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Updated almost 3 years ago on .

User Stats

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

Help with Negotiating Techniques

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!