Negotiating a price with a seller can be quite exhausting, especially when you are dealing with an unmotivated seller. You would have exhausted a lot of your time, resources and patience, and still not be able to bend them to the price both parties can agree to. I believe in turning Nos into Yesses, and it is possible to turn an unmotivated seller to the opposite.
However, before you get your hopes up about that possibility, it is also very crucial to assess the situation first. There are three simple questions you can ask a seller to determine and even persuade a seller to a lower price.
First, inquire about the reason for disposing the house. When you ask why are you selling, the sellers reply will help you identify whether you can sway them with a lower price or not. Sellers have inherited a property from a deceased relative, short o mortgage payments or going through a divorce are more likely to sell without a lot of fuss because they want issues about the house settled as soon as possible.
Second, probe about the soonest date they can close. Sellers who are able to give a definite time are definitely motivated sellers who would be willing to agree with your offer.
Lastly, ask them for the lowest price they want for their home. Make sure to wait for their reply before you say anything. Let the seller come up with the amount because most of the time it is lower than you will be offering them. However, if a seller can’t tell you how much, then give them a ridiculously low amount to push them to give you an estimate. When you say this though, be polite and tell them you don’t want to rub up the wrong way and that you just want to know how much they want for their home.
Moreover, ask these questions after you’ve set the mood, and built rapport with them. It is vital to put your full attention to every detail they are sharing with you including information about their family and the things that they like. Make sure to ask about the current condition of the property to let them know you are a serious investor, and not an agent who is only interested in a 6% commission.