Hi, this is John with REI Wealth Academy. Welcome back, fellow real estate investors. We’re talking about negotiation this month. Again, before we get to all that make sure you are following us on the blog, on Facebook, on twitter, everywhere you possibly can to share this out to your friends. You know you’re getting good content and you know that they’re going to benefit from it as well, so make sure you’re reaching out to those folks as well. Also share the podcast; we’ve got a new podcast. It’s out. It’s got some awesome content from the 10 secrets that we have of all the videos that I went into, just converted the audio and has the video formats on there as well. Make sure you’re consuming that content. There’s a lot of good stuff that’s on there. We’re going to be producing even more content on a regular basis on the podcast as well, so make sure you’re checking that out.
Alright, so we’re talking about negotiation overall. So last time we talked about making sure that you begin with the exits in mind, so multiple exits and doing that. This week we’re going to be talking more specifically about, being prepared in general, so prepared for what exactly. Well, being prepared for an offer. So what are some of the things that you could possibly think of for the offer? What are they going to want? What contingencies, where they want? What’s the standard contingency for the state that you’re in? Is it going to be coming from an agent? Is it coming from a just a normal buyer? Is it just happened to be a referral that you had to say, hey, this person is looking for a house, You might want to contact them, hey, you actually now get to initiate it. Put the ball in their court before they’re putting a ball in your court with an offer.
So there’s some things that you really want to think through as you’re going, as you’re about to receive an offer for the property itself. So some things you really want to keep in mind is, is knowing the amount of money that you are willing to spend in order to accommodate the sale overall. Are you willing to pay for the commission? Are you willing to split the commission? Are you willing to ask for certain things to be done and I’ll give you a story of mine that I wish I would have known prior to selling a house and hey, you know, there’s a lot of things I really don’t know. I’m still very much a newbie and a lot of this stuff too, but when I went to sell my personal residence, I’m. One of the things that I didn’t expect and that I should have done earlier was had a termite inspection done prior to that actually coming up because it costs me more money because of the timeframe being condensed.
I had to have the convenience of having somebody be diverted to get it done, which they ended up getting paid more in order to do that work should not have costed me nearly as much as it did. I should have done something a little bit earlier. I should’ve been more prepared for the offer that was going to come. However, I, The one thing I did do was make sure that I had the right amount of money I was comfortable with, with the agent that ended up submitting the offer. So I ended up making sure that I was still keeping and holding back a little bit of money in the profit that I had because again, I’m out there to make money in this because that’s what’s putting some food on our table in my household and making sure that we’re accomplishing one step at a time in our life and, and what we want in life with our big why.
So at the end of the day, that’s, those are the things you should be thinking about. So what are some other ideas that you possibly could think of? A NASA action item that you have for this video is to write down some things that you could think of, you know, maybe even look at the traditional stuff. Maybe look at some of the other videos we’ve put out, but then try to think of some creative things on your own, that might help you prepare for receiving an offer, whether that’s from an agent or just from a buyer that’s out there. And with that, this is John signing off. Make sure you follow us at the blog, the podcast that we got also Facebook and the Roanoke real estate education group with Andy and his team. This is John signing off. Take it easy guys.