I once negotiated with a bank that
I once negotiated with a bank that had a blanket encumbrance over several properties that I owned. I had sold one property out from under the blanket, and our contract entitled them to a $32,000 pay-down of the loan. I offered them $28,000. I got them to offer to split the difference at $30,000. Over a period of weeks until this four-unit building closed, I was able to get them to offer to split the difference again at $29,000; and at $28,500 and finally they agreed to $28,250.
Here’s how that this Gambit works:
The first thing to remember is that you should never offer to split the difference yourself, but always encourage the other person to offer to split the difference.
Let’s say that you’re a building contractor. You have been working on getting a remodeling job that you bid at $86,000 and for which they offered $75,000.
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