There are more things to negotiate than you think

There are more items to negotiate than you think in a real estate transaction. Not in real estate, this is for you too. You buy and sell property don't you. Read on.

I wonder if you know of a property for sale for, let's say, $300,000? I wonder if the seller would take $900,000 for it? Before you say anything, listen closely. I will pay $900k for the property but I get to chose the terms. I will pay $1.00 per week for 900,000 weeks.

In most purchases the main and often only focus is on price. Price is only one of the items that you can negotiate.

Jim and Millie are in the motel with the kids, dog and cat. Jim has already started his new job and is working 12 hour days. The money provided by his new company is running out is 10 days. Do you think that they might pay a little more for a piece of property that they can move into in a week? You bet they will.

Here are the 5 things that can be negotiated in the purchase of most anything.

1. Inclusions: What comes with the purchase. I have had numerous clients who walked away from the closing table with little or no cash. If their new (to them) condo was without a stove and refrigerator they would have been cooking on a camp stove and storing food in their cooler. Since the stove and refrigerator were included they were willing to pay a little more since they could finance these necessary items.

2. Contingencies: What must take place before the purchase can be completed? Does your 45 year old dad have to die so you can inherit his money for the down payment?

3. Possession: See Jim and Millie's story above.

4. Terms: See the $900k story above.

5. Price: And last but not least there is price.

Focusing on items other than price takes some practice. But practice this tip so you and your clients can buy and sell more.

To your continued success,

Reg Gupton