Negotiate with the seller

Discussion: As discussed earlier, under a traditional real estate transaction there is a Buyer and a Seller. The Seller offers his property at a certain price and the Buyer makes a written offer to purchase the property. Then the negotiations begin. With a rent to own, that process is reversed. In most cases, the Seller produces a contract and offers it to you, the Buyer. This creates the perception that the Buyer must take it, or leave it. The number one most important thing you should know about rent to own is that YOU are the customer and that YOUR needs should be met. This certainly applies to the negotiation process. If a seller makes an offer, make a counter offer. Do not accept their first offer for a rent to own deal. My late father taught me one of the most important lessons I’ve ever learned with regards to negotiation. His credo was: “You’ve never asked for too much until you’ve been given a hard no.” I can’t tell you how many times I’ve implemented this strategy in negotiating a deal for myself. Some people are shy or afraid to negotiate. Well, this may be the case, but again, a theme of this paper is that this process is hard. It takes a lot of sacrifice. So put yourself out there. Do something that’s uncomfortable. Negotiate the deal. There’s almost always room for negotiation from the first offer. Remember, you are the sought after commodity. If you qualify for the deal, a seller will gladly reduce the rent or the down payment and should always provide for attorney review.