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DanielSun

Smack on the face

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I just got off phone with a seller, she is trying to sell her house at 490,000, I asked if she would be willing to lease option it for 480,000. The neighborhood is a million dollar neighborhood, but her house is considerably smaller so it's worth less.

 

before I got off the phone, I said to her "I noticed that you listed this house with an agent before, may I ask why it didn't sell?" She says "Oh well it was listed at a different price, $399,000 for a quick sale I didn't know why it didn't go....umm...err...." lol she starts to stutter realizing that she just slipped.

 

I really need to work on pin point price for houses, I was off by $80,000!! wow darn it I think I just lost another one

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Yeah, knowing property values is critical. . .but not always easy. The deal isn't necessarily lost, however. Ask her if she has an appraisal, or if you can see the Agent's market analysis.

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Smack on the face. Ouch! :huh:

 

If it was listed at $399K then subtract the agent's commission and another 2% for negotiating room could be priced another $30K or so lower. Wonder what the balance of the existing financing is?

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My opinion is from an investors point of view. Never be the first one to mention price in negotiations. The first one who mentions price always loses leverage in negotiations. To your success "Mrflipperhouse" aka "PrinceofWholesaling"

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