The Titanium Vault hosted by RJ Bates III

How To Handle Difficult Sellers: 5 Crucial Techniques

• RJ Bates III • Episode 514

Share episode

Want to work directly with me to close more deals? Go Here: https://www.titaniumu.com
Want the Closer’s Formula sales process I’ve used to close 2,000+ deals (FREE) Go Here: https://www.kingclosersformula.com/close


If you’re new to my channel my name is RJ Bates III. Myself and my partner Cassi DeHaas are the founders of Titanium Investments.

We are nationwide virtual wholesalers and on this channel we share EVERYTHING that we do inside our business. So if you’re looking to close more deals - at higher assignments - anywhere in the country… You’re in the right place.

Who is Titanium Investments and What Have We Accomplished?

Over 10 years in the real estate investing business
Closed deals in all 50 states
​Owned rentals in 12 states
​Flipped houses in 11 states
​Closed on over 2,000 properties
​125 contracts in 50 days (all live on YouTube)
​Back to back Closers Olympics Champion
Trained thousands of wholesalers to close more deals

_________________________________

With over 2,000 Videos, this is the #1 channel on YouTube for all things Virtual Wholesaling. SUBSCRIBE NOW!    https://www.youtube.com/@RJBatesIII

_________________________________

RESOURCES FOR YOU:

If you want my team and I to walk you through how to build or scale your virtual wholesaling business from A to Z, click here to learn more about Titanium University: https://www.titaniumu.com

(FREE) If you want to learn how to close deals just like me, The King Closer, then download the free King Closer Formula PDF: https://www.kingclosersformula.com/close

(FREE) Join our exclusive FB group community for real estate investors and wholesalers: https://www.facebook.com/groups/titaniumvault/

(FREE) Click here to grab our Titanium fleet free PDF & training: Our battle tested strategies and tools that we actually use… and are proven to work: https://www.kingclosersformula.com/fleet

Grab the King Closer Blueprint: My Step by Step Sales Process for closing over 2,000 deals (Only $37): https://www.kingclosersformula.com/kcblueprint

Grab Titanium Profits: Our exact system we use to comp and underwrite deals in only 4 minutes. (Only $99) https://www.kingclosersformula.com/titaniumprofits

Want to know what the best markets to wholesale in are? Grab my breakdown of all 50 states here: https://www.titaniumu.com/markets

Support the show

Speaker 1:

The how to handle difficult sellers and five crucial techniques. The first one that I want to talk about is what do you do when a seller won't give you the price? When you straight up ask Now, if you guys are following the closers formula, you know the first thing that we're going to ask is verify that a seller wants to sell their property, and then we move into awesome, what's your asking price? Now, one of the situations that I've seen is people give up on trying to get the asking price out of the seller too quickly. And what I mean by that is, yes, we want to ask early on what's your asking price, but if they don't give us the price right, then and there, that's not the only time that we're going to ask the seller to give us the price. And the reason why is because sometimes they're in a situation where they might not know the price. Maybe they don't trust you yet you haven't built out enough credibility with the seller to get that price out of them. So you don't want to give up just because you ask it and they say you know what's your offer or whatnot. Now, that being said, in step two of the closure formula, we do want to ask multiple times and multiple different ways to try to get an asking price out of them. Now, why is that important? Because once we move on to step three, which is open-ended questions, we are trying to determine the seller's motivation, but also, simultaneous to that, we are trying to determine which one of the four seller buckets we are talking to, and the way that we determine that is by price and motivation. So it is important for us to determine at least a range, an idea of is the price incorrect or is the price correct?

Speaker 1:

Okay, so if you were to ask a seller early on, how much are you looking to get for the property? And they won't give that to you, a follow-up question to that would be based off of the response that they give you. So I don't know. That's your job. Make me an offer, I'll sell it for the right price. I've got an idea in mind, but I want to hear what you have to say. I've got an idea in mind, but I want to hear what you have to say.

Speaker 1:

One of the things that I love to tell them just flat out embrace being the buyer is saying well, mr and Mrs Seller, is it because you think that I might potentially offer you more than what you're asking, because I don't know anything about the property and so right now, if you were to make me give you a blind offer, the chances of me giving you a higher price than your asking price is highly unlikely. In fact, I have to be so conservative, just based off of the fact that you're not willing to give me an asking price, that it's probably not going to happen. What I like to do is ask you, mr Seller, how much do you want for the property and then tell you, yes, I can do that, or no, I can't. Now, the majority of the times, that will get a price out of the seller. Now, if it won't and you have to move on in the conversation, that's okay. This is not like a deal killer and there's no reason for us to brace no or anything like that.

