6. What to do if the deal falls apart
If the deal has not been closed, sometimes doing nothing is the best strategy. Sitting back and waiting can cause the vendor to become nervous and more negotiable if they think that you have walked away.
Time can be a great negotiating tool so be patient and wait for the agent to chase you. But this depends on how important the property is to you. If it is an investment property, be prepared to walk away. Wait for the agent to chase you.
If it is an emotional home purchase and the property meets the majority of your criteria, waiting may not be the best strategy as you may miss out on your dream home. Consider also that time out can be beneficial when emotion
is involved.
Let the agent know you are still interested and to come back to you before selling, as you are thinking about things.
If you really want to buy the property, tips to keep the deal together include:
• Find out what the vendors ideal settlement is
• Offer a larger cash deposit (10-20%)
• Make your offer unconditional and not subject to finance or building reports. But bear in mind that this is a risky move, as you could end up spending a lot of money if youve bought a lemon
• Try to offer a release of the vendors deposit ASAP
• Negotiate the price and always end your offer in uneven numbers, not on round numbers to demonstrate that you have pushed yourself to your limit (eg, $751,250 not $750,000)