Rent to Own Negotiating Tip

Here is a tip on negotiating from my book Rent to Buy, which will be released on November 10th. Rent to Buy is a hands on guide to buying a home on lease option from the home buyer's perspective as well as the real estate agents who serve them.

One of the great things about buying a home as a rent to own is that you have a broad range of terms to negotiate when putting together the deal on your rent to own home. This means that you can get creative and put together a deal that is good for you as the home buyer, or the real estate agent who is assisting their buyer, as well as still be good for the seller too. If it's a win-win situation you'll have a much better chance of getting the home.

So here is one of the negotiating tips I talk about in Chapter 12 of Rent to Buy:

Don't Give Away Anything without Asking for Something in Return

This tit-for-tat technique helps ensure that even if you are giving your sellers a key aspect that they want; you are getting something in return. A good way to handle this is with a question, "If I agree to your asking price, how much per month in option credits do you think is a fair exchange?"

Or, you can ask for exactly what you want, "If I agree to your asking price, would you agree to give me $1,000 per month in option credits?"

By asking a question, you give the seller a chance to voice what they think is a fair exchange for what they are asking for. It may turn out to be MORE than what you would have asked for. If it isn't enough, you can always negotiate up from their proposal.

By stating what you want, you are more limited. The seller may even try to negotiate you down from this position. However, if there are a few key things that you really want out of the negotiation, this is a good time to go after them.

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