Posted by John Behle on May 24, 1999 at 18:51:52:
My goal is to get to know the lender face to face. He may want to avoid taking the time, so lunch is an option or actually putting together an offer and presenting it personally. If this deal doesn’t fly, he may have others or be more open the next time. I like the face to face, it works for me.
If he resists, then go ahead an fax an offer that works for you. Make sure you build in plenty of “Wiggle room”. Don’t start with your best offer. He may counter or sometimes they accept it right on the spot.
We had a lender accept our bid of $850k on a 1.7 mil note without even flinching. He admitted a few years later that he would have taken 750k. That’s an extra 100k that could have been made by just having the guts to start lower.