Wanted to get your opinion. I posted in a different sub-forum, but perhaps this is a better place for it. Apologies for starting to similar threads.
On what would be my first deal sold, I obtained verbal agreement from a buyer to sell two parcels to him on terms. We talked both cash and terms but he was more interested in terms. He asked me to send him the details we agreed to through email and that he would review. I proceeded to start the paperwork.
A day or two later he wrote back saying he couldn’t swing the deal financially. He said if things changed he’d get back in touch with me. I told him that I understand and to keep me in mind.
I can tell he wants the land. The parcels are adjacent to each other and would make a really nice property for him. Just to add a little more context, he called me off a “neighbor letter” I sent so he already has land there and is familiar with the area.
I got to thinking that he might be doing this to get me to make the deal more attractive. Being naive about these types of transactions, I wonder what “levers” you would pull, if any, to close the deal. The deal we originally agreed to has enough spread to give me flexibility and still do well. I could reduce price, reduce down payment, or extend the length of owner financing.
If you were in my shoes, would you spend some more time on this adjusting parts of the deal? If so, what do buyers respond better to in your experience?
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