It's a Win-Win Situation
[WASHINGTON D.C.]
By Debra Roth
Think about all the impossible situations you made possible. Remember all the dreams you made come true. Don't forget about the times when unbelievable luck that came out of nowhere. Be inspired by how you've proven you can set your life in the right direction.
And then go out and buy a condo.
Don't listen to the rumors. They are like a broken record. Anyone who tells you you cannot do something you want because it seems impossible has never seen a firefighter walk out of a burning building with a baby thrown over his or her shoulder.
Let's just face first what the cynics are saying: It's a bad, bad time to buy a condo. Building has slowed down. It's very difficult to qualify for a mortgage. Most owners are taking their condos off the market. It's Washington, DC, they're never going to drop their prices.
They aren't lying or off-track; no secrets there. But they have obviously never won a big pot in poker by bluffing.
Now's the time to take a class in negotiations. Practice with people who can play it tough, keep on poker faces, shout you down, walk out of the room, even throw the newspaper at you; so long as you keep at it.
It worked for Brad and Suzanne, who wish to remain anonymous because they know the person from whom they just nailed a deal to purchase a five-year old condo. After years traveling internationally for jobs, they recently decided to settle in a community just outside the District of Columbia. They thought $50,000 was a good down payment for a $500,000 condo - it would've been a year ago - and they were ready to give up.
The bank said they didn't have enough. Their credit was excellent, car paid off, solid employment earning close to $200,000 total, a 20-year job history, but not enough for today's shaky market.
Could they come up with more? Because it's Suzanne's first home, her tax advisor said she could take a penalty-free withdrawal from her IRA. Brad's father, elderly, couldn't afford to lower the principal of his retirement savings, but agreed to make a loan with monthly installments. They were close but needed the seller to come down in price.
The seller shook his head. His wife rolled her eyes. After seeing prospective buyer after prospective buyer for several months, they thought Brad and Suzanne were serious. The seller, who had owned the condo before marrying his wife was ready to rent. His wife didn't want them to become landlords. She eyed the sale so they could remodel a house they coveted.
Brad and Suzanne went home disappointed but talked to a friend who sells cars who advised them to think of all the options and how to make it a win-win. They invited the sellers to dinner and, over drinks, got into the details of the house the buyers wanted to buy and saw how they practically drooled about it as much as Brad and Suzanne drooled over the condo.
They found out what they wanted most in the remodeling, talked about the additional financial sources they each had and what Brad and Suzanne had done to come up with the money. It would be tighter than they planned originally, but they could, if the buyers would reduce the amount in negotiation by half of what Brad and Suzanne asked, pay the rest as a loan.
They went for it.
Guess what the sellers are now doing now as they talk to the contractors who will do the remodeling of their new home?
Washington DC Condos
By Debra Roth
Think about all the impossible situations you made possible. Remember all the dreams you made come true. Don't forget about the times when unbelievable luck that came out of nowhere. Be inspired by how you've proven you can set your life in the right direction.
And then go out and buy a condo.
Don't listen to the rumors. They are like a broken record. Anyone who tells you you cannot do something you want because it seems impossible has never seen a firefighter walk out of a burning building with a baby thrown over his or her shoulder.
Let's just face first what the cynics are saying: It's a bad, bad time to buy a condo. Building has slowed down. It's very difficult to qualify for a mortgage. Most owners are taking their condos off the market. It's Washington, DC, they're never going to drop their prices.
They aren't lying or off-track; no secrets there. But they have obviously never won a big pot in poker by bluffing.
Now's the time to take a class in negotiations. Practice with people who can play it tough, keep on poker faces, shout you down, walk out of the room, even throw the newspaper at you; so long as you keep at it.
It worked for Brad and Suzanne, who wish to remain anonymous because they know the person from whom they just nailed a deal to purchase a five-year old condo. After years traveling internationally for jobs, they recently decided to settle in a community just outside the District of Columbia. They thought $50,000 was a good down payment for a $500,000 condo - it would've been a year ago - and they were ready to give up.
The bank said they didn't have enough. Their credit was excellent, car paid off, solid employment earning close to $200,000 total, a 20-year job history, but not enough for today's shaky market.
Could they come up with more? Because it's Suzanne's first home, her tax advisor said she could take a penalty-free withdrawal from her IRA. Brad's father, elderly, couldn't afford to lower the principal of his retirement savings, but agreed to make a loan with monthly installments. They were close but needed the seller to come down in price.
The seller shook his head. His wife rolled her eyes. After seeing prospective buyer after prospective buyer for several months, they thought Brad and Suzanne were serious. The seller, who had owned the condo before marrying his wife was ready to rent. His wife didn't want them to become landlords. She eyed the sale so they could remodel a house they coveted.
Brad and Suzanne went home disappointed but talked to a friend who sells cars who advised them to think of all the options and how to make it a win-win. They invited the sellers to dinner and, over drinks, got into the details of the house the buyers wanted to buy and saw how they practically drooled about it as much as Brad and Suzanne drooled over the condo.
They found out what they wanted most in the remodeling, talked about the additional financial sources they each had and what Brad and Suzanne had done to come up with the money. It would be tighter than they planned originally, but they could, if the buyers would reduce the amount in negotiation by half of what Brad and Suzanne asked, pay the rest as a loan.
They went for it.
Guess what the sellers are now doing now as they talk to the contractors who will do the remodeling of their new home?
Washington DC Condos
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