Speaker 1:

Move on to step three inside the closure formula. Okay, well, tell me a little bit about what you got going on, about your situation Now. What ends up happening? More of it, not. If they're difficult about giving us an asking price, they're probably going to be difficult about every other question that we ask moving on in the conversation, and that's okay. It's just what we have to navigate. There are going to be difficult sellers all the time.

Speaker 1:

So when we move on to the open-ended question, we're trying to determine their motivation question. We're trying to determine their motivation. The reason why this can be vitally important for us once we're trying to get a price out of them is once you understand the reason why they would want to sell a property for a discount. Another way to revisit asking that another time is okay. Mr and Mrs Seller, based off what you just told me and the reason why you're looking to sell this property to an investor like myself, you have to have a number in mind that you're looking to get, or a specific amount that you need to get from the sale of this property.

Speaker 1:

Going back to that question a second or a third time after you've asked it a second or a third time after you've asked it, but also after they've kind of opened up and told you about their motivation increases your chances of getting that asking price exponentially. Part of the reason why, and one of the things that you need to understand when you're talking to sellers, is that by nature, people love to be heard. So it's very important for you to kind of stop what you're doing in the process. Ask the open-ended questions, truly determine what their motivation is, and when you do that, they're going to respect you. They're going to really kind of connect in the fact that you are willing to sit back and listen to what their situation is and, based off of that, you can then determine the way that you want to ask the third time or the second time. If you didn't do what I said to do at the beginning, they're going to respect the fact that you are asking it in a way that is more about solving their problem than just getting a number out of them. One of the things that I've seen over the course of time is that when we just ask repeatedly the same way surely you have an asking price, or just give me a number or something along those lines it doesn't come across as genuinely caring about their situation. This is why it's important to really dive deep into their motivation, understanding why they're in this situation, why they would want to sell a property for a discount and then revisiting price. That is one of the best ways that we've been able to get this number.

Speaker 1:

Now let's talk about the most annoying and the most difficult types of sellers, the ones that will just flat out not give you an asking price. They will not give you a number, no matter how many different ways you ask it, and they're forcing it. This is what happened to Robert Price the other night during the live with Jerry Norton. The seller just kept saying that's your job, make me an offer. Now here is the mistake that Robert made on this. Robert was taking that, as the seller really wanted Robert to make an offer because he thought that Robert was well, robert thought that the seller had a specific price in mind and it was high. It was actually the opposite, and this is very common. Sellers know what they're trying to sell you, and if the property is very physically distressed and in a low income area, sometimes it's just like I don't even know what to ask for this property. And so the mistake that Robert made was he went into the education of the seller. He started talking about the after repair value and the amount of repairs that were needed to then get to where his offer was going to be. It was actually the opposite. The seller was embarrassed and really didn't even know if his property was worth anything, and so because of that, robert actually offered too much on the property. Now, the math was good. If you were to look at it and you were to see the after repair value and the amount of repairs and the offer that he made, which was $20,000, it penciled out. That being said, it wasn't what the seller had in mind.

Speaker 1:

So a lot of times we make poor assumptions. When a seller won't give us an asking price, we're thinking that it's because they have this high number in mind. Sometimes it's the opposite it might be a very low number. It might be that I don't know what I could even get for this because the property is so physically distressed. Know what I could even get for this because the property is so physically distressed. So here's how you should navigate that situation.

Speaker 1:

Instead of coming out and saying just a flat, firm number and giving an offer, because what do we want to do with the closers? For me, we never want to just give a flat offer. That puts you in such a defined box that it's easy for a seller to say no. What we like to do is give the seller a range. If we have to make an offer, I don't want to say $20,000. What I would say is the complete opposite of that.

Speaker 1:

Well, mr and Mrs Seller, based off of what you're telling me, I really don't know that I'm going to be able to offer that much for the property. I mean, obviously I have to come out and I have to do my inspection, I have to do my due diligence, so I'm thinking I'm probably going to be pretty low. I'm probably going to be somewhere in like the'm probably going to be somewhere in the $5,000 to $10,000 range. Does that sound like something that you had in mind? Now you're not saying will you accept $5,000? The range is $5,000 to $10,000. Now this can range in all the different price points, right? $5,000 to $10,000, $50,000 to $60,000, $120,000 to $130,000, $450,000 to $475,000. It doesn't matter what the price point is it just, instead of saying here's my flat, firm offer. You're giving them the opportunity to say that is not what I had in mind at all. What ends up happening when they say that's not what I had in mind? You could then just ask them point blank Well, what did you have in mind? What was that offer amount that you were looking for? What is your asking price? We've already asked them multiple times.

