Real Estate Investing - Ways of Getting Discounts From Sellers
There are some creative and innovative ideas for obtaining discount from seller when you are about to buy a real estate property.
There are some steps that need to be taken before you start negotiating the price.
The negotiating process itself should be maneuvered in a way that will tilt the conversation to your advantage.
The whole process must be thought out in advance so that at the time of actual negotiations you are equipped with all the necessary information to assist you in negotiating.
Find Out a Potential Seller You must find out a seller who is seriously considering the sale of his property.
There could be many reasons that may have prompted him to sell his house.
These can vary from pending mortgage payments to personal or financial crisis.
You can find such people in the newspaper ads or on the internet.
Researching the Background Re-searching the background of the sale is very important.
If the seller is in trouble with his mortgage company, he may be more willing to off-load his house, than another person who is not in such a jam.
The more motivated your seller is, the more discount you can get from him.
On the other hand if the seller is not keen enough, he will be reluctant to give you discounts since he is not in a hurry to push the sale through.
From the list you have already prepared, note down all such sellers, who in your opinion, might be willing to give a good discount.
Contact the Seller and Soften Him a Bit You can do this by asking his reason for selling.
He will be a little bit relaxed and will not see you as an opponent but someone who is on his side and understands his predicament.
This is very important since it will also give you understanding of his reasons and their intensity.
This will translate into his willingness to offer you discount.
Try to Get a Figure from him Never make him an offer.
Since your offer may not be very realistic.
Let him make the offer and then start negotiating it.
If you give an offer and he accepts, you will have no option but to pay it.
On the other hand, if he makes an offer, it will give you a fair chance of the price he will accept.
Once you have a figure from him, you can decrease it to a level where it is acceptable to you.
Remember, if you make a counter offer which is unreasonably lower than the initial price quoted by him, it could irritate him.
Make an offer that is reasonable and acceptable to both parties.
There are some steps that need to be taken before you start negotiating the price.
The negotiating process itself should be maneuvered in a way that will tilt the conversation to your advantage.
The whole process must be thought out in advance so that at the time of actual negotiations you are equipped with all the necessary information to assist you in negotiating.
Find Out a Potential Seller You must find out a seller who is seriously considering the sale of his property.
There could be many reasons that may have prompted him to sell his house.
These can vary from pending mortgage payments to personal or financial crisis.
You can find such people in the newspaper ads or on the internet.
Researching the Background Re-searching the background of the sale is very important.
If the seller is in trouble with his mortgage company, he may be more willing to off-load his house, than another person who is not in such a jam.
The more motivated your seller is, the more discount you can get from him.
On the other hand if the seller is not keen enough, he will be reluctant to give you discounts since he is not in a hurry to push the sale through.
From the list you have already prepared, note down all such sellers, who in your opinion, might be willing to give a good discount.
Contact the Seller and Soften Him a Bit You can do this by asking his reason for selling.
He will be a little bit relaxed and will not see you as an opponent but someone who is on his side and understands his predicament.
This is very important since it will also give you understanding of his reasons and their intensity.
This will translate into his willingness to offer you discount.
Try to Get a Figure from him Never make him an offer.
Since your offer may not be very realistic.
Let him make the offer and then start negotiating it.
If you give an offer and he accepts, you will have no option but to pay it.
On the other hand, if he makes an offer, it will give you a fair chance of the price he will accept.
Once you have a figure from him, you can decrease it to a level where it is acceptable to you.
Remember, if you make a counter offer which is unreasonably lower than the initial price quoted by him, it could irritate him.
Make an offer that is reasonable and acceptable to both parties.
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