Novice real estate investors spent many hours researching about a property, what repairs are needed, taxes involved and other information without first learning why the seller wants to move. It’s important to learn what’s motivating a seller. Before you make an offer, you need to know why they’re selling, when they need to move by, and how important the price is compared to the terms.
Many beginning investors make the stupid mistake of always making the first offer. While this may be appropriate in some situations, if your initial offer is too low, the seller may refuse to negotiate with you. It’s important to let the seller tell you what they expect to receive from the sale of the property. Ask the seller what their best deal is for the property. This strategy places the responsibility on the seller, who may be afraid to ask a high price for fear of losing you as a potential buyer. Whatever the seller first offers you, ask him or her if they can do better. Negotiate seriously with a seller once you’ve gotten them to go down as low as possible.
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