Meeting w/ seller in person

First, I always set the stage by trying to find out the little things that were important to the Seller and we always gave in on those. For example, if the house was needing repairs or paint, I would usually say, "I know you are extremely busy and want to get on with your life, so we won't bother you about painting or carpet cleaning. The Seller wants to make this a win-win situation and make it reasonable for you, so he will do the painting and cleaning."

Next, we usually threw in some nice extras. In my market the Seller was expected to give the Buyer possession the day of closing. We would say, "I know you don't want to hire movers and spend money on a new place to live before you have the money from this transaction in your account. Even though no one in this market is doing it, we want you to have 2 weeks in the home after closing before we take possession. Free - we won't even charge rent. That should make it a lot easier for you."

Then we hit them with the one point we cared about -- lower price. We really did well in the negotiations.

Another favorite was when the Seller said that they would lose money if they accepted our offer. I would suggest that they treat it like chess. Sometimes a small sacrifice allows you to win. The same thing with the home, a small sacrifice in price allows them to get on with life and any other plans.

These are just a few of the many things we used. They all have one thing in common. The Seller is thinking, "What is in it for me?"

You need to find out some positive items so they have the answer that you want for that question.

Edited: 06/26/2010 at 07:31AM

Nick J.

SFR Investor · Scottsdale, Arizona

2806 posts
27916 Influence
21 Awards

Icon_minipost Mar 09 '09, 11:55 AM

Jeff, as funny as this may sound, I swear I do it, and have the hardest time not laughing!

I also bring my oldest son when he's not at school or on the weekends and have him do this with me. We actually make small bets how long its going to take to get the seller to start talking...

what I do is find a problem and just stare with out saying a word!!!

I completely shut up and stare........they'll start talking and when they do they'll talk themselves down....

notice something on the ceiling.............just stare
notice some tile not perfectly aligned..........just stare
notice something just a little out of whack..........just stare

It works.............

Edited: 06/26/2010 at 07:31AM

Jeff Fairchild

Real Estate Investor · Vancouver, Washington

387 posts
79 Influence
2 Awards

Icon_minipost Mar 09 '09, 03:59 PM

That's pretty funny. I guess I'll have to try that haha

Edited: 06/26/2010 at 07:31AM

Nicholas

· Jacksonville, Florida

20 posts
20 Influence

Icon_minipost Mar 11 '09, 12:26 AM

Hey Gary,

Those seem like good techniques. In the paragraph about painting, did you mean the Buyer would do the painting and carpet cleaning?

Wincing as soon as you hear the offer is always helpful. Even if it's a good offer. And then the classic, "Is that the best you can do?"

Edited: 06/26/2010 at 07:32AM

Gary Coles

Real Estate Consultant · Las Vegas, Nevada

26 posts

Icon_minipost Mar 11 '09, 06:19 AM

Nicholas,

You are correct. I'll have to be even more careful when I post late at night after a hard day. As you saw, I gave techniques for the Buyer and I meant to say that the Buyer would do the painting and carpet to make it easy for the Seller.

I like the comments on wincing and staring. They can get your point across without insulting the Seller or his property. Sellers are almost always emotionally attached to their home. Often they will consider a lower offer if they form a bond with the Buyer and/or if they feel the Buyer will truly appreciate the home.

Edited: 06/26/2010 at 07:33AM