The problem at this point is, you are chasing the deal. Never chase the deal. I don’t mind paying a fair price, which is defined by a motivated seller jumping at the final price. When the seller is motivated, life is easy. They are happy with the price and of course you are happy too. Remember the golden rule: “he with the gold, makes the rules”. Also, “the deal of the century comes around every week”. Don’t chase the deal with, the refrig, etc… are worth xxxx. You will buy the home and find xxxx wrong with it. Pick your price, and stick with it. Like Tony said, they will come to you. The reason I am making this point on such small dollar amount, is that this is a huge leason for all of us to remember. This may prevent you from chasing a deal that is tens of thousands of dollars more.
I couldn?t help but think of Lee Corso today when I went to pay a deposit on a $1200 verbally agreed upon purchase price that started at $2,000 and got told “not so fast”.
When I pulled out the agreement and told the wife that I would pay $100 deposit and have the balance in cash when they were ready to turn over the keys, she said “Oh, you mean the $2000” (Not so fast). You can imagine the song and dance to follow…“we are losing money”…“not that amount with appliances”… “let me call my husband”. I explained that they said they would take $1200 including appliances and that the price of $1500 they paid 5yrs ago has depreciated.
I did get her to commit (again) to $1200 without the refrigerator, stove and 2 ACs but it went to $1500-$1600 with. Even though this was probably still a good deal, I stubbornly walked.
I never liked Lee Corso.
PS How many signed purchase agreements are reneged upon for those of you doing numerous deals?
that you are willing to buy the home TODAY at the price you orginally agreed at, then tell them if they need to think about it that’s fine but that your price goes down by $100 a day at midnight NO EXCEPTIONS! you’ll find out real quick how serious they are…motivated sellers only please
Posted by Tony Colella on June 06, 2006 at 08:47:58:
A deal is never a deal until it closes and the deal only begins with a motivated seller and is documented with a purchase agreement.
Sounds to me like you had neither.
You ran into what we call a 60 day deal. Had you done Lonnie’s walk away technique and said something like, well that’s not what we agreed to before but here is my card if you decide change your mind (walk slowly to car).
Meanwhile seller’s wife is thinking “hope my husband isn’t going to be upset with this.” If the husband agreed to your price and terms, you may get a call that night (if you don’t get stopped before you get in the car).
If not you have your 60 day deal which means in about 60 days, after paying 2 more lot rents, they will call you and ask if you will buy the home under your terms. Typically we then buy for even less (or better terms).
Hang in there, this deal isn’t dead yet but meanwhile go find another.
If I wouldnt have been so surprised by her turnaround, I probably could have got her to $1100 w/out contents and $1400 with. That would have been $200 more than I thought I was going to pay , but still a good deal.
Should I stand my ground anyway to save $200-$300 or suck it up and tell them Ill give them $1400 to keep form losing a good deal? The refrigerator, stove, and 2 acs are worth $300 to me.