Negotiating Tips Needed

[Benjamin Barredo]

@P.J. Bremner @Darin M. @Charles Jones @Robert Smith @Brian Gibbons

So I have an interested buyer in a flip property I'm wholesaling. I'm asking for $34,000 and it covers a $5,000 fee for me. I quoted the work at $10,000 with an ARV of $75,000. The property is located on a dead end street and on the end of the street is an industrial yard that belongs to a rail road company. It's a gate but it's never used but still not a pretty sight.

The buyer argues that he comps it with an ARV of only $60,000. He wants it for $27,000 but says he's not saying no but wants me to talk to the sellers about lowering the price. I'm pretty confident that the seller is stuck at her $29,000. I am willing to take a smaller fee just so I can close a deal and get it under my belt but I don't know if I can get it down low enough to make money myself. Even if I just walked with a couple thousand I'd have to talk the seller down $4,000 which doesn't seem like a lot now that I write that.

Any advice on how to approach this? I did tell the guy that I estimated the work at $10,000 even though my original analysis said $7,500. I guess he didn't hear me say that or chose to just go with the analysis price.

I really need to close this deal. I need the money to justify what I've been doing for the last month and to pay for some more marketing.