negotiate property deals
23rd June 2020 by Property Deal Store Administrator in Investors

Deal or New Deal?

We’re going to look at two things here.

  1. Deals you made pre-lockdown that haven’t yet progressed to contracts
  2. Offers you made that agents/vendors previously rejected

The coronavirus pandemic hit the market hard and cash isn’t as free-flowing as it was, making now the perfect time to renegotiate.

However the situation has affected you, one thing remains the same for all – market conditions have changed. It’s important to recognise that we’re no longer operating in the same market as we were just a few months ago. If you don’t adjust now you could end up overpaying for non-completed deals. Or, you could miss an opportunity.

Non-completed deals

So, you had an offer accepted back in March or even before that, it was a great deal at the time and it took a lot of work to get to this point. Why backtrack now?

Because a good deal in March probably isn’t as attractive now if you re-do your figures based on the market we’ve come back to. More so than ever, now is the time to make sure you overdo your homework to avoid bad deals that could set you back years.

Look at the deal and all the figures through a new post-pandemic lens and review your offer if the deal is no longer as attractive. There’s likely to be less competition from other investors now too which puts you in an even stronger position.

Renegotiate and if the vendor won’t budge and the numbers don’t stack up based on your initial offer, it might be best to walk away.

That’s because you can…

Revisit rejected past offers

The same applies here and it’s likely something a lot of investors will overlook. We’re in a different market and vendors need to set different expectations for the sales price they can achieve. It’s also likely that some sellers are now more desperate than they were to offload their property putting you in a strong position to do a deal.

Offers you had rejected earlier in the year may well be a win-win for both parties now. Have a look at the offers you put in, see which properties are still available and still appeal. Put in new offers. You’ve done the work to find these potential deals in the first place, this is your second chance to make them happen and you might even agree better terms this time.

Activity is on the rise

At Property Deal Store our platform is getting busier all the time and we have some great new deals on offer. You can view them all here!

This is the place that connects property sourcers to property investors. Sourcers negotiate and build deals before publishing them on the site for investors to purchase.

Sign up for free today to see all our available deals and we will keep you updated with new deals as they become available.

If you have any questions you can email us at office@propertydealstore.co.uk.

-Janice Minihan, director and co-founder of Property Deal Store