I almost sold two adjacent parcels that I acquired a couple weeks ago. This would have been a terms deal and the it broke down on the what I wanted to get out of the down payment. This lead came in from a letter I sent neighboring property owners. I haven’t marketed to the general public yet. Here are the numbers:
Purchased for $750 each. Offered them for $3500 each cash or $3000 each if they bought both. He seemed mildly interested in this but then we talked terms. We verbally agreed to $5500 each, 10% down, $200 /month. He asked me to send him the details through email so he could make sure that is what he wanted to do.
After I sent him the details, I heard back from him two days later saying he couldn’t swing it financially. What would you do to close the deal? Reduce or eliminate the down payment? Reduce the payment and extend the length of the financing? Reduce the price? He just cut off negotiations cold. No counter.
I’m leaning towards going back to him with a reduced down payment. If he still doesn’t bite then reduce the price as I have some room there. This would be my first sale. Any guidance would be very much appreciated.
You must be logged in to reply to this topic.