I’ve had a few conversations with a FSBO, however, I’m not getting to far with the negotiation. He is stuck with his price and I’m actually fine with that because I know he will sit on it for a while.
Do you have some insight in begingin price negoation with FSBO? I realize sometimes it is very personal to point out all the flaws with the property, but it is my money and don’t want to be in their shoes. Any insight?
Well, first of all you need to realize that not every FSBO is a deal and not every FSBO is a motivated seller. If they are listing to save on commission and don’t mind waiting, then it is not something I would spend my time on and I would probably contact them again weekly to see how things are going.
If the FSBO was an expired listing, or in need of repairs, then it has higher potential. Make him an offer and check back with them weekly.
Well, as of 7:43 this morning, the seller called back and accepted my offer for $17,000 (70%) less than his asking price. Now I just have to decide how I want to purchase it and add some clauses just in case I missed something. Any thoughts?
I can do cash if he wants it, however, he needs to clean all the memories out of the house. This was his parents estate, so that will buy me time. I just need to justify if I want to spend $1,500 in closing costs (to use other people’s money).
I have 3 exits. 1) A prequalified buyer from a realtor that I have been working with…even though I won’t make as much with this person due to paying for closing costs, I have it almost guaranteed sold. 2) Sell it on the mls…a lot more profit potential but have the possibility of more holding costs. 3) Hold and rent (I am not excited about this option if I can make a quick 10,000 after repairs).
I really don’t know who to wholesale to, but if I knew someone I could wholesale I would.
Search each topic on this forum first then go to your local library and read a book for free.
Neither are that dificult, you could buy a book, but do the reading and ask questions here.
I’m sure you’ll get a lot help.
PS final step, get a lawyer to draft you up either.