Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago, 03/30/2022

User Stats

8
Posts
3
Votes
Angie Anderson
  • Rhode Island
3
Votes |
8
Posts

Need Help with Negotiation

Angie Anderson
  • Rhode Island
Posted

Hey family,

Need some help from the more experienced investors out there. My dilemma in a nutshell is: I let go of a contract because the seller did not meet my terms on inspection repairs. Now a month later, after moving on, the seller has agreed to meet my terms, only now interest rates have continued to up and stuck. Below are some details.

Original Deal

$345k at 2.75% with $5k in seller concessions

After inspection, asked for $14k in repair costs.

Seller said no.


Current Deal (he's like a bad ex)

$345k at 4.125% with same $5k seller concessions >:/

Now agrees to $14k in repairs

Bottom line, this is appx $250/mo loss in cash flow. The numbers still work above 12% COC but I'm @$$ hurt with the loss because of no fault of my own! The seller is also an investor and I suspect he knows he stepped in poo by letting the contract go a month ago, no he's scrambling. My realtor calculated he would also need to drop the sales price by $40k to break even with the previous deal, which I highly doubt he would entertain. Better to shell out the $14k then deal with the $40k loss.

My question is, how do I negotiate this and what's reasonable? I'm equally not pressed having let the contract go before...I can simply walk and keep searching as I have been since the contract fell thru or I can shoot my shot and I've lost nothing if he says no. Looking for reasonable ways to attack this.

Thanks family!

Loading replies...