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Real Estate Close: Negotiating Tip
When negotiating, know all the items you can give up on before you proceed.
101 Street Smart Cash Flow Accelerators #28
Today’s tip is number 27. No, all the items you can give up on before you proceed. Now let me tell you why that’s so important because as you’re going through the home, there’s gonna be certain things that you’re going to see and if you are going to give up for example, on repairs, then you want to know what the repairs are going to be and it’s good to have a list of things that you can negotiate on such as, uh, the seller may have an existing loan and you would love to take over that existing loan.
Today’s tip is number 26 figure out the personality type you are dealing with and negotiate accordingly. Now what do I mean by that? So you want to listen to people. Listen, even over the phone you can discover what personality type you’re dealing with. Now there’s four basic personality types. Of course there’s iterations of this and everybody’s got all four personality types. But the important thing to learn is that there’s four basic personality types. A that means bottom line oriented. They’re not interested in your conversation. They just want to know how much you’re going to pay him for the house. Well you don’t know yet. And so you got to deal with and overcome that personality type B, they’re all about the looks.
Today’s tip is number 25 all right, shut up. I don’t want to scare you, but that’s exactly what I want you to be thinking of like somebody like Lou Brown was just shell yelling at you. Shut up, shut up, shut up. Now here’s what it says. It says, let the seller talk. Listen, they’ll tell you what they need so that you can buy their house. Now, this is why it’s, you know, it’s amazing. I watched so many real estate investors over my years, of course, I’ve been doing this over 40 years and I’ve learned a lot of things about how people learn, how people interpret things, how people act.
Today’s tip is number 24 show the seller how you are benefiting them. Now, this is so important because many times sellers really don’t appreciate some of the things that you’re bringing to the table. One of them is that you can close quickly. Now that can be very valuable to a seller, so you want to contrast that. Well, of course, Mr. Mrs. Jones. You have an opportunity now to go ahead and put your property on the market with a real estate agent and they’re going to tie it up typically for at least six months. Most real estate agents won’t even take a listing for three months. They only want six months or even longer, and in fact, if things don’t work out, they’re going to ask you to relist the property.
Today’s tip is number 23 it’s about negotiations. Get all the issues covered before you make an offer. Well that’s so important when you’re putting a deal together. Sometimes you negotiate one part but you really haven’t gotten all the pieces put together yet. So you might’ve gotten agreement over here and then you have to bring another issue to the table and you have to get agreement on that. And then there’s another issue and you have to get agreement on that. So what I suggest is before you close, before you actually agree, say, okay well we can take that under consideration. What else do you need to hear about? Or what else is of concern to you? And then you put that back to the seller and they say, well I don’t have anything else.
Hi, it’s Lou Brown with another of my valuable profitable hundred and one ways for real estate investors like you to win close more deals, and accelerate your cash flow. So today’s tip is number 22 when optioning to buy or when buying on an agreement for deed, always have this seller place their deed in escrow. Now one of the things you might have heard about is that you could actually purchase a property by simply getting an option and a lease with the seller. So rather than actually getting the deed on the property, maybe you’re not so sure there’s equity there. Maybe you’d be better off doing a lease with the option to buy. Maybe the seller doesn’t want to give you their deed. Maybe they want to stop you from getting their deed. Maybe they’re concerned that you don’t won’t make the payments. Maybe they’re concerned they would have to foreclose to get their property back.
Today’s tip is number 21 have the seller refinance their home, get the cash that they need, and sell it to you subject to the existing loan. Now, how does that work? Well, let’s say that you go to the house, and in one of my other tips, I said that we go through a presentation with our sellers. When we’re going through the presentation, we do something called the cost to sell worksheet. We get down to a final number that shows the seller their equity. Now let’s say that our seller was insisting really did need cash. Okay, how can we get them their cash and how can we stay out of the bank and not qualify for a loan? I love that part.
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