Be prepared to walk away

A mistake that some investors make is that they begin negotiating a deal and become so involved that they feel they can’t walk away.

The danger of this is that if the seller realises you are reluctant to walk away they may be less willing to budge on price.

However, if a deal reaches a point where you are unwilling to pay as much as the seller is asking and you walk away, they may come back to you with a lower offer.

In this case, your willingness to walk away may uncover the fact that the seller is motivated. You may even be able to negotiate a better deal than you could have before.

Walking away can be more difficult if you feel emotionally involved in a deal, particularly if you are buying a home rather than an investment property. It is a good idea to have other properties in mind.

If you have your heart set on a particular property you run the risk of paying more than you can afford. This can quickly dissolve any attachment you feel for the property once the reality of your new financial situation sinks in.

Therefore it is a good idea to set yourself a maximum price and stick to it. This way you’ll be in a stronger position to negotiate, because you will have a set point where you will walk away, no matter how you FEEL about the property.

You can get hold of more information about becoming a more successful negotiator at:

http://www.RealEstateSecrets.com.au/negotiating

Warm Regards

Hans Jakobi – Your Wealth Coach®
Real Estate Secrets