How to overcome seller objections to contingencies?

Question

Hi, I have a seller who wants me to omit my inspection and financing contingencies. Have you had a similar situation and how do you handle it? Did you stand firm, negotiate or move on? Did removing them come back to bite you?

Thanks!

Mike Jones · Answer

Sounds like the seller may have got a good cash offer also and is trying to get more out of you to justify the finance deal, maybe your offer is a little higher but the cash deal has no contingencies.

Removing an Inspection contingency can really come back to bite you..

Throw them a bone, If it were me, I would say yes to it but that I want to inspect myself, then put on the jumpsuit, crawl under the house with a big flashlight, bring a ladder and get on the roof.

If it's a good deal and you can afford to pay cash then remove financing but each deal and investor has their own unique circumstances that may not make it feasible..

David Avetisyan · Answer

This will depend on your offer, how strong of a buyer you are, and how comfortable you are with the property.

Can you close all cash or find another source to fund the deal?

When was it built?

Any updates?

Copper plumbing?

Crawl space?

The above are all question you need answered if you are considering skipping the inspection and the finance contingency.

If you have offered them an extremely low number, they may just be trying to protect themselves.

Is this your first deal?

Have you done a walk through?

Have the above questions answered, attach some pictures, and I'll provide more feedback.

I have, on deals, removed both contingencies.