Negotiate on price or terms, not both

Notes and thoughts from listening to wealth spy cds from GT1

Steve McKnight:

• Negotiate on price or terms, not both.

Ron Hoi Feng:

• Offer a wholesale price for cash unconditional offer. And then during negotiation, when the price gets to a point , all of sudden, it becomes conditional (subject to finance, inspection, due diligence, early access, long settlement ,etc etc)
• Offer a low ball price but dont' expect the vendor to accept it. Instead, use that as a starting point for negotiation. If the vendor comes back with a counter offer to your low-ball price, that means he is motivated to sell.
• It's crazy to offer a reasonable price.
• Go up half of what the venlor comes down, then you'll meet him 1/3 way.

(It's worked for me sometimes to not go up at all when they come down)

Always be prepared to walk away from a deal. (Alas, the magic word of "there will be no purchase today at that price")


Think about Terms:
Template 17: Questions to ask RE Agent is a great starting point.