I'm looking a purchasing a rental house. Typical negoiations, seller thinks the property is worth much more than I think it is. We have come to an agreement on the price, but I want to push closing out because I really don't want the headache with his current tenents. Their lease is up next May. So here is my issue.
All of our negoiations have been through the realators. I DO NOT have a signed contract. Each time I think we are getting a contract there comes another request from the seller. Granted, this has been going on for about 3 weeks which is longer than I prefer.
I sort of feel helpless in that I want the property but don't feel like I have any leverage in the deal, besides walking, which I have done a few months back. I know this deal won't make or break me, so I'm trying to keep it in perspective.
Just wondering if there were techniques out there to gain a little leverage for someone to sign a contract?
Thanks in advance,
You won't get leverage because it sounds like the seller is not terribly motivated and you're dealing with a third party negotiator for the seller. Frankly, it sounds like you're more motivated than the seller. If no one else has contracted to buy the property in the last 3 weeks while this game has been played, then perhaps it's not the "hot" property the seller thinks it is and maybe it's time to pull your offer until the seller gets motivated.
Sounds pretty accurate. Was hoping there was some jedi master tricks I could use. And this could be for null if all works out, just don't like waiting only to hear another demand.
I need to force myself to look for other opportunities as well.
@Andy Basler , yep, what you said:
1. "don't feel like I have any leverage in the deal, besides walking"; and
2. "I need to force myself to look for other opportunities as well". Cheers...
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing