When A Seller Asks "Are You Tying Up My Property?"

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Episode Transcript

SPEAKER_00 (00:00):
When a seller asks what stops you from tying up my
property and renegotiatinglater, they are not just asking
about price.
They're asking about control.
They're asking, Am I about tosign something and lose
leverage?
Are you gonna lock me in andthen change the deal?
Am I gonna be stuck with you ifI do not like what happens next?

(00:22):
And honestly, that's a fairconcern.
Because there are wholesalerswho do exactly that.
They throw out a number, theycannot justify, get the property
under contract, start doingtheir due diligence, realize
they were wrong, and then comeback trying to beat the seller
up on price.
But here's the part sellers needto understand renegotiation is

(00:44):
not a wholesaling thing.
Renegotiation can happen in anyreal estate transaction.
What's up, everybody?
RJ Basin Third here.
And in today's episode ofOvercoming Objections, we're
talking about when a sellersays, What stops you from tying

(01:06):
up my property and renegotiatinglater?
Now that is a strong objectionbecause it is based on the fear
of the unknown.
The seller does not know whathappens after they sign the
contract.
They don't know if their numberis real.
They don't know if you're goingto inspect the property and
suddenly change everything.
They don't know if you're goingto disappear, shop the deal

(01:28):
around, and come back with alower offer.
So our job is not to dismissthat concern.
Our job is to explain theprocess clearly.
Because when the sellerunderstands the process, well,
the fear goes down.
The first thing we need toexplain is this price changes
can happen in any real estatetransaction.

(01:49):
If a seller lists with a realestate agent and accepts a
retail buyer's offer, that doesnot mean the deal is
automatically done.
The buyer may have an inspectionperiod.
The inspection may uncoverissues.
The buyer may ask for repairs ormay ask for credits.
The appraisal may came in low.
The lender may require somethingto be fixed.

(02:12):
The buyer may come back and tryto renegotiate.
That is normal real estate.
The reason sellers are usuallyless afraid of that in a retail
transaction is because they havean agent representing them.
They feel protected by theauthority of that professional.
So when a buyer asks for repairsor a price reduction, the seller

(02:34):
does not usually say, This buyeris scamming me.
They look to their agent andask, What should we do?
But when a seller is dealingdirectly with an investor, they
do not always feel that samelayer of protection.
So the fear becomes louder.
And that is why transparencymatters.

(02:55):
The seller is not really afraidof due diligence.
They're afraid of being trapped.
They're afraid you are going touse the contract as leverage
against them.
And again, some wholesalers haveearned that reputation.
They make offers too quickly,they don't explain the math,
they don't ask enough questions,they don't understand the
repairs, they don't know themarket.

(03:17):
And then they get the contractsigned and try to figure
everything out later.
That's not professional.
That's guessing with paperwork.
Professional does itdifferently.
Explains how the offer wascreated, explains what is still
unknown, explains what happensduring due diligence, explains
that if something material isdiscovered, there will be a

(03:38):
conversation.
It's not a surprise, it's notpressure, it's just a
conversation.
This is where we have to slowdown before the contract is ever
signed.
If we're making an offer, sightunseen, we need to explain how
we got there.
We looked at what the propertycould be worth fixed up.
We looked at the condition basedon what the seller told us.

(04:00):
We may have even looked atphotos if we had them.
We looked at the known repairs,we looked at the market, we
accounted for holding costs,closing costs, resale costs, and
the profit needed for the endbuyer taking on the project.
And that is how we reverseengineered into an offer.
That's the math.
But here's the important part.

(04:21):
If the property condition isdifferent from what we discuss,
well, the math may change.
And that does not mean we'replaying games.
That means the input's changed.
If we base the offer on aproperty needing cosmetic
updates, but then we discoverfoundation issues, fire damage,
major plumbing problems, or aroof that is completely shot,

(04:42):
well, that changes the deal.
Not because we want torenegotiate, because the
reality, the math changed.
And this is exactly how normalreal estate works.
New information can create a newconversation.
The difference between aprofessional and a bad
wholesaler is not whether newinformation ever comes up, the

(05:06):
difference is how it is handled.
A bad wholesaler says, hey, weneed to lower the price.
No explanation, no details, noclarity, just pressure.
A professional says, here's whatwe originally based the offer
on.
Here's what we found during duediligence.
Here's why that changes thenumbers.

(05:27):
Here's the adjustment we believemakes sense.
You're not obligated to acceptit, but I want you to walk you
through the reasoning.
That is completely different.
Because now the seller is notbeing bullied, they're being
informed.
And this is critical.
The seller does not have toaccept a price reduction.

(05:48):
They can say no, they cancounter, they can ask questions,
they should review theinformation.
They still have a voice in theprocess.
A renegotiation is not ustelling the seller, this is what
you have to do.
A renegotiation is us saying,based on new information, here's
what we believe the deal nowsupports.

(06:10):
The seller still gets to decideif that works for them.
So when a seller says, Whatstops you from tying up my
property and renegotiatinglater?
Here's how I would respond.
That's a fair question.
And I understand why you wouldask it.
The last thing you want is tosign an agreement and then feel
like someone is using thatagainst you later.

(06:32):
Then pause.
Then the truth is, renegotiationcould happen in any real estate
transaction.
Even if you listed with an agentand accepted a retail offer, the
buyer would do inspections, askfor repairs, ask for credits, or
try to renegotiate if somethingcame up.
That is not unique towholesalers.

(06:55):
That is just part of realestate.
Then slow down.
The difference is how it ishandled.
The offer we are discussing isbased on the information we have
right now.
The property value, thecondition you described, the
repairs we know about, the costinvolved, and the profit needed
for the buyer taking on thework.

(07:16):
And then pause again.
If we get into due diligence andeverything lines up with what we
discuss, then there should notbe a reason to change the
number.
But if something major comes upthat was not known up front,
then we would have aconversation and explain exactly
what was found and why itaffects the math.

(07:38):
Pause again.
And just to be clear, you do nothave to accept a price
reduction.
If we ever came back with adifferent number, you can say
no, you can counter, or we candecide it does not make sense to
move forward.
My job is not to trap you, myjob is to be transparent with
you throughout the process.

(07:59):
That is the answer.
Calm, honest, professional, andtransparent.
Don't say we would neverrenegotiate.
That may sound good, but it'snot always honest.
If major issues are discovered,the math may change.
Don't say, just trust me.

(08:20):
That does not answer theconcern.
Don't say that will not happenbecause you cannot promise that
nothing will ever come up.
And do not get defensive.
The seller is not wrong forasking.
They're trying to protectthemselves.
So respect the question andanswer it with clarity.
The real lesson is this sellersfear renegotiation when they do

(08:44):
not understand the process.
They fear it when they thinkyou're hiding something.
They fear it when they believesigning the contract means they
lose control.
So our job is to explain theprocess before fear fills in the
blanks.
We need to say, here's how wegot to the offer.
Here's what we are assuming.

(09:05):
Here's what due diligence isfor.
Here's what can cause the mathto change.
Here's how we would communicatethat.
And here's the fact that youstill have the right to say no
or counter.
That is how you build trust, notby pretending renegotiation
never happens, but by explainingthat if it does happen, it will

(09:25):
be based on real findings, realmath, and a real conversation.
So the next time a seller says,What stops you from tying up my
property and renegotiatinglater?
Don't panic.
Do not overpromise.
Don't say that will neverhappen.
Tell the truth.
Renegotiation can happen in anyreal estate transaction.

(09:48):
Retail buyers do it, agents dealwith it, investors deal with it,
wholesalers deal with it.
The difference is whether theperson across from the seller
handles it professionally.
Something major comes up, weexplain what changed.
We explain how it affects thenumbers.
We give the seller theopportunity to ask questions,
and the seller still has theright to say no or counter.

(10:11):
That is the key.
We're not here to trap theseller.
We are here to get the truth ofthe deal.
And when both sides understandthe truth, then both sides can
decide if moving forward stillmakes sense.
That is how professionals handlerenegotiation with transparency,
math, communication, and withrespect for the seller's right

(10:34):
to choose.
All right, guys, that's ourepisode today.
Show me some love.
Like the video, and we'll seeyou guys tomorrow.