Looking for ways to get leverage on a seller?

Question

BPs,

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,

Andy

Andy Basler · Answer

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.

Guy Gimenez · Answer

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.

Brent Coombs · Answer

@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...