Topic: Buying property

[Always THE HERD]

There is a piece of property located next to ours in a gated campground area in another county. My wife and I would like to have it. The owner is asking $21,000. He told me if I wanted it he would knock off $1,000.
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My wife and I think it is only worth about $15,000.
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The question I have for each of you is this: How would you "word" your conversation or written document to him? I fully understand about mentioning
other properties that have sold in the immediate area, etc.
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I look forward to your suggestions and thoughts.

[GreenSteve]

Check Zillow or Trulia.

[cubsrams1]

Tactfully you can tell him that $15,000 is the most you could pay for it - no hard feelings if he can't sell it for that.  To get a deal, you have to be willing to walk away from it and the other person needs to know that.

[Always THE HERD]

Check Zillow or Trulia.

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These sites are more for people dealing with real estate companies aren't they?

[elginherd]

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These sites are more for people dealing with real estate companies aren't they?

Zillow accepts FSBO ads. Trulia & Realtor.com only do MLS listings. All can be useful for scouting rough comparable real estate values. Honestly, what cubsrams1 says is true. If you want to get your price you need to be willing to walk away.

However, if the place really, really would make you happy for a long time paying $4K too much is not all that much in the scheme of things. You might be able to get the owner to pay for the legal work needed to transfer the property. Also, even if paying cash, get it appraised before the purchase.

[Always THE HERD]

Maybe there are those here that do not understand my dilemma.....I just don't adequately know how to approach in (either verbally or in writing).....I need your
help. Thanks!

[elginherd]

Say something like this, verbally: "I'd like to have it, but $20K sounds a little high for that lot. You mind if I do a little research to see if that is a fair price?" Then go do a little research. See about getting a formal appraisal. (Costs a couple hundred where I lived.) Then get back to him with your data. 

Do some soul searching. Ask yourself why you want the lot. How disappointed will you be if & when someone else buys it? Again, if you'd be crushed if you don't end up with it, overpaying by $4K-$5K is not that much in the larger scheme of things. If you won't be crushed, say, "I really can't go the $20K, but I'll offer $15K and that offer is good over the next year if you don't sell it."

Were you going to pay cash & is your offer based on what cash you have? If so, see if he'd finance-by-seller the balance at 3%/year.

[herdfan429]

Maybe there are those here that do not understand my dilemma.....I just don't adequately know how to approach in (either verbally or in writing).....I need your
help. Thanks!

Can you do anything by yourself?  Dear lord grow a pair and tell him you can only pay 15k. No negotiating it's all you can afford. It's not hard

[Johnnyherd]

The question I have for each of you is this: How would you "word" your conversation or written document to him? I fully understand about mentioning
other properties that have sold in the immediate area, etc.
~
I look forward to your suggestions and thoughts.

Well great salesman always make you think they are good people and that you could be their friend....They show you respect and easy your emotions associated with the transaction....Never be adversarial....Never take things personal....and give yourself room in the deal to move toward their price....

You see everyone has a "line drawn in the sand with what they are willing to pay to buy or sell' ... you just have to keep things copacetic while they make friends with selling at your price....

I wouldn't write him...Too easy to say no to or throw your letter in the trash....I would put pressure on him in person....use some pregnant pauses....If you have cash offer 10,500...then offer 12,000....Then 13,500...Then really emphasis that 15,000 is all you can do....and let him know the deal is real and cash....remind him how long it's been for sale......bring cash and show it to him...and that money is about to walk away...

Always make a final "run" at buying it at your price before you leave...Ask him 3 times spread out over a few minutes.....

Then if he sticks to his guns let him know that you'll leave the offer open for 24 hours and he can call you and get his money, but if you don't get the deal your going to buy a classic car or something....

The only "read" that he is going to make is how bad do you want it and will you cave in....If he's a salesman, bet that he is going to play to the psychology of you losing out and the property selling any minute....He might try that "don't let a few thousand stop you from your dreams"....

One other tip I use, always set the last price....that means you win to some degree....If he says 20 then you say 10...He says get real and offers 19 and you offer 12....then you get to maybe 16 and you would take that ...still cut it again to 15,500 and settle at 15,750..... every dollar you cut it is a dollar you beat him by...

the only exception if you negotiate and he throws a low number out randomly in conversation, then accept it....

[Always THE HERD]

Well great salesman always make you think they are good people and that you could be their friend....They show you respect and easy your emotions associated with the transaction....Never be adversarial....Never take things personal....and give yourself room in the deal to move toward their price....

You see everyone has a "line drawn in the sand with what they are willing to pay to buy or sell' ... you just have to keep things copacetic while they make friends with selling at your price....

I wouldn't write him...Too easy to say no to or throw your letter in the trash....I would put pressure on him in person....use some pregnant pauses....If you have cash offer 10,500...then offer 12,000....Then 13,500...Then really emphasis that 15,000 is all you can do....and let him know the deal is real and cash....remind him how long it's been for sale......bring cash and show it to him...and that money is about to walk away...

Always make a final "run" at buying it at your price before you leave...Ask him 3 times spread out over a few minutes.....

Then if he sticks to his guns let him know that you'll leave the offer open for 24 hours and he can call you and get his money, but if you don't get the deal your going to buy a classic car or something....

The only "read" that he is going to make is how bad do you want it and will you cave in....If he's a salesman, bet that he is going to play to the psychology of you losing out and the property selling any minute....He might try that "don't let a few thousand stop you from your dreams"....

One other tip I use, always set the last price....that means you win to some degree....If he says 20 then you say 10...He says get real and offers 19 and you offer 12....then you get to maybe 16 and you would take that ...still cut it again to 15,500 and settle at 15,750..... every dollar you cut it is a dollar you beat him by...

the only exception if you negotiate and he throws a low number out randomly in conversation, then accept it....

Thank you Johnnyherd.....I really appreciate your comments!!! I am most generally not very tactful and commuication verbally is certainly not my "forte". Again I apreciated your help!

[Johnnyherd]

Thank you Johnnyherd.....I really appreciate your comments!!! I am most generally not very tactful and commuication verbally is certainly not my "forte". Again I apreciated your help!

No problem, man....There is a lot of psychology to wheeling and dealing....and it's often uncomfortable for most people....especially when it's a deal worth thousands of dollars and it's your money (not some company's money that you work for).....

that creates an atmosphere of pressure and gamesmanship, even if most people don't realize it....most people just want it to be over....Either take the deal or storm off...."friends or enemies", if you will....hang in there and work the deal a little....at least know your cards as a buyer and play them....Good luck!!