Speaker 1:

I refer to this as who owns the anchor times. I refer to this as who owns the anchor. Now, a lot of people use anchor pricing, which means, say, our maximum allowable offer is $75,000. Well, instead of offering $75,000, we go out and we offer $60,000 or $50,000, and then we're willing to come up to that so that anchor price makes our actual offer seem much more attractive to the seller. Now, I don't agree with this technique and I feel like there's a much better way to get there. That being said, that's why we ask for the price up front, because I feel like the person that owns the anchor is the person that gets the other one to say a price first. So that's why we want to come out, be completely different than our competition and say Mr and Mrs Seller, how much do you want for the property?

Speaker 1:

If we're in a situation where that cannot happen, like what we're talking about with difficult sellers, they're going to own the anchor. There's nothing that we can do about it. We cannot force a seller to give us an asking price and I don't think that we should flat out just embrace no and get off of these conversations, because sometimes these can be the best deals. So we give a range and then ask them what do you think about that? It's not. Will you accept that offer? It's just. What are your thoughts?

Speaker 1:

If they like it, then we move forward in the closer formula with the reverse rapport, the kill shot, and then we go for the close. If they disagree with the range that we give, then we ask them what did you have in mind? Because at this point there's really nothing else that they can say besides telling us what that magical number that they had in mind was. We've already made the offer. It's now on them to counter us. This is negotiations. So we've set our number. Now let's hear what they have to say.

Speaker 1:

If the number is completely incorrect, based off the condition and the comps and everything else, what ends up happening is we have now identified which one of the four seller buckets the seller lies in, because we know their motivation. Now we've got a price and we proceed accordingly. Motivation Now we got a price and we proceed accordingly, whether or not that means we have to go into full education of what the after repair value is and the amount of repairs that it would take to achieve that after repair value. If we have to go through all of that, it is what it is. If the price is just slightly off. We can still proceed with reverse rapport and maybe, if we're inside of that 10 to 20%, we can get them to come down to where we need with the kill shot. So that is how we navigate, speaking to sellers that won't give us an asking price up front.

Speaker 1:

Now let's move on to the second type of difficult seller. How do you handle when a seller won't give you any details about the property, about the condition? They don't have any pictures, they're really not wanting to give us any access and they're just like hey, that's your job, make me an offer. Okay, now this, this happens mainly with well I, I guess I should tread carefully when saying this. From my experience, this happens with other investors, mainly older men. They're kind of the stingy ones with. Listen, I'm not going to sit here and have this long-winded conversation with you about the condition and giving you pictures and having you access. Access issues could also be with tenant-occupied properties. Tenant-occupied properties can be some of the best properties to wholesale. They can also cause access issues. So each one of these situations we're going to have to navigate carefully, because one of my favorite avatars of sellers to talk to is a tired landlord, a tired investor, and they also have a tendency to be the ones that are extremely difficult about talking about condition access, giving me pictures and all of these types of things.

Speaker 1:

If we are truly embracing being the buyer, like really put yourself in the shoes of you, are using your own capital, that capital that you have saved up to now invest in the real estate and you're on the phone with someone and you're thinking about investing that hard-earned capital into a piece of real estate. Would you really be willing to do that if a seller would not give you information about the property Really, wouldn't open up and talk to you about the condition? The answer is absolutely not. That's insanity. That's exactly how we navigate this Now as wholesalers. It's a lot easier for us to be like well, okay, but I'm seeing that the after repair value could be this and I got an asking price out of them. It can still be a deal. Well, that's the wrong way to think about it, because, at the end of the day, we have to allow our end buyers the opportunity to understand what they're purchasing, and we should be doing the exact same thing. So we have to be extremely firm and what some people have even referred to as aggressive with these types of situations.

