I had a meeting last week with a seller and thought that it went pretty well. I made a verbal offer to her and she said she wanted to discuss the offer with her daughter and we would talk next week. The offer was around an 8.8 cap rate on existing income.
I spoke to her this week and she stated that she is not interested in selling right now and possibly may hire a property manager to take over the park. She said to call back next month and to keep in touch. She also stated that she is going to increase rents if she keeps the park.
I understand if someone does not want to sell there is not a whole lot that can be done other than wait, but in this situation I feel that the seller wants to sell but needs to be nudged by her daughter.
What is the best away to approach a mom and pop seller given the above?