Psst… Read this! Need some advice. - Posted by Katie
Posted by Katie on March 03, 2006 at 19:04:09:
I am a newbie and I’m doing a “rent to own” and I have a house under contract with my seller. The seller explained that he wants $7,000 down that’s 1st mth rent plus 2mths sec. dep. The asking for this house is $295,000 and it’s new construction. No one has occuppied this house in over a year.
Recently I placed my ad in the newspaper and received many calls and told them what the seller required plus my interest that I’m selling in the property. Many drove by to see the home but many have said that’s asking too much for that house and it’s not that big in square footage. So that was six people that I lost. And most just didn’t call me back.
So how can I negoiate and get the seller to drop the 2nd sec.dep. and take the $3600 down and accept the non-refundable money which he will get every month. He’s not losing anything and many of my buyers want to buy this house but the seller greed glands are on fire and it’s not leaving me enough room to make money on this deal as well.
Asking Price: $295k
Could he accept 1mths rent$1800+1mth sec. dep.$1800 = $3600
What can I do and say to persuade him to do this and come into agreement with me because I have many buyers with the money right now and available to pay him. But one couple are ready to meet him on This coming monday to make a deal. I don’t want to lose my buyers. Please Help.