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Negotiation Tactics for Dealing with Home Sellers

Here's the true story of the accidental discovery of a superbly effective strategy for dealing with feisty sellers. I was a fairly new investor at the time. I was still learning even though I already had my first few deals under my belt. Take away selling was a tactic I'd heard of but never had to guts to attempt. Today it's a strategy I employ at almost every opportunity. It works like this.

To be most effective you have to be in a position where your business isn't dependent on the next deal. You're negotiating from a position of strength because your pipeline is so full of deals. You already know you're going to by X number of houses this month, you just don't know which ones. That's the ideal position for any real estate investor.

I wasn't always in that position. I used to chase deals and bend over backwards to try and make them all work somehow. I ended up buying houses I shouldn't have bought and letting sellers jerk me around. That all stopped one day when I discovered this trick.

One day the phone rang and it was a landlord whose tenants had trashed the house and disappeared. The house was on the fast track to foreclosure. The numbers didn't really make it a great deal be the owner agreed to let me contact the lender to attempt a short sale. I arranged to meet him and his wife at the house so we could get the paperwork out of the way.

It turns out this woman was ticked off at life and apparently it was all my fault. She was convinced my real goal was to steal her identity and her husband's too. It wasn't anything new for sellers to be difficult but this was ridiculous. I'd had enough and it was time for me to fly.

At last she stopped flapping her lips, I looked at her and said something similar to this: "I'm only here today because your husband asked me to meet you here. I didn't cause this situation but I have a solution and I can only help you if you want to be helped. And if was going around stealing identities I hope wouldn't be so dumb as to target people with poor credit who are about to lose their home to foreclosure. Good luck. Sorry I can't help."

I wasn't joking either. I was headed out the door but before I got to the door she had changed her mind. "I'll sign the paper work," she said. I couldn't believe my ears. I had a solution to her problem and I was about to take it away. And that's how powerful & effective take away selling can be.

An outcome similar to this is not uncommon, but take away selling doesn't work every time. So before you try it you need to understand that you really do risk losing the deal. If the seller let's you walk out the door without giving in then it's over. You'd be a fool to go back and try to negotiate a deal at that point because you've given all the power to the seller and you won't get a good deal.

You can't be certain of the outcome but if you start walking and the seller caves as they see the solution to their problem walking out the door or in other words being "taken away" then the whole dynamic of the negotiation is tilted in your favor. You've made it crystal clear that you don't need this deal and you're willing to walk away so the seller better be willing to be flexible if they want the deal done and their problem solved. After you've used it successfully I think you'll agree it's a fantastic strategy.

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