The art of the deal

[HAULN-SS]

I really hate the "ill think on it"
it pretty much says "im too much of a pussy to negotiate properly"

he has (had) zero leverage in this deal so you have to take full advantage.
you should never show your cards like you did- why you want the land, what you are doing with it etc, because that establishes demand and gives him leverage. he knows thats the only lot that you can buy thats directly connected to your property.

you should check zoning laws and neighborhood bylaws and such though, it might not be legal to build a non residence on that plot. because who really wants to live next to a garage.

i think walking in with a 50% offer and ready to move up to 60% isnt unreasonable given market conditions

That's interesting thoughts - I would have offered the 50% right there if I wanted to spend my cash on it, but since I really dont want to do that (for starters I may need some for a re-fi of my house I;m trying to get done), I didnt want to throw it out there, have him accept, then not be able to find the money anywhere. Seems like almost nobody is doing lot loans these days, especially if you're not trying to build a house right away. This guy's bank is actually who I was hoping to talk to about that, since they seemed amenable to the idea. I didnt know if this kind of negotiation can happen if I am expecting essentially "owner financing" here since this guy owns the bank, and I havent had a chance to find any other banks yet.