Ask Cornerstone: How to handle my motivated seller?
I’m excited that I found a motivated seller from mail marketing campaign. The owner currently lives in a senior living apartment in the city but wants to sell the house.
The house is on six acres of land, in bad shape with 9 foot weeds, she hasn’t completely moved out, and, the worst part, has a pair of horses living in the stables and field. It’s Zillow estimated at $80K and the owner wants $30K. I think I can sell it moderately refurbished for $80-$200K depending on improvements. How do I approach this negotiation so I don’t lose her?
You need to get into the mind of the seller. Figure out what the biggest problems are to them and offer to resolve them. Listen carefully to her concerns and pain points. I imagine that might include the difficulty in packing up, moving, and finding a home for the horses. Offer to help and pay for all those items. Also ask her if she would like you to arrange and help her with a yard sale. You be surprised how important it is for people to make some extra money selling the things they don’t need. After all this offer her $28K with no down payment since you’ll be paying for the moving services and situating her horses. In the end, you might pay $35K, but for the deal you have outlined, it would be well worth it.
The general idea is to make it easy for the seller.