Speaker 1:

Now, I don't think it's aggressive to sit there and look at a seller and say, mr Seller, would you invest $100,000 in a property if a seller were saying that you're not going to be able to gain access and do walkthrough? Absolutely not. You know that. Why would I do any different? You can also refer back to how almost every single retail transaction takes place, mr Seller. If you were to list this on MLS, there would be an initial walkthrough, an offer made, a contract signed and then an inspection during the inspection period and then, more often than not, a renegotiation. Now, just because this is a cash offer or I'm buying it as is and I'm an investor, why would we handle this transaction any differently?

Speaker 1:

Now, what I've seen when I navigate a conversation and I point blank say these things to the seller, they are more than likely to come down off of their high horse and respect the fact that I'm willing to talk about the elephant in the room their difficultness. I said it again. People have told me difficultness is not a word. Can anyone that's watching this right now look up and tell me if difficultness is a word, because I feel like it is. I have found more ways to use the word difficultness and if it's not a word, I made it up it should be a word, but let me know in the chat if difficultness is a word. That being said, getting back to this difficult seller, I found that this earns their respect and it gets them to come down and like match my energy. Tyson says no, rj, it should be a word, tyson, it should be. Google it, just verify for me real quick. Should be a word. What's the word instead of difficulty? It's hard to only say real words for all these videos that I record All right.

Speaker 1:

So when we are able to get this seller to kind of come down, you have to understand how bad your competition is Like today. Inside of TU's implementation call, one of the members actually shared about how he got a signed contract. Inside of TU's implementation call, one of the members actually shared about how he got a signed contract, because the competition this is a lay down like this is the seller bucket of right price, highly motivated. The competition that called the seller before the TU member, instead of just closing the deal and doing all the things that we teach here at Titanium, he actually tried to offer the seller a vacation like a paid vacation and all this weird stuff. And the seller was so uncomfortable that she called the cops on this other wholesaler called the cops on this other wholesale.

Speaker 1:

Like, our competition is so weak that when we take a stance of embracing being the buyer and actually will have these difficult conversations with a seller about their self-imposed rules of like I'm not going to allow you to gain access, or it's your job to do your due diligence before I explain anything about the property. That's ridiculous and the facts are. Would you even want to do a deal with someone? That's going to be that difficult? You either get them to come down and match and follow the process that you need, or that is where you embrace being the buyer and saying, hey, I would never invest $100,000 without being able to gain access into a property or at least have a conversation with you, mr and Mrs Seller, about the condition of the property. It feels like you're hiding something from me. It makes me not want to purchase your property. Does that make sense? Like, literally, say that to them and see what their response is, because when you do that, that's where they'll turn around and be like wow, no one else was really willing to say that. All right.

Speaker 1:

Robert says it's a word, it's a noun that describes the quality or state of being difficult. Difficultiness is a word. Baby Bang, difficultiness, difficultness, difficultness. That is amazing. It's got to be difficultness. Where is it Difficultness? That doesn't make sense. It's got to be difficult. Where's the difficultness? That's a weird way of saying it. I don't like that. Let's move on to the third one. Leave out the I. Leave out the I makes it weird Difficultness. We'll settle on it. I'll say it however it's supposed to be said.

Speaker 1:

How do you handle when a seller wants retail pricing? Now, this is obviously the most common type of seller that we're going to talk about. I've talked about this until I'm blue in the face, but literally in my notes here that I wrote we cannot ever talk about this often enough, because it is so vitally important to you guys achieving the results that you want. You have to understand how to navigate conversation with a seller that wants too much money. Guys, if you don't know what I'm talking about, okay, just go into the vault.

Speaker 1:

Our free Facebook group. Okay, there's a link inside of the description of this video. You can click on it. You can join the group if you're not there already. Okay, we provide value. There's like 18,000 people on there. There's tons of posts every single day, but about every two to three weeks there will be a post, because of course we talk about PPL all the time here at Titanium and we say you should use Speed to Lead and LeadZolo and Property Leads. There will be a post about one of those three vendors, either one doing great.

Speaker 1:

Those are rare because people are by nature negative, right? Why would I want to let everyone know that speed to lead is good, because then of course, everyone's going to go sign up and then there's going to be no good leads the fear-based decision. But if things aren't going well, oh man, we let people know about that. Right? Bad reviews Gotta let everybody know. The quality of lead Zolo has gone to shit. The quality of speed lead, property leads I get all full retail leads. This is a very common complaint. Now, what you will see in that is that it's the leads fault. It has to be lead Zolo, property lead, speed lead. It cannot possibly be the fact that, as the wholesaler, I'm just not navigating these conversations correctly. Every time I go do a call review inside of Titanium University with someone that is struggling and they say hey, please do this call review. It always centers around our inefficiency with listening to the seller and understanding their motivation.

