What are some tips you all have for dealing with difficult sellers? He's stuck on a price that isn't really ideal for the condition the property is in.
If you are trying to purchase the property; I would tell them thank you but no and follow up every 60-90 days. If you are trying to list the property, you will need to wait to hear from other agents below since I am not an agent.
@Charles Carillo I’m trying to purchase. That may be my best course of action. I’ve waited this long. Another 60 days won’t kill me
1. "Mr. Seller, if I gave you your price would it be fair that you work with my terms?"
2. "Other than the price, what will it take to sign an agreement today?" (to see if there is any other doubt or obstacle)
3. "If I was to buy this property from you, where would you (or your tenants) move to anyway?"
4. "If you don't sell the property soon, what will you do with it?"
Seller: I'll rent it
You: Why not rent it to me? (set up lease option or seller carry)
Seller: I'll just wait for the right offer
You: You may lose more money waiting for the property to sell because you know it needs work...then you'll pay a REALTOR possibly losing 6% of the price, then the buyer will want you to fix stuff which will cost $_____ and they will want concessions which will be another 3%...so if you go with someone else, you're giving away $_________...with me, you KEEP that money...when would you like to close?
5. "Who's going to fix the property?"
Seller: I will
You: Okay, if you fix _____, ________, _________, __________, and __________, I'll pay what you're asking. If not, no worries! I'll pay $______ and save you the headache?
6. "If you had a Home Depot shopping spree with no limits, what would you fix and remodel in your home to sell it for top dollar?
(Wait for the seller to list a million things)
You: Mr. Seller, that would cost $75,000, I'll make you a deal, save your money and sell it to me at $________ and you won't need to hassle with it...when would you like to close, Tuesday or Thursday?
7. "Look, I'll give you exactly what you're asking if you allow me 120 months to pay it, or you fix ______, _______, __________, _________, __________, and __________...which would you prefer?"
I use all of these and more, they work, figure out what's most important to the seller and close him!
@Andrew LeBaron Number 7 is the one. My partner and I were so focused on talking him down, that we completely overlooked that option. He went on a rant about investors trying to take advantage of him. He's so steadfast on his number because he doesn't want to feel him and his family have been taken advantage of. I cannot believe I didn't piece that together. Hopefully he is open to this option.
@Andrew LeBaron Thank you for chiming in!
I would make the deal work for me based on the price he wants. If the price just does not work for you no matter how much you try, then walk away. There are many more reasonable sellers out there who will want to work with you. Don't waste your time on this one. I bet the seller will drop the price if he's motivated enough. It might take a few low all offers to convince him that. Let others do that work though.
@Bill Plymouth are you sure he’s asking to much? Just because you don’t want to pay it doesn’t mean someone else won’t.
What you should do in my opinion is, give final cash offer, offer seller financing (if possible) and if that doesn’t work. Table the discussion.
There’s no point in beating the dead horse if y’all are to far apart