First Purchase - Tips for getting the deal

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Hello Everyone,

This past weekend we made an attempt to purchase a home at asking price. We were using a mortgage to pay for everything and stated a 14 day due diligence period. We lost the bid and did not get the home.

My question, do y’all have any advice on how to persuade or convince the seller to sell to us rather than someone else?

I want to make sure we are approaching this the best way possible with the money we have.

Hey Nicholas, 

Real estate transactions are financial transactions and typically come down to the dollar and cents of the deal especially when an investor is involved as the buyer or seller. Having aid that there are things that make an offer stronger or weaker even if the net amount is the same from 2 offers. Sellers will look at 2 offers and weigh the pros and cons to decide which is best for them. If one offer is $5K under asking but 30 day close with no financing contingency that may be more attractive than a full price 60 day close financing offer. 

Any one of the many variables can be used to help strengthen an offer. If you are making an offer subject to financing a preapproval letter is one way to make an offer more attractive. If you are in a hot market you may also need to offer above asking to make your offer more attractive. Another thing you can do to make your offer more serious is to put up more earnest money to show them you are serious. 

Going out and making lots of offers is another good way to get one or more to hit. I always say "you can't catch fish without lines in the water"

Hopefully this helps! Don't get discouraged!