Meeting Title: Pat-Rob Negotiation Date: 2026-02-12 Meeting participants: Pat Brennan, Grissel Seijo (ella/she), Robert Tseng
WEBVTT
1 00:02:58.850 ⇒ 00:03:00.310 Grissel Seijo (ella/she): I’m so sorry, guys.
2 00:03:04.110 ⇒ 00:03:06.490 Grissel Seijo (ella/she): Pat, there’s multiple paths here.
3 00:03:06.860 ⇒ 00:03:13.490 Pat Brennan: Hey, sorry, I’m on my phone because I was updating my computer. Decided now would be a good time to force updates on me.
4 00:03:13.990 ⇒ 00:03:15.979 Grissel Seijo (ella/she): Don’t you love it when they do that?
5 00:03:15.980 ⇒ 00:03:19.209 Pat Brennan: So I’m gonna switch over, hopefully, 2 minutes.
6 00:03:19.210 ⇒ 00:03:35.039 Grissel Seijo (ella/she): No problem. This morning, was it this morning? Yesterday morning, I had a 6.30 meeting, and I ran… 6.30 in the morning, so I ran from downstairs, grabbed my coffee, ran upstairs, turned on the computer, it was, like, 6.20, and I’m like, perfect! It…
7 00:03:35.300 ⇒ 00:03:39.209 Grissel Seijo (ella/she): my password forced… forced me to start, I was like, no.
8 00:03:40.620 ⇒ 00:03:41.530 Pat Brennan: Classic.
9 00:03:44.690 ⇒ 00:03:48.929 Pat Brennan: I will, I’ll text Rob in a second if he doesn’t log on.
10 00:03:48.930 ⇒ 00:03:53.379 Grissel Seijo (ella/she): He just texted us. He said, on an urgent work call, I’ll be a few minutes late.
11 00:03:54.210 ⇒ 00:03:57.629 Grissel Seijo (ella/she): That works out for me, since I was late. I’m so sorry.
12 00:04:02.950 ⇒ 00:04:06.120 Grissel Seijo (ella/she): Okay.
13 00:04:21.750 ⇒ 00:04:23.329 Grissel Seijo (ella/she): How are you doing otherwise?
14 00:04:26.570 ⇒ 00:04:29.690 Grissel Seijo (ella/she): You’re on mute, so I can’t be, like, messy.
15 00:04:41.050 ⇒ 00:04:48.649 Pat Brennan: I am good, sorry. I don’t normally use Zoom on my phone, so I’m really not used to it. But yeah, I’m doing good, I’m hanging in there.
16 00:04:50.690 ⇒ 00:04:51.380 Grissel Seijo (ella/she): That’s fair.
17 00:04:56.910 ⇒ 00:04:59.469 Grissel Seijo (ella/she): Two weeks from dawn, at least for me.
18 00:05:00.290 ⇒ 00:05:01.040 Pat Brennan: Yeah.
19 00:05:01.270 ⇒ 00:05:02.329 Pat Brennan: We’re close.
20 00:05:17.070 ⇒ 00:05:18.769 Robert Tseng: Hey, Pat. Hey, Professor, say hi.
21 00:05:19.330 ⇒ 00:05:20.970 Grissel Seijo (ella/she): Voila, how are you?
22 00:05:21.710 ⇒ 00:05:25.739 Robert Tseng: I’m so sorry, I, had, like, an emergency to deal with.
23 00:05:25.740 ⇒ 00:05:26.500 Grissel Seijo (ella/she): You know what?
24 00:05:26.630 ⇒ 00:05:33.460 Grissel Seijo (ella/she): Last time I checked, one, we all work. Two, shit happens. Three, you don’t know this, but I was late too, so…
25 00:05:34.060 ⇒ 00:05:34.850 Robert Tseng: Oh, God.
26 00:05:35.100 ⇒ 00:05:36.260 Robert Tseng: Okay, great.
27 00:05:36.860 ⇒ 00:05:39.509 Grissel Seijo (ella/she): But I just like to tease you when you guys are late.
28 00:05:39.510 ⇒ 00:05:40.120 Robert Tseng: Yeah.
29 00:05:40.450 ⇒ 00:05:46.030 Grissel Seijo (ella/she): I don’t actually take offense to you guys having a life outside of my classroom.
30 00:05:48.770 ⇒ 00:05:55.549 Grissel Seijo (ella/she): So let me kind of walk you through what the general scope is like, and then we can work out.
31 00:05:57.170 ⇒ 00:06:01.619 Grissel Seijo (ella/she): The first part of this negotiation is you meeting with me as your client.
