can both be clear on which repairs are now your responsibility and which are the seller's.
Increase Your Deposit
Your deposit, or earnest money, is held in escrow until the purchase of the home is complete. Unless you fail to meet the conditions of your purchase contract, the money is returned if the purchase is cancelled. Unless you have a situation that could possibly prevent you from buying the home, offering to increase your deposit could push the seller to sell to you.
A higher deposit offer can let the seller know that you are serious about purchasing the property and that you are willing to put your money on the line to prove it. It is important to note that before you increase your deposit offer, talk to your real estate lawyer. He or she can review the purchase contract to help you determine if there are any issues that could lead to you losing your deposit.
Your real estate lawyer can help you identify other means you can use to convince the seller to sell his or her property to you. Act quickly to avoid losing out on the property to another buyer. For more information, contact local professionals like Mauger & Meter.