Tips & Traps for Negotiating Real Estate, Third Edition
by Irwin, RobertEdition: 3rd
Format: Paperback
Pub. Date: 2010-11-24
Publisher(s): McGraw-Hill Education
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Summary
Fully revised and expanded, the classic million-selling guide to negotiatingeveryaspect of any real estate transactionReal estate guru Bob Irwin breaks down all the common negotiating "tips and traps" when it comes to buying and selling in real estate, Beginning with the golden rule of real estate-"everything is negotiable"the all-new third edition of this easy-to-read guide helps homeowners and investors like you maximize profits by avoiding the common pitfalls standing in the way of getting the deal you want.Fully updated for real estate investors in any economic climate, this comprehensive guide delivers useful tools for every step along the waychecklists, forms, calculators, etc.-along with rock-solid advice for sellers and buyers on: Getting a better price in a down market Negotiating a quick sale Dealing with reluctant lenders Keeping the upper hand when buying a foreclosure Talking a seller into financing your purchase And more
Author Biography
Author Information
Called America's #1 Real Estate expert. Robert Irwin (Westlake Village, CA), has authored hundreds of articles for major national publications as well as more than 35 books on all aspects of real estate.
Called America's #1 Real Estate expert. Robert Irwin (Westlake Village, CA), has authored hundreds of articles for major national publications as well as more than 35 books on all aspects of real estate.
Table of Contents
| Be a Winning Negotiator | p. 1 |
| You Can Negotiate Anything | p. 2 |
| When There's Apparently No Negotiating Room | p. 2 |
| Everything Else Is Negotiable, Too! | p. 3 |
| Is It Hard to Learn to Be a Good Negotiator? | p. 4 |
| Is It Really Worth the Effort to Negotiate in Real Estate? | p. 5 |
| Knowledge Gains You the Upper Hand | p. 7 |
| Who Has the Knowledge? | p. 8 |
| Knowledge Is Power | p. 9 |
| Knowledge Affects Negotiations in Every Aspect of a Real Estate Transaction | p. 11 |
| How You Present a Property Can Mean the Difference Between a Sale and No Sale | p. 14 |
| Knowing Market Conditions | p. 15 |
| Negotiating Tools | p. 16 |
| And More | p. 16 |
| Remember, It's Strictly Business | p. 17 |
| Never Take It Personally | p. 17 |
| Beware of Choosing "Nice" People to Represent You | p. 20 |
| Only Deal with People Who Have the Power to Decide | p. 22 |
| Deal Directly | p. 22 |
| Always Strive for the High Moral Ground | p. 24 |
| The Rules of Time | p. 27 |
| Invest in Time | p. 27 |
| Set a Deadline | p. 31 |
| Act in a Timely Fashion | p. 33 |
| The Psychology of Negotiating | p. 35 |
| Push Back at the Put-Down | p. 36 |
| Don't Waver over Your Expertise-or Lack Thereof | p. 36 |
| Bring It Out into the Open | p. 38 |
| Be Irrational Occasionally | p. 38 |
| Strive to Be a Beginner | p. 40 |
| Always Ask Why | p. 43 |
| Challenge Their Words | p. 47 |
| Try Using a List | p. 49 |
| Listen Carefully | p. 50 |
| Listen to What's Behind the Words | p. 51 |
| Question Authority | p. 53 |
| Challenge the Authority's Credentials | p. 54 |
| Five Basic Tactics Negotiators Use | p. 57 |
| Always Give Yourself Another Option | p. 57 |
| Only Work on Issues That Can Be Resolved | p. 59 |
| Never Respond to an Offer That Can't Be Closed | p. 62 |
| Don't Stick to the "Pie" Analogy or "Bottom Line" Reasoning | p. 64 |
| Remember that Some Deals Can't Be Made, No Matter What | p. 67 |
| Walking Away a Winner Is No Baloney | p. 69 |
| Negotiate the Actual Offer (Including Counteroffers) | p. 71 |
| Arriving at the Terms of the Deal | p. 72 |
| Price and Terms | p. 77 |
| The Deposit | p. 78 |
| Financing Contingencies | p. 82 |
| Dealing with Time | p. 84 |
| Other Contingencies | p. 86 |
| Buyer's Final Approval and Walk-Through | p. 90 |
| Get a Better Deal When Buying a Foreclosure | p. 93 |
| What Is a Bank-Owned Property? | p. 93 |
| Why Dealing with a Bank Is Better | p. 94 |
| Why Dealing with a Bank Is Harder | p. 95 |
| Making the Offer | p. 96 |
| Dealing with the Bank's Intransigence | p. 97 |
| Dealing with a Low Appraisal | p. 98 |
| Concluding the Purchase | p. 99 |
| Fend Off a Lender That Wants to Foreclose | p. 101 |
| How Did This Happen to Me? | p. 102 |
| The Turn Down | p. 102 |
| Slow Down the Process | p. 103 |
| Case History: Playing the Lender | p. 104 |
| Ask for a Deed in Lieu of Foreclosure | p. 106 |
| Another Case History: A Deed in Lieu | p. 108 |
| Try a Short Sale | p. 111 |
| Walk Away | p. 111 |
| Review Your Options | p. 113 |
| Sell Your Home When You Owe More than It's Worth (Short Sale) | p. 115 |
| Are There Any Drawbacks to a Short Sale? | p. 116 |
| Are There Benefits to a Short Sale If You Can Still Make the Payments? | p. 117 |
| Why Would a Lender do a Short Sale? | p. 117 |
| How to Do a Short Sale | p. 118 |
| What to Do if You Have a Second Mortgage | p. 120 |
| How to get Secondary Mortgages to Sign a Release | p. 123 |
| Watch Out for Deficiency Demands | p. 124 |
| Who Pays the Commission and Other Sale Expenses | p. 126 |
| How to Put Pressure on a Lender to Act | p. 126 |
| How Closely to Work with Your Agent | p. 128 |
| Watch Out for Scammers | p. 128 |
| Forms and More | p. 130 |
| Successfully Buy a Short Sale | p. 131 |
| The Short Sale Hurdles | p. 131 |
| Negotiate with the Seller | p. 132 |
| Get the Right Agent | p. 132 |
| Talk to the Seller's Agent | p. 133 |
| Coax the Buyer to Accept Your Offer | p. 135 |
| Negotiate with the Lender | p. 136 |
| Keep in Touch | p. 140 |
| Forms and More | p. 140 |
| Win a Bidding War | p. 141 |
| For Buyers Only | p. 141 |
| When the Bidding War Starts | p. 144 |
| Negotiating in a Difficult Market | p. 144 |
| Look for Fixer-Uppers | p. 146 |
| For Sellers Only | p. 147 |
| Understand "Forward Pricing" | p. 147 |
| Purposely Underpricing | p. 148 |
| Negotiate. Negotiate. Negotiate. | p. 148 |
| Negotiate a Lower Commission Rate When You Sell | p. 149 |
| From the Agent's Viewpoint | p. 150 |
| From the Seller's Perspective | p. 150 |
| How Does the Commission Impact the Agent's Role in Selling? | p. 151 |
| Offering a Good Commission Rate to the Selling Agent (the One Who Produces the Buyer) | p. 153 |
| Adding a Bonus | p. 154 |
| What About Negotiating a Lower Commission for Your Listing Agent? | p. 154 |
| Should You Tie the Fee to the Services Performed? | p. 155 |
| Should You Deal with Discount Brokers? | p. 156 |
| What About Negotiating the Commission as a Percentage of Equity? | p. 156 |
| Can You Get the Agent to Accept Paper Instead of Cash? | p. 157 |
| Should I Try Negotiating Directly with the Other Party? | p. 159 |
| What If the Agent Throws Up a Roadblock? | p. 159 |
| Would You Be Better Off Having a Separate Buyer's/Seller's Agent? | p. 160 |
| Can an Agent Work Against You? | p. 161 |
| Strictly from the Buyer's Viewpoint | p. 162 |
| The Agent Answer | p. 163 |
| Argue for a Better Appraisal | p. 165 |
| When the Lender's Appraiser Says "No!" | p. 165 |
| How Do You Challenge a Lender's Appraisal? | p. 167 |
| Appraisal Costs | p. 169 |
| Can You Challenge the County's Appraisal? | p. 170 |
| When You Decide to Appeal | p. 171 |
| How Do You Appeal an Improvement? | p. 172 |
| Negotiate Personal Property | p. 175 |
| Very Personal Property | p. 175 |
| Negotiating to Get Personal Property Included in the Deal | p. 178 |
| Keeping Personal Property Out of the Deal | p. 179 |
| Even Personal Property Is Negotiable | p. 181 |
| Pressure a Builder over Price and Upgrades | p. 183 |
| Dealing with the Builder's "Front" | p. 184 |
| Submitting Your Own Offer | p. 184 |
| What You Can Negotiate | p. 185 |
| Understanding the Builder's Costs | p. 186 |
| Negotiating for Options | p. 187 |
| Knowing What You Want | p. 188 |
| The "Upgrade" Trap | p. 189 |
| Getting an Option Discount | p. 192 |
| Mortgage Buy-Downs | p. 193 |
| Gain an Advantage from the Inspection Report | p. 195 |
| What Is the Professional Inspection Report? | p. 196 |
| How to Leverage the Inspection Report into a Better Deal | p. 198 |
| Renegotiating | p. 198 |
| Preinspected Homes | p. 199 |
| Why Would Sellers Want a Home Inspection? | p. 200 |
| Dealing with Lenders | p. 201 |
| Does a Defect Need to Be Corrected? | p. 201 |
| Buyers Who "Set Up" Sellers | p. 202 |
| The "Aboveboard" Approach | p. 203 |
| Deal Points When Buying Investment Property | p. 205 |
| Negotiating the Price of Income Property | p. 205 |
| How to "Negotiate" Rents | p. 207 |
| How to Negotiate Deposits | p. 208 |
| How to Negotiate Financing | p. 209 |
| Negotiate Your Way Out of Closing Problems | p. 211 |
| What Can Go Wrong? | p. 212 |
| What Can You Do to Avoid Closing Problems? | p. 213 |
| What Do You Do When Things Go Wrong? | p. 214 |
| Who Controls the Escrow? | p. 216 |
| Who Pays the Escrow Fees? | p. 216 |
| Glossary: The Language of Real Estate | p. 219 |
| Index | p. 239 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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