32 00:06:01.950 ⇒ 00:06:05.440 Grissel Seijo (ella/she): Yeah. Whatever last questions you may have.
33 00:06:06.030 ⇒ 00:06:10.219 Grissel Seijo (ella/she): Then, we switch, and I reintroduce myself, and I’m opposing counsel.
34 00:06:11.980 ⇒ 00:06:12.850 Grissel Seijo (ella/she): Okay.
35 00:06:14.160 ⇒ 00:06:18.879 Grissel Seijo (ella/she): So… Any questions for me?
36 00:06:23.920 ⇒ 00:06:29.479 Grissel Seijo (ella/she): And you don’t have to have any, I’m just asking, you know, I give you the opportunity if you have any last questions.
37 00:06:30.230 ⇒ 00:06:36.650 Robert Tseng: Sure. I mean, I… Pat, I was thinking I would just kind of run through a few of the ones that we had drafted.
38 00:06:39.790 ⇒ 00:06:43.549 Robert Tseng: Yeah, I mean, we can… we can go back and forth if you want to… if you want to jump in.
39 00:06:45.420 ⇒ 00:06:49.990 Robert Tseng: Okay,
40 00:06:52.230 ⇒ 00:06:58.570 Robert Tseng: I… sorry, I forgot, like, the whole, like, the pleasantries of how we’re supposed to introduce ourselves.
41 00:07:05.410 ⇒ 00:07:10.959 Robert Tseng: Hello, are you just… does it just go my client first?
42 00:07:10.960 ⇒ 00:07:13.319 Grissel Seijo (ella/she): Whatever, whatever name you want for me.
43 00:07:13.320 ⇒ 00:07:15.629 Robert Tseng: Alright, I’ll just go quiet, I’m not very creative.
44 00:07:15.630 ⇒ 00:07:16.060 Grissel Seijo (ella/she): Okay.
45 00:07:16.060 ⇒ 00:07:29.900 Robert Tseng: Hi, client, my name is Robert, and this is, my co-counsel, Pat. We’re here to represent you, in a negotiation, but just wanted to ask a few clarifying questions. Sure. Would that be okay?
46 00:07:29.900 ⇒ 00:07:31.459 Grissel Seijo (ella/she): Yeah, absolutely.
47 00:07:32.060 ⇒ 00:07:40.029 Robert Tseng: So, from our notes, we saw that your budget is $3 million, and you want to buy a portfolio of 3 homes.
48 00:07:40.630 ⇒ 00:07:47.600 Robert Tseng: we were wondering what is the primary goal of this purchase? Is it a mix
49 00:07:47.910 ⇒ 00:07:54.259 Robert Tseng: Of both personal and investment use, or, or something else?
50 00:07:55.600 ⇒ 00:08:00.860 Grissel Seijo (ella/she): So what I want to do is… That was bad.
51 00:08:02.290 ⇒ 00:08:06.649 Grissel Seijo (ella/she): What I want to do is purchase the homes, because I…
52 00:08:07.080 ⇒ 00:08:09.009 Grissel Seijo (ella/she): really, I don’t care about the jersey home.
53 00:08:09.230 ⇒ 00:08:18.569 Grissel Seijo (ella/she): What I really want is I want the property in Miami and the property in Puerto Rico, because, you know, I’ve got a couple investors in one on.
54 00:08:21.440 ⇒ 00:08:22.890 Grissel Seijo (ella/she): Bill, he’ll tell us.
55 00:08:23.940 ⇒ 00:08:34.119 Robert Tseng: Got it. So, if you weren’t able to get all 3 properties, Miami, Puerto Rico, and then New Jersey would probably be the priority for you.
56 00:08:34.890 ⇒ 00:08:36.610 Grissel Seijo (ella/she): Puerto Rico, Miami, Jersey.
57 00:08:36.610 ⇒ 00:08:38.080 Robert Tseng: Sorry, pardon, ma’am.
58 00:08:38.080 ⇒ 00:08:39.819 Grissel Seijo (ella/she): Got it. No, that’s a good question.
59 00:08:39.990 ⇒ 00:08:40.559 Robert Tseng: Yeah.
60 00:08:41.429 ⇒ 00:08:48.350 Robert Tseng: And then regarding that $3 million budget, is that a hard cap, or do you have any flexibility? Okay.
61 00:08:48.350 ⇒ 00:08:51.360 Grissel Seijo (ella/she): No, that’s a hard cap. It does not include
62 00:08:51.500 ⇒ 00:08:59.959 Grissel Seijo (ella/she): Because, obviously, we’re going to develop. It does not include development costs in there. It’s… it is a full $3 million for purchase.
