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Updated over 5 years ago on . Most recent reply

User Stats

36
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9
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Sardar Mustafa Khan
  • Specialist
  • Chicago, IL
9
Votes |
36
Posts

Increasing Earnest Money

Sardar Mustafa Khan
  • Specialist
  • Chicago, IL
Posted

Got a great deal on my hands but....

the sellers lawyer is saying to increase the Earnest money amount to $2,000, what should I say to bring it down? How should I respond?

Any advice would be appreciated!

Most Popular Reply

User Stats

267
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214
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Kenneth Reimer
  • Rental Property Investor
  • Sacramento, CA
214
Votes |
267
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Kenneth Reimer
  • Rental Property Investor
  • Sacramento, CA
Replied

Sardar, this is a classic negotiation. There's not necessarily anything you can say to tell them to accept less than $2,000. That being said, I subscribe to the belief that you never give without getting in a negotiation. Therefore, find something that you want from the seller that you would be willing to get in exchange for the increased EMD. But, if you aren't open to increasing to $2,000, then say no. If they accept you saying no, the deal may not be as competitive as they're making it out to be. Hope this helps!

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