Currently in negotiations – PLEASE HELP!

Only offer what you reckon its worth. If its a special deal and you reckon you can make good money on it in fimmediate uture eg. development site then offer more.

I reckon there is no hurry to buy. So wait a little. Wait for them to chase you. You got the cash, so your the king.

Hi Wayne,

If you think it’s worthwhile to pay the $185k, perhaps you can negotiate more favourable terms – maybe a longer settlement to allow you to get the funds together?

Other than that, I know it’s easy to say, but try and be detatched. It’s just one deal, another one will come along.

Good luck!

Leila

Gazundering – Simply lower your offer before contracts are exchanged. The vendor stands to lose legal, conveyancing and perhaps agency costs by pulling out. It doesn’t work in a booming market, but as sellers become less secure this can be a great way for the unscrupulous to get a good deal!
Cheers, F.[cowboy2]

Wayne,

I’ve found being the slowest and most stubborn in the negotiating phase always works best. Being a cat on the hot tin roof is the worst place to be.

By reponding this evening you’ve just cost yourself 1K. Even though you’ve given 180K as your capacity limit – you haven’t specified what your ‘top value’ for the block is.

I read recently that most extremely wealthy people never even enter a negotiation without first establishing that they are willing to walk away from the deal. Have you ??

In answer to your question – it is left open ended on the contract unless you specify an exact time at which your offer lapses. All of my offers carry a time lapse clause…puts the Seller under pressure and limits to some extent your offer being used as leverage against another prospective purchaser.

Cheers,

Dazzling

“No point having a cake if you can’t eat it.”

Wayne,
Never, ever, ever give a counter offer during the same phone call as a counter offer from the vendor. I always make my offer, and then wait with my heart in my mouth until the agent gets back in contact with me. If they counter offer, I then go up in as little an amount as possible, but not in the same phone call. I’ll wait a couple of days at least, and I always have my walk away price in mind, believe me, deals are like buses, there’s always another one just around the corner. You may be able to afford to pay up to 180K, but is the land worth that amount? In this sort of market, you’ll probably find you’re the only interested buyer, so it’s worth making the vendor sweat a little to get your deal. It can be nerve racking waiting, but seriously, it’s worth it if you get your deal. Do as Foundation suggested, when they ring back tomorrow, tell them you’ve thought about it overnight and you can’t go any higher than $175K and see what they say. The fact that you’ve spoken to them 3 times today says to me that teh real estate agent thinks he’s got a live one on the line, and it’s just a case of steeling the nerves and getting the best deal for yourself.
Go for it!!!

I could be wrong, but I think you’ll find that even after the exchange of contracts, the buyer can pull out during the ‘cooling off period’.
Or perhaps WA have their own laws… I’ve only bought in Vic.
Cheers, F.[cowboy2]

Gazundering- quite the worst concept I have heard of… I would question the legality of it.

Wayne, offer and counter-offer are a bit of a pointless game. Negotiations made due to “reason” are probably better- *why* are you making the offer you are? If it’s just an arbitrary figure, then it becomes a stressful game between you and the seller. Iyt might be useful to read a basic negotiating book- something like “Getting to Yes”, which is a seminal text in the negotiation field- and go figure, it’s all about “win-win”. The book centres around notions of you both getting what you want. For example, you might be able to negotiate a price that is suitable to you and offer a short settlement period or something- all basic stuff, but it changes the way you do business.

An example in the book- and one that epitomises the themes… is an orange- and how to split it. First thought is to cut the orange in half… but on discussions with both partirs, it is found that one wants the orange part, and the other wants the skin- split it that way and both get what they want. Food for thought…

kay henry

Just my thought!

I took a hard line (true it was very early on in my training) but it cost me a good opportunity, just because I wasn’t willing to give up an extra $2K! Now, I’d have to be honest and say – “Is the $2K (up to your limit of $180K – not higher) realy worth missing out on this property?
How far off is your Stage two of the plan? Do you need to cary the property for a long while? Or can you build relatively quickly to realise the $650K?

I don’t want to falter you and hope you get the Property for the $178500, but I just don’t want you to throw it away for the sake of a couple of grand……..sorry. Perhaps a delay of a week to “work things thru” (mentioned to the REA) will bring the price closer to yours. If not, at least you’ve tried!

Best wishes!

Cheers
C@34

Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas Edison