Walk Away a Winner – Never Respond to an Offer That Can’t Be Closed This is a real estate classic. You’re a seller and are asking $200,000 for your property. A buyer comes through your house, looks at it, leaves, and then the next day comes back again. You’re sure this per son is interested … Read more
Walk Away a Winner – Only Work on Issues That Can Be Resolved TIP Always do the possible first. Leave the impossible till later. You’re a buyer and you offer to purchase a home. You want the seller to accept a lower price, carry a second mortgage, move out within 30 days, and put on … Read more
Walk Away a Winner – Be Informed TIP The old maxim “Knowledge is power” applies doubly in real estate. Being informed can make a big difference in almost every sale. For example, you’re presenting an offer that contains a financing contingency that specifies that the purchase is subject to your obtaining a 90 percent of … Read more
Walk Away a Winner: Always Give Yourself an Alternative This rule is all about leverage in negotiation. If you follow it, you’ll have leverage. If you don’t, you will not get the deal you want because you won’t have the leverage necessary to get it. The classic example here is of a young couple who … Read more
Learn to Act: Listen Carefully Most of us listen more to how a person talks than what he or she says. If the person is loud and speaking in an angry voice, their anger, frustration, and perhaps fear come through. If a person speaks very softly, we may suspect that he or she is very … Read more
Learn to Act: Make Lists There is a corollary to this, namely that you can use the written word to your advantage. You can use the written word to add energy to a deal. When I’m presenting an offer (or having one presented to m e), I like to draw up lists. I ask the … Read more
Learn to Act: Challenge the Written Word Have you ever noticed the power of the printed word? You’re signing a lease and it says, “No pets allowed.” You have a pet. Suddenly you feel the energy flowing out of the agreement. You won’t get rid of Bowser and they don’t take pets. Can you keep … Read more
Learn to Act: Question Authority “Question authority” is an old phrase out of the 1960s when the flower children believed that everyone over 30 was the enemy. Of course, all of the flower children are now over 60, so I suppose it no longer applies in a sociological setting. But it does have a special … Read more
Learn to Act: Always Ask “Why?” Sometimes seemingly impossible demands will threaten to shut down a deal. For example, you’re a buyer and the seller keeps insisting that you be ready to fund your new mortgage within 14 days. You’ve already contacted a mortgage broker and know that it’s going to take a month or … Read more
Learn to Act: Strive to Be Innocent Have you ever noticed that as soon as someone admits they really don’t understand something, a lot of people rush in to help him or her out? Try it with a group of friends. The subject doesn’t really matter, but wait until real estate comes up and then … Read more
