Negotiation Help Needed Please?

[sailor]

Hi,
I'm new to the game and the forum, and really like the ideas I see you all present.
I'm negotiating to buy a property and the sellers (via their RE Agent) don't seem to be budging much. I've researched the area and the street. I even offered to go into the agent's and sign a contract. He declined, saying he preferred to do it verbally until we'd reached agreement.
So I'm open to all ideas and suggestions you might have.

 

[Jacque]

Hi Sailor

Plenty of old posts on this topic both here and over at InvestEd.

Read this as a starter and then do a search and happy reading! Good luck with the whole process.

http://www.somersoft.com/forums/showthread.php?t=24463

 

[Sultan of Swing]

Hi Sailor and welcome to the forum.

Perhaps if you could give us a few more details on the deal so we have something to work with, we may be able to give you some more direct opinions.

Cheers

 

[willair]

I'm negotiating to buy a property and the sellers (via their RE Agent) don't seem to be budging much. I've researched the area and the street. I even offered to go into the agent's and sign a contract. He declined

Sailor,
IMHO,
First of all welcome to the forum, if you spend some time and read the
several posts on how to buy properties you may have a better
understanding on how the system works..
Only my idea's on which way to deal with the R/E, the only way that's
works for me is to tell the agent that you intend to put an offer on
paper and tell him if he is just testing the market with useless verbal
he is wasting your time and you will ask someone else,to do it for you..
And if you have done your homework on the area this is not the
only property for sale just move on to the next one,property
is and always will be a numbers game you may well have to look at over 50
properties till the numbers add up..good luck willair.....

 

[sailor]

One fascinating thing about negotiating for property, is that it is an exciting moving feast. Also, thankyou for the information and education provided by those of you who responded to my original thread.

Property A:
Two weeks ago I negotioated for a small 2-bed cottage on the beach (asking $519K) and I went in much lower at $480K...along with the resident termites. The RE Agent was playing a dutch auction and I missed out by $20K.

Property B:
Undaunted...I found another property (no termites, larger parcel of land, concrete block shack, still on the beach...more money). They were asking $669K and I went in at $580K. So after several negotiations they were down to $mid 50's and I was up to $600K. They refused to budge further, so today I signed a contract for $624K and said take it or leave it. (Still waiting to hear the outcome.)

Meanwhile this afternoon, the RE Agent for Property A phones back saying the purchaser is having trouble getting finance and am I still interested? She'll get back to me in a couple of days and let me know.

The adrenaline is running high. Playing Monolpoly was never this exciting! I'll be taking the pooch for a long walk tonight to calm down and get my head back on an even keel. Meanwhile....any strategies, advice and tips would be most appreciated.

 

[Scout]

Ah, the thrill of the hunt. It's very addictive