And their may not even be an interested party. If their is, don’t let it affect your price. Act like you could care less,which should be the case.
See if the other folks really have the money.
Wait a while.
Please?? Dilema!!! Air out of Ballon - Posted by littleguru
Posted by littleguru on March 28, 2003 at 11:04:18:
I had a purchase agreement and a 400$ deposit ready to go on a 3bed 1 bath, new carpet, new flooring, 1 yr. old stove and fridge. Seller must sell cause closing on his house very soon. I went over there offered my deposit right now and 2600 when close= 3000. This is 500 lower than his lowest price he gave me. He said before he signed he must make sure his mortgage on his new house was all set. He’d call me back later that evening and we’d finish if it was.
I talked to this guy like 45 mins. i thought i had bought my first mobile.
He called back and said he had talked to the park manager and a dad was looking for a trailer for his boy. He said they offered 3500 which was his original price. But i asked if their was a deposit he said no. I think I can still make money on this deal but i really wanted it for 3000. But again not sure.
What can a 79’ 3 bed 1 bath new inside retail at?
Should i see if i could buy for 3500, wait it out for a few days and if the dad and the son fall thru i’ll buy, or should i give up on trying to buy and sell trailers even though i was so close to getting my first. I feel like this was my chance and i blew it! I feel like giving up and just working like everyone else. This was the ultimate deal. Any feedback would be appreciated…
Lesson number 1, 2 and 3: NEVER discuss a price over the phone, only in person. Offers are good NOW, not later. One thing to really keep in mind: This market is not driven by money or desire, it is driven by CREDIT, a decent RENTAL RECORD and NO CRIMINAL RECORD. At least in Oregon, any of those things could take a guy with all the cash on earth and a huge desire to buy that house and BOUNCE him out of contention. In other less colorful words, he could be denied by the manager, so don’t worry about him.
Just because someone says they want to pay $3500 for a place, doesn’t mean they can or will.
The best thing to do is take your offer off the table and wait. If he calls you back, clean the slate and offer him less money because, oh gosh, you just spent your alloted funds for the month on another home and you only have $2300 left to spend on his.
If you lose the deal, go find another one, but now you know the Golden Rule of flipping tin: Don’t give him a price over the phone.
As the others have said. This is just an average deal. No sweat finding others as good or better. Ask what you can learn from it. One thing would be to make sure they can’t “shop” your deal around next time. Make sure they understand you are looking at other homes too and your offer is good NOW. Always control the deal.
With this one I’d wish him luck and tell him something like "well that works out well 'cause I really like the “other one” better.
All the best, Lyal
This is quite a typical Lonnie deal. There is no need to sweat finding another just like it or at a better price.
As a wise investor often reminds me, “the deal of the century happens once a week.” Sometimes more often.
You have applied the knowledge and created some experience. The application of this will lead you to success. It is not “the ultimate deal” that makes anyone successful. It is riding the highs and lows that make you successful. One day you are up, the next you are down. The good news is, if you don’t quit on the downside, you will bounce back up.
Follow up on this deal and keep looking for the next.
Chances are you will find 2 more in that park very soon that are just like this one. I am not alone in this experience. You find one good deal and you have found three. Keep your eyes open for those other two.
There are lots of deals out there, if this one falls through find another one. Also, it has been my experience that at least half the time the other buyer either doesn’t have money or doesn’t exist. If they didn’t have money for a deposit I would bet that they won’t be able to buy, don’t think you have to bid against some one else. Figure out what the deal is worth to YOU, & stick with that price.