When it comes to negotiating real estate deals, it comes down to 3 simple principles:
1. Evaluate The Deal
2. Make The Offer
3. Get at The Heart Of the sellers motivation.
Before you make your initial offer, you want to see the house and run your comps. Based on your exit strategy, you will be able to determine your max offer amount. Make your offer below your max offer price and see what the seller says.You don’t want to lose the deal but you want to make sure you get a good deal as well. Follow up with the seller if you don’t hear form them within 24 hours. Keep them engaged. While speaking with the seller, get at the heart of their motivation. It’s not always about the price, so be sure to ask why they are selling to see if you can assist them with their needs in return for getting the property at a discounted price.