There are times, yes, when there can be blatant seller cover-ups. But in most instances, as was my experience with our Portland project, the seller has no idea how much money is needed for repairs or maintenance, for instance. You are the bearer of that news, so it is in your best interest to do it professionally, truthfully, and with documentation.
The property plan process and your professionalism can help you avoid the swift kick out the door, and best of all, help you create a win-win final property negotiation. After all, you should not be trying for the win-lose scenario. You never want to burn bridges in this business. Your seller today could be your buyer tomorrow or even lead you to your next deal. I’ve had plenty of instances where a seller on one deal has turned into an investor on another deal or a seller on another building. I never lose sight of the fact that this is a relationship business.