Speaker 1:

Now, there are going to be times where we talk to a seller that's truly not motivated and wants full retail, and rightfully so. If they don't have an underlying motivation to sell their property for a discount, why shouldn't they sell their house for full retail? They should. Those are the ones that we embrace. No, and we tell them you should go hire a realtor, you should capture all of your equity. Now let's talk about the ones where, when they start expressing that motivation, it is our job to dig super deep into that and really understand what that motivation is and the reason why.

Speaker 1:

Cesar LaCosta said it this morning, probably better than I've heard anyone else say it, and you guys are not following Cesar on his YouTube channel. You absolutely need to Go show some love for Cesar. After this video, go subscribe to his YouTube channel. The guy is awesome. He's constantly putting out content, he said. He said, when we go to make our offer and the price was incorrect.

Speaker 1:

If we don't understand what their motivation is, I have nothing to attach that offer to, and I love that. I love that because what he's essentially saying. We don't want to lowball the seller. Okay, that's what the simpletons do in this industry, the ones that don't want to develop skill sets. They don't want to understand how to truly listen to a seller and navigate conversations and get to the point where they're closing the leads that the majority of our competition in this industry cannot close. You have to get to the point where you understand. This is why this seller would even accept my low offer. It's common that the price that they initially set is incorrect. Assuming that the price that they initially set is incorrect, why wouldn't it be Put yourself in a seller's shoes If they were to log in to Zillow and you don't know anything about real estate and Zillow tells you your house is worth $200,000?

Speaker 1:

And then you go to Redmond and it tells you your house is worth $200,000. And you go to realtorcom and it says $200,000, why wouldn't you think your house is worth $200,000? And you go to realtorcom and it says $200,000, why wouldn't you think your house is worth $200,000? Now, you're not in this industry. You don't know that realtorcom, redfin and Zillow have not walked your property. They don't know that you have 1970s countertops and old floors and holes in the wall. They don't understand that. All they know is these reputable websites that everyone uses in real estate is telling me my house is worth this.

Speaker 1:

So in order for us to overcome, by nature, that common sense way of thinking as a seller, we have to educate them, but truly educating them on why the numbers are what they are and getting them to understand that and agree to it. So when you make that offer, there's something to attach it to that motivation. Mr and Mrs Seller, you said you needed to sell your house because of this, in order to sell your house for this amount of money that you need to solve that problem, this is what it has to be sold for, because of the condition, because of what the true market value is in your neighborhood. And to achieve that true market value we have to put this work in. So we go through the after repair value, we go through the amount of repairs and then, using our profit calculator, they're stepping them down with the holding cost, the closing cost, the profit.

Speaker 1:

Now I had another question inside the implementation call this morning, which was how do we explain the amount of profit? You don't, you don't have to get into the specific numbers of the holding costs and closing costs of profit. You can literally just say those words. So what I like to do with a seller is say I believe Zillow is correct that your house could be worth $200,000 if it were fixed up to 2025 standards. That's what full market value would be. But you've already explained to me that the property does the work. It's not fixed up. So in order for us to achieve that, we have to put X amount of dollars in on the property. If we get them to agree to those two numbers, then I just kind of brush over and then we would have holding costs, closing costs and our profit. That's how we get to this number.

Speaker 1:

Again, when you talk about these numbers, you are going to have to repeat yourself numerous times. If you just brush through it quickly because you're uncomfortable, it's not going to work. You have to live in this space and truly be the expert on this topic, like truly expect like them to say I agree, $200,000 is market value, and five minutes later they disagree about the $200,000 number. And then you have to go back and re-educate them. That's why this whole video today is about dealing with difficult sellers. Otherwise, it would be super easy if we just had to say $200,000 market value, 40,000 repairs. That's why I can only offer you $80,000,. Mr and Mrs Seller, does that make sense? Okay, sign right here. That's just not the reality that we live in.

Speaker 1:

You are having to educate them on something that, quite frankly, they felt polar opposite of prior to you having this conversation. You're having to shift their whole thought process. It can be an emotional experience. It can be an extremely difficult one for them because in their mind they thought I was getting $200,000 for my property. That's what Zillow told me and that's okay. Live in that space.

Speaker 1:

I told the TU member that asked me that question this morning. I think the fastest I've ever been able to educate a seller and get them to come down significantly on price is about 12 to 15 minutes. The longest is about two and a half hours. So prepare yourself to live somewhere in between that time frame, and a lot of it is just repeating yourself over and over and over. My buddy, nick Robbins, my partner. He said it best Repetition is the mother of all skills it is. You can get really good at doing things over and over and over. That's where the execution will follow. Phil, his name is Cesar LaCosta. He's been on my YouTube channel. He was on last Thursday with Jerry Norton. He called a seller I've also done a King Closer reacts to him as well.

Speaker 1:

All right, let's move on to the fourth one. How do you handle when a seller demands changes to the contract, like earnest money deposit, inspection timelines, all of that? So each one of these is kind of its own situation. Earnest money deposit when a seller demands a certain amount of earnest money deposit, the first question I like to ask them is why? Why do you want that earnest money deposit?

Speaker 1:

What I have found is, more often than not, it's because there is another party that is involved in the transaction that has expressed that that is supposed to be what happens. Right, like a realtor, an attorney, a family member that's done real estate transactions. Someone else is the one that is expressing that there needs to be a certain amount of earnest money deposit. Now, if you are doing deals off of the MLS, you are going to have to do a specific amount of earnest money deposit. That is how retail transactions are done. If you're doing wholesale deals off of the MLS, just go ahead and come to grips with the fact that earnest money deposit is a part of it If you're doing deals off of the MLS. My personal opinion is it's completely different. Everything is negotiable in an off-market transaction, much differently than how a retail transaction with a realtor is involved, because a realtor says this is how it's supposed to be done, this is how we do all of our transactions. They're going to mandate that that's how you do it. Inside of an off-market it's let's talk about this.

Speaker 1:

Mr and Mrs Seller, why is that earnest money deposit important to you? One of the things that I always point back to on my specific contract that I use. When someone says I want you to put earnest money down to protect me, I then say if that's the case, why didn't you point out the fact that my inspection period runs the length of the contract? There was no way for you to even receive the fairytale amount of money that gets deposited as earnest money. And then from there I go.

Speaker 1:

Let's really talk about what's important to you in this transaction. I don't get paid unless I close deals. That is an absolute fact. So you don't want me to waste your time and I don't want to waste mine. I'm buying this house, I'm giving you an offer right now, sight unseen. I have no idea if what you told me is accurate or not. However, I do know that I am willing to send you a contract with a specific dollar amount and a closing date in the title company. That seems pretty serious.

Speaker 1:

What do you stand to lose at this point with me sending you that contract? You stand to lose the fact that I'm now going to take more of my time, my effort, my resources to go out and inspect that property to verify what you told me is true or not. So again, what are you risking? Because I'm risking time, effort, resources, energy, but you also want me to now front a specific amount of money just to make you feel good. I care more about getting this deal to the closing table than I do the fairytale earnest money deposit.

Speaker 1:

Same thing when it comes to the inspection periods. When it comes to the inspection periods, why would you want to cut down my inspection period time? It's my right to go out there and have as much time as I need to make sure that I get all my due diligence done to make sure that this is the right decision for me. Now you want to shorten that time frame, so you're not making sure that I'm not, you know, wasting your time, that other buyers that come along because we all know the sellers and say I have all this interest in my property and whatnot. But I like to put it back on.

Speaker 1:

If you were in my shoes, if I'm asking for x amount of time and you're trying to shorten that, wouldn't that be kind of a red flag to you? Sit there and wait. How do you feel when a seller brings up something about your contract saying it's a red flag? I see the comments, I see the posts all the time where you guys say, hey, I sent this out and the attorney wrote all over my contract red flagged, everything said that this was a legitimate contract. It's alarming to you when you do the same thing back to the seller and say, hey, this is kind of a red flag to me that you're saying the amount of inspection period that I want to give myself to do due diligence is too long. This is a red flag that. Is there something that I need to know about? Is there something that you're concerned about that I'm going to find during my due diligence period? Put that back on the dim Embrace being the buyer.

Speaker 1:

The other one is changing timelines, trying to speed up your closing process. This is a common one, especially with investors, investors that know about how cash transactions take place. Why would you need 30 days? Let's get this done in two weeks. I point blank. Just tell them I will do on or before the date. But in order for me to go do that one, I'm putting my promise that I'm giving you, with this contract, one in a third party's hands, that they can get their work done. Two, I'm also kind of hoping and praying that everything that you told me about clear title and that there's no judgments, liens and conferences, anything like that, is accurate. And then also, why do I need to move so fast when, as an investor, I would like to take my time, slow the process down? So then, when we do close, I am actually prepared to take on this project. Do close, I am actually prepared to take on this project.

Speaker 1:

I have found that that is very difficult for a seller that is not on some sort of timeline crunch. If timeline is not part of their motivation, it's very difficult for them to overcome that question, all of the changes and requests to a contract, if they're being difficult about that, if you come back with a rebuttal question, it's very rare that a seller can actually overcome that, because more often than not they care more about selling that deal to you than you should care about closing that deal with them. The last one, one of my favorites how do you handle the? Let me run this by my attorney or let me run this by my realtor? So we've sent them the contract. They've looked at it. Now they want to send it to that quote-unquote, unbiased third party to review the contract.

Speaker 1:

First question is there something that's on the contract that you don't understand or that is alarming to you? What do you hope to gain by having that attorney or that realtor review this contract? Third, there are two specific careers that I have no respect for, and that's attorneys and realtors. They're deal killers. They have to earn their money. You send my contract to an attorney, guaranteed they're going to want me to change things on that contract. I don't want to change my contract. This is my offer to you. I want to do business with you. If there's something that you want to change in that contract, we can go through it together right now. But that person that I never get to talk to that gets paid $300 an hour just to redline my contract and say it needs to say this word, or it needs to say that, or the realtor who's pissed that you're selling this off market and they stand to gain nothing in this transaction. Yeah, I don't want them reviewing this contract. Why do you want them reviewing it?

Speaker 1:

We just had an entire conversation about why you want to sell the house, why I want to buy the house, how much you want for the house, how much I'm willing to pay for the house. Now we want to bring in a third party. For what Flat out? I had two contracts that I sent out in Philadelphia and I'll never forget it. The seller said we've got a deal, send me the contract. I said let me send you the contracts right now. He said I'm in the car, send them to me, I'll get it signed today. Okay, so set the contract.

Speaker 1:

Of course, didn't answer the phone. View the contract. Didn't sign the contract the next day. He answers the phone. Hey, man, talk to my attorney. We looked over the contracts and we need some changes made. I didn't even ask him what the changes were.

Speaker 1:

And this if you can get to this point where you can embrace being the buyer at this level, it will take your business to a whole nother level. He said my attorney doesn't want to make some changes to the contract. I said that's not going to happen. We had an agreement. I am willing to look over the contract with you, but anything that your attorney wants me to change, I did not agree to that and I will not agree to that. This is my offer to you. You can either accept it, counter it or decline it. But I thought we had an agreement and there is nothing in that agreement that we did not talk about. And he sat there. I said what would you like to do? I just signed the contracts. Let's get the deal done, if you can get that.

Speaker 1:

That's one example of many of those types of situations. It's probably my most aggressive that I was with a seller that had an attorney review it. But if you can get to that level of really embracing like, hey, I'm okay with not closing every transaction, but I'm going to stand firm on this is what I'm willing to do. And this is what I'm not willing to do, because one of the mistakes that we made early on is that every time there was a seller objection, they wanted to change things. In regards to here's how access is going to work. Let me run this by my attorney let's do earnest money deposit, change the timeline and all this stuff.

Speaker 1:

What ends up happening is it's a logistical nightmare as you start scaling up and you have more and more deals under your belt, because then it's like, well, hold on, how much earnest money was on that deal and how long was our inspection period on that one and when are we supposed to close on that one? In comparison, long was our inspection period on that one and what? When are we supposed to close on that one in comparison to this one? Why was that one two weeks and this one 30 days?

Speaker 1:

The only time that we should really be changing our process is not because we're dealing with a difficult seller. It's because their motivation and their need, the problem that we're solving mandates it. There's a foreclosure date, there's a timeline situation All right, that's when we would change and amend our contract or our process. But because they desire it, because they want to feel warm and fuzzy, that doesn't make me feel warm and fuzzy. That's where you've got to press on the motivation as to why they needed you in the first place and stand firm on that and say that's not how I handle these transactions. That's not my process. My process is the process if you want to do business with me. Otherwise you can go deal with my shitty-ass competition. I know how that will deal. You can call me back. The price will be less when you call me back. That's some savage shit right there. If you can get to that point, close as many deals as you want.