Today's Real Estate Negotiation Tip is....
"Know Their Situation"
You'll find that negotiations are MUCH easier when you know the other person's situation. Knowing their situation will allow you to give on the things that matter to them but are insignificant to you. For example, a few years ago I was negotiating to purchase a property that the seller owned free & clear. I was offering to purchase the property using 100% owner financing. The seller's only hang-up was that he wanted to use the proceeds from a traditional sale to pay off a house in Florida so that he has peace of mind in knowing that if anything was to ever happen to him, his wife would be able to remain in the Florida home without worrying about a mortgage payment. Armed with that information, I offered to have him take out a term life insurance policy and I would pay the monthly premium. In exchange, he would hold a note for 100% of the purchase price at 0% interest until I either sold the property or refinanced.
Bottom line, I would have never been able to negotiate those terms if I didn't know his situation. Click here to see my post on how to find free & clear homes.
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