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Get your offer accepted.
December 03,2021 | Posted By Flavia Brown in Real Estate
How to increase your chance of getting an offer accepted – and with no earnest money deposit (EMD):
Select two or three properties and present the offers simultaneously.
Include in your offers that you will provide your EMD within one day after your offer is accepted. That way you won’t need any upfront money. (You could write “within two days, three days, etc.,” but one day will make your offer stronger).
If one offer is accepted, cancel the other offers. (very easy to cancel).
If more than one offer is accepted, choose your preferred property and cancel the others. (very easy to cancel).
If one offer is countered, either counter, accept, or reject the counter. Cancel or delay responding to the other offers.
: Three items will make your offer(s) stronger: 1) Provide a pre-approval letter
your offer(s). 2) Provide with your offer(s) proof of sufficient funds to cover your down payment and closing costs. 3) If you are comfortable providing the maximum allowed EMD of 3% of your offer (California law/aka liquidated damages clause in the residential purchase agreement [form RPA] specifies the 3%) it will make your offer stronger. However, your EMD can be any amount. There is a place in the RPA to enter the EMD dollar amount, and a line to enter the date it will be provided. That’s where to enter “within one day after acceptance.”
Upon request, I will send a sample copy of the RPA or the income property purchase agreement.
Flavia Brown, Realtor
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