Posted by Stacy (AZ) on July 17, 2001 at 01:42:42:
Sometimes you can’t get them to spit out a figure. So, come up with what you’d like to make on the deal, add some decent negotiating room, and let it out. Since you are under a time crunch, no need to take the “make them name a price first” rule too far. Get it going now, or the neighbor won’t have the time needed to get a loan if you come to terms. You could do a simultaneous close if you didn’t want him to know your price.
Also, I wouldn’t get too greedy. A quick profit at a lesser price will free you up to do more deals sooner, than if you spent the time to demolish and develop.
I’ve had a very low offer accepted on a lousy house on a 1/3 acre lot. I had intended to demolish the house, bring in city sewer and dig new well, and resell as manufactured home site. However, the neighbor is interested in buying but wants me to name the price. I want him to. There is some animosity between the seller and the neighbor so I DON’T want the neighbor to know what I paid. Also, neighbor mentioned he would have to get a loan to buy it.
I have a time crunch as I have to close by end of August. Any advice on what to do next?
Pam WA (thanks ahead of time)