63 00:09:01.300 ⇒ 00:09:01.870 Robert Tseng: Got it.
64 00:09:02.610 ⇒ 00:09:07.179 Robert Tseng: I’ll ask one more question, and then if Pat wants to jump in, I’ll let him jump in.
65 00:09:07.240 ⇒ 00:09:24.569 Robert Tseng: So if both Puerto Rico and Miami are for, kind of, development purposes, do you have the same expectations for both properties in terms of the condition, features, or, like, is there one that, yeah, I guess, are you…
66 00:09:24.970 ⇒ 00:09:26.390 Robert Tseng: Okay, would you…
67 00:09:26.390 ⇒ 00:09:26.720 Grissel Seijo (ella/she): from.
68 00:09:26.720 ⇒ 00:09:27.480 Robert Tseng: Okay, yeah.
69 00:09:27.480 ⇒ 00:09:28.480 Grissel Seijo (ella/she): Just, you just asked one.
70 00:09:28.480 ⇒ 00:09:29.379 Robert Tseng: It’s not there.
71 00:09:29.380 ⇒ 00:09:31.139 Grissel Seijo (ella/she): Otherwise, you’re gonna warm the client.
72 00:09:31.140 ⇒ 00:09:32.010 Robert Tseng: many. Yeah.
73 00:09:32.010 ⇒ 00:09:35.640 Grissel Seijo (ella/she): so…
74 00:09:36.740 ⇒ 00:09:47.540 Grissel Seijo (ella/she): because we’re going… my understanding is, you know, we had this hurricane this past summer, hit Puerto Rico, and my understanding from my friend who told me about the portfolio is that
75 00:09:47.640 ⇒ 00:09:53.369 Grissel Seijo (ella/she): That home is, like, damage. I don’t really care, because I’m gonna break everything down anyway.
76 00:09:53.760 ⇒ 00:09:54.180 Robert Tseng: Okay.
77 00:09:54.180 ⇒ 00:09:54.830 Grissel Seijo (ella/she): Right?
78 00:10:00.320 ⇒ 00:10:05.010 Grissel Seijo (ella/she): So the, the state of the homes… Don’t matter to me.
79 00:10:05.390 ⇒ 00:10:09.200 Grissel Seijo (ella/she): Accessibility to the homes does.
80 00:10:09.760 ⇒ 00:10:17.340 Grissel Seijo (ella/she): As you know, when there’s hurricanes, power lines go out, sometimes trees are down. I need you guys to find out.
81 00:10:17.690 ⇒ 00:10:22.439 Grissel Seijo (ella/she): Is this landlocked? Is this… Only by water.
82 00:10:22.900 ⇒ 00:10:24.200 Grissel Seijo (ella/she): Kind of situation.
83 00:10:26.000 ⇒ 00:10:26.659 Robert Tseng: Got it.
84 00:10:29.510 ⇒ 00:10:32.239 Robert Tseng: Pat, is there anything you wanna… you wanna ask?
85 00:10:32.910 ⇒ 00:10:45.840 Pat Brennan: Yeah, so besides, whether or not it’s landlocked, or, are there any other, like, deal breakers that might be present for you, or just any other factors into your purchase that we should know about?
86 00:10:46.760 ⇒ 00:10:50.100 Grissel Seijo (ella/she): So, Deal Breakers is anything above $3 million.
87 00:10:50.460 ⇒ 00:10:53.310 Grissel Seijo (ella/she): Factors that are important to me.
88 00:10:53.650 ⇒ 00:11:01.170 Grissel Seijo (ella/she): Hurricane season starting in June, I would like this to not close until after hurricane season.
89 00:11:01.310 ⇒ 00:11:07.240 Grissel Seijo (ella/she): although hurricane season, we know, is the end of October, I’m okay with the end of September close.
90 00:11:09.570 ⇒ 00:11:15.720 Grissel Seijo (ella/she): Yeah, I’m okay with an end of September close, but… I’m not trying to…
91 00:11:16.730 ⇒ 00:11:21.689 Grissel Seijo (ella/she): The truth of the matter is that even though I’m breaking down the homes to build up.
92 00:11:22.390 ⇒ 00:11:27.079 Grissel Seijo (ella/she): And I guess foundational issues would be something I’m concerned with.
93 00:11:29.050 ⇒ 00:11:35.639 Grissel Seijo (ella/she): I don’t wanna, you know, they’re not selling the land, they’re selling the house and the land, and I don’t want to get stuck with…
94 00:11:36.040 ⇒ 00:11:38.590 Grissel Seijo (ella/she): a cost that I didn’t need to incur.
95 00:11:41.590 ⇒ 00:11:