I submitted an LOI to a seller (proprietary deal - no intermediary such as a broker) three weeks ago and have had trouble getting the seller to even start the negotiating process. I have a sense the seller is trying to drum-up other competing offers and I'd like to strike a balance between being persistent and respectful. There is no offer-exploding deadline in the LOI.
I'm wondering what tips folks might have for encouraging or motivating sellers to come to the table and start building momentum to get the LOI signed. Thanks in advance for any advice!
Tips for encouraging sellers to move on submitted LOIs
by a searcher from University of Pennsylvania - The Wharton School
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As many of you mentioned, if it takes 3 weeks to get a potential seller's attention, they probably are not actually serious about selling. On to the next.
If the seller hasn't engaged in a meaningful way in 3 weeks then I don't think they're serious about selling. I would tell them you have other deals in the pipeline and have been holding off on those while you waited on their response, but you now need to move forward if the LOI isn't accepted by XX date.