Why a Seller Went from a Hard "NO" to "Yes" w/o a Price Change
Wanted to share a quick tip with you fellow BP'ers! Here's how I got the seller to go from "Nope that won't work for me. Sorry. Maybe we can do something in the future..." to saying, "That's not bad, I'll definitely consider it and we should be able to do a deal."
I didn't use any fancy tricks. I used basic Algebra...or whatever they teach you in elementary school.
The beauty of this is it was a package deal. That's the key to what I did with the price.
My first offer was $80K + $49K + $49K + $49K... I gave him asking price on all the properties except the $80K one. He had wanted $96K. Said $80K was just far too low.
So I switched it up. I told him I was pricing it based on the whole package, and I could come up to $92K on that house if he could do the other houses for $45K each. He crunched some numbers and liked what he saw! It seems we will be doing the deal.
Here's the math. First offer: 80+49+49+49 = $227K
Second offer: 92+45+45+45= $227K
So in summary, the price was exactly the same for both of us in both offers, but his brain really liked spreading the price drop over 4 properties instead of all in one. Go figure!
BTW this seller is a multi-millionaire investor who is extremely experienced and went rags to riches through real estate... so if this small change in the offer makes a difference to him, it can work with a mom and pop seller too!