Using delaying tactics can help apply pressure on the vendor. Here are a few examples. Remember to recognise these tactics when a buyer applies them to you.
• I need to confirm a few details with my partner i.e. wife/husband, girlfriend/ boyfriend or business partner.• I need to organise a damp and timber report to establish the extent of the damp proofing costs. This is usually undertaken by the estate agent and should not cost you anything.
• I need to organise a survey on the property, this being a cost you will need to pay.
• I need to arrange an estimate from the builder for repair work.
• I will need to speak to my mortgage advisor – to go over the figures again.
• There are a number of other better priced properties I still need to view.
A major mistake made by investors in negotiations is to believe they need to offer the asking price on a property. Their desperation in securing the investment will encourage the vendor to feel they should have asked for more money and can instruct the advertising of the property to continue until the exchange of contracts.