Negotiating is sooo fun to play around with. The psychology of a human is pretty remarkable when you discover how the mind and communication works. Everybody's mind is made up to operate the same way (OMG..I can't believe I just said that!- I take that back) and at the same time, it can also be toyed with. Now, depending on which end of the stick your on can determine whether or not this negotiating game is fun or not.
Here's an example of when you being on this certain end of the frozen sale stick ain't so cool.
Let's say you have a house for sale, and you get a call right after you just ate the best lunch ever. Let's pretend it was the biggest, fattest, juciest grilled chicken sandwich with a side of seasoned fries (my favorite, even though I have to run 30 miles to burn the calories!!). Everything is good. Your about to head back to the home office to see if you got any offers faxed to you on that brand new HOT property, and that will pretty much determine how the rest of your day goes.
The phone rings and its one of your 'seasoned' investors. They already drove out to the house, they love it, and they want to buy it!! They're going to fax you a contract this afternoon and bring you that $1000 Non Refundalbe Binder Deposit that you require on every deal you sell. Cool! WOO HOO! Awesome. What an easy sale. You're sitting at lunch while others are out looking at the hot property you landed just yesterday, and they are ready to stroke a check and sign the contract.
But wait, another investor calls, and has some questions about the house..how many square feet is it? How much work does it need' you know, same old stuff, right? You tell the guy??Dude, you're about 30 minutes too late?I jsut sold that house?.
Does this scenario sound familiar? Well, guess what? That first person that you spoke to FROZE THE SALE. In your mind, the house is sold because you've got a verbal committment from your seasoned investor, right? WRONG!!! Nothing is verbal in the real estate world, honey, and his promise is worth the paper it was written on.
Long story short?(I know I get long winded at times). Do not ever, ever, ever consider a house 'sold' in your mind or relay that its sold to anyone else until you have :
#1 A SIGNED CONTRACT and
#2 A BINDER DEPOSIT.
Don't get caught sitting around waiting on that contract to show up that never does?
