Got a whole sale deal sold trying to squeeze an extra few thousand out of the deal

Negotiating tip #1...Pigs get fat...hogs get slaughtered.

http://www.deangraziosi.com/real-estate-forums/local-networking-and-disc...

and going to LIE to boot?

Just wrote a piece on here about not be greedy. I hope you are not trying to get extra bucks by lying. Your reputation would be ruined as well.

You may want to consider these numbers before you try to renegotiate:
Some of the high profile people on this site offer a $1000.00 finder's/bird dog fee for people to find them properties and the BDers are happy with that amount. If you making anything more than that as your contract stands, be happy with what you get. If you are making less than that, consider the seller's situation. Can they afford to take anything more off the price? Is there an equitable solution where both of you don't get hurt?
Refer to the previous comments and threads about negotiating prices. Pay special attention to the ones about how we are supposed to be helping people and comment #1 of this thread from TRSD.

That's my 2 cents. Hope it helps.

Andy Sager
DG's AndyS

There is nothing wrong with trying to make the numbers work and going back and asking the seller to lower...but don't lie about the reason. You just want to make it a win win for all.. again mold can be an issue so make sure you know whats involved.

Don't get GREEDY!!! You have the right to go back and re-negotiate the deal based on the mold findings, just do what Matt Larson suggests and don't get too greedy.

Not sure what you are using for a contract, but usually there is an inspection clause. If repairs come in higher than anticipated than you may have a reason for a price reduction, other than that I wouldn't change a thing.

Like everyone is saying, don't get greedy!

If theres a mold issue, and you found it during your inspection of the home, and the cost to clean up the problem will wipe out your profit on the deal, I dont have a problem with it, just get two esimates on what its going to cost to clean it up and make it right,and add the cost to your new numbers to sell the property, What are the number your working with, just add that to your repair cost and move on, if the byer wants to back out, has long as the numbers work find another buyer......But dont get greedy, create a win,win,win situation for everyone, even if you end up walking away from the deal is better then being greedy on a deal....JOHN H.

if you already agreed on a price and put it under contract, I don't think that you should 'change your mind' and decide to get a better deal by 'inflating' your rehab costs...

Just stick to your contract, get your (small) fee, learn from it, and move onto your next deal...

wishing you success,

I understand the Approach. It's common practice actually, not to lie, but to go back to the seller after an inspection has been done and ask for a reduction in price.

Matt Larson helped me with negotiating my first deal with this method.

Original Asking Price $24,000

First Offer $19,000

Seller Counter $21,000

Buyer Counter $20,000

Acceptance

Whole House Inspection Completed. Noted Electrical upgrade needed from 60A whole house to 200A whole house, and other repairs. The upstairs apartment had their Electrical Panel on the outside of the house.

Matt taught me about what he calls a buyers rebate. It is how you can squeeze a few extra dollars in the deal. The scenario is after an accepted price, signed contract, and the very day Inspection is complete you go back to the seller and explain the following:

YOU: "Hello Seller, the inspection just came back and it looks like were are going to have a few extra thousand dollars in rehab costs."

Seller: "Oh Really? Are you still able to buy the house?"

YOU: "Yes, we just need to lower the price. Now you have already come down from your asking price and I shouldn't do this, but I can credit that towards how much I need to do. There are $9,600 in repairs needed, if you can lower the selling price by $4,800 I can eat the rest needed to do the repairs and still buy the house."

Seller will either say yes or no. If they say No, you can either counter or back out. If they say Yes, sweet!

So if they say yes, what do you do? You just reduced the buy price and increased the spread between the sellers price and your End-Buyers price. Do you take the spread and increase your assignment fee? Or do you take the original amount of assignment fee and give the difference to your buyer, essentially giving back your assignment fee to your buyer.

Hence the Buyer Rebate, just like giving it him for free while still getting paid!