My old neighbor listed there house for sell and it's at retail... The house is old as the hills and needs updating. It would be a great live-in-flip opportunity but it's not a good deal (compared comps & recent flips in the last 12months).
It dawned on me I need leverage get a better price.
Have you ever negotiated a deal that included a donation to the sellers church>? They're very active at there fellowship.
What are some creative ways you negotiated a price with a friendly neighbor>?
I'm touring the property today and will determine a rough rehab cost.
Run the numbers if they do the financing. Does that make it better? Maybe they only want a certain amount per year for tax reasons. Maybe talk to them and see what their needs are.
The lady that owns the property is pretty old. I'm kicking myself in the face for not building a stronger relationship with them. I could have negotiated an off market deal!
This industry is all about relationships and helping other people. I'm so inexperienced with that.
Is it unethical to meet with a seller without the real estate agent being present? We did a fast walk through yesterday and I missed a few things (checking the condition of the electrical box). It felt like the agent was trying to up sell me... "This room has great potential and not expensive to remodel", "you could fix this easy" bla bla.
I'd like to sit down with the owner and talk about the motivation to sell the property.
The owner is tied in a contract with their agent so you will need to be carful. At this point everything you are saying is counter productive to doing business. You need to assess exactly what the property is worth to you and keep that number as a absolute max. Bribing her with a donation to her church is only going to reduce how much you can pay her for the property so is likely to be counter productive to convincing her to sell at a lower price unless she is stupid. If however she is stupid there is no harm in trying as long as you stay, in total, below your top price.
Fact is it is in her realtors hands and all you can do is make your offer and hope for the best. If you do not get it at your price you walk.
Always remember business does not operate successfully on emotions unless a sellers emotions are a weakness you can exploit.
@Thomas S. That's what I'm thinking and I don't want to burn any bridges with real estate agents.
The property would be a live-in flip, and a possible rental depending on how much I invest with my own cash.