Posted by Blane (MI) on November 16, 2006 at 09:53:34:
You wont’ be able to tie it up until the two of you agree on a price. If she doesn’t want to budge on price, and it’s a retail price, you don’t have a deal to tie up. Sounds like she only wants to sell ASAP on HER terms. You may want to just move on. Good luck.
Blane
SFR, Vacant hme, for sale by owner, Need advice - Posted by Juan
Posted by Juan on November 16, 2006 at 09:36:07:
We have found a SFR, vacant home, for sale by owner. She is asking about$ 265K for it. Divorce and has moved out of the home and needs to sell ASAP. In California.
She does not want to budge on the price since it was remodeled and wants most of her money back. Im looking for some suggestions as to how to go back and make a deal with her and get this deal done.
Any suggestions on how to tie this property up. I will wholesale the deal out to an end investor or retail buyer if the price is low enough to make this work. Agents have done nothing for her during the summer.
Thanks in advance.
Re: SFR, - Posted by Don (VA)
Posted by Don (VA) on November 16, 2006 at 10:30:17:
Blane(MI) has it right. You negotiate on either price or terms. If she won’t budge on price, then you try terms. If she wants “most of her money back,” does that mean right away? Or is she willing to wait awhile? But you say she needs to sell ASAP.
One thing we’re overlooking, of course, is how much the house is worth. You say she’s asking 265K. Well, if fair market value is 400K, you’ve got a deal already. (You said it was remodeled; that means it needs relatively little fix-up?) On the other hand, if FMV is 280K…or 250K…then there’s no deal on price. Maybe on terms.
Still, it really doesn’t sound like she’s motivated. You say she needs to sell ASAP. There’s a big difference between “need” and “want.” Some people get it wrong, in my opinion, by trying to satisfy peoples’ needs. Motivation comes from “want.” No one needs a Mercedes; a Toyota or Ford will get you there. No one needs granite countertops or stainless steel appliances, but lots of people want them and will pay for them.
Similarly, the woman you’re dealing with may need to sell, but does she really want to sell? It sounds as if she may not be sufficiently motivated…at least not yet.
But first, you’ve got to find out the comps. Make her an offer using numbers and terms that work for you. If she says no, then all you can do is politely ask, “Is it OK if I keep in touch with you?” If yes, then follow-up regularly. If not, thank her for her time and move on.