If you have done any type of Real Estate or Sales in you professional career you know that sometimes you have to negotiate the price down. This is a normal part of business but it doesn’t have to be a painful part of business.
Why Are You Asking Me To Reduce My Price?
Sometimes people have a notion that their stuff is more valuable than what it really is. This is especially true when it comes to their house. I like to call this the “supreme ownership complex” or “SOC” for short and it can really make negating difficult with the seller.
Here are some sample scripts I use to bring the seller down to earth.
– Unfortunately Mr. Seller, it appears that all of my funding sources are getting a little more scared about the market… so they are limiting what I can pay … and what they are willing to fund properties at.
– Additionally, there are a lot more bank owned deals hitting the market and concern about prices coming down…
– So as a result for us to move this deal forward we’d need a price reduction of $xxx
You may get some feedback from the seller such as…
Did You Even Intend To Buy The Property At Our Agreed Price?
– My intention was to come through as agreed .. But these are now circumstances outside of my control…
– And many of the investors that are buying properties are using the same funding sources… so you’re likely to experience that same challenge we have right now …
– However, if we can agree on a price that works …then we can move to quickly close this and get this property off your hands for good.
I’d Rather Just Put The Property Back On The Market?
-You should certainly consider fixing up the property yourself…. You could make more money …. You’ just have to find a reputable contractor … make the repairs… then put the property on the market and wait the 3-6 months it will take to sell and close with a “conventional buyer” … do you really want to wait that long to get this property off your hands?
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This entry was posted on Wednesday, September 18th, 2013 at 1:07 pm. and is filed under Wholesaling. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
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