Realtor · Florida / Atlanta · Member since 2015 · 210 posts · 53 votes
Hello,
I am used to buying homes no DD and Flipping them or Wholesaling them when I can. I had a lender who trusted me on all numbers and would lend when I say. That relationship is now off because of personal, non business, reasons and my new lender is requiring that I get due diligence before. Sellers have so many options in Atlanta that it is hard to be competitive when offering on their homes with due diligence. I am looking for any advice on how to convince a seller to give me reasonable DD without going way over the right price for their home. Any advice BP? Please Help!
Increase earnest money. If you show that you're serious and offer 20K earnest money, when other investors offer 1K - the seller will look at you differently.
Increase earnest money. If you show that you're serious and offer 20K earnest money, when other investors offer 1K - the seller will look at you differently.
The market is so hot in Atlanta, it is difficult to get away with asking for DD, especially for good deals. I am wholesaling 1 property in Pittsburgh and have more than 10 offers (many with no DD). If your offer price is much higher than the others, maybe you can get away with asking for just a few days. Even when you offer more earnest money and less days for closing, if the deal is good and there are multiple cash offers the seller will likely take the other offers more serious. If there is a good offer with no DD but less earnest money, the seller will likely prefer to counter that offer for more earnest money. It's best for the seller and provides them more security. With history and experience under your belt, you should have no problems finding a lender who will allow a contract with no DD.
It really is. Prices are continually rising just about everywhere. I offered higher earnest on some but I was just advised to offer very high earnest such as 10K-20K. I am sure that would be attractive to sellers even making them hope I don't close in the end but If I get all my DD done with the lender I will definitely close. I am used to no DD so I will definitely close. I just need a way to convince sellers to work with me.
The market is so hot in Atlanta, it is difficult to get away with asking for DD, especially for good deals. I am wholesaling 1 property in Pittsburgh and have more than 10 offers (many with no DD). If your offer price is much higher than the others, maybe you can get away with asking for just a few days. Even when you offer more earnest money and less days for closing, if the deal is good and there are multiple cash offers the seller will likely take the other offers more serious. If there is a good offer with no DD but less earnest money, the seller will likely prefer to counter that offer for more earnest money. It's best for the seller and provides them more security. With history and experience under your belt, you should have no problems finding a lender who will allow a contract with no DD.
I think I will do that on this next one. I am used to no DD so I am confident in closing. I am sure that with a high earnest like that the sellers would take my offer and even hope I don't close just so that they can add that 20K to their bottom line. Thank you. Are you offering 20K earnest for your prospective deals?
Increase earnest money. If you show that you're serious and offer 20K earnest money, when other investors offer 1K - the seller will look at you differently.
I think I will do that on this next one. I am used to no DD so I am confident in closing. I am sure that with a high earnest like that the sellers would take my offer and even hope I don't close just so that they can add that 20K to their bottom line. Thank you. Are you offering 20K earnest for your prospective deals?
Increase earnest money. If you show that you're serious and offer 20K earnest money, when other investors offer 1K - the seller will look at you differently.
I've bought all of my deals in the past few years for 10-15K and offered full purchase price as earnest money
I think I will do that on this next one. I am used to no DD so I am confident in closing. I am sure that with a high earnest like that the sellers would take my offer and even hope I don't close just so that they can add that 20K to their bottom line. Thank you. Are you offering 20K earnest for your prospective deals?
Increase earnest money. If you show that you're serious and offer 20K earnest money, when other investors offer 1K - the seller will look at you differently.
I've bought all of my deals in the past few years for 10-15K and offered full purchase price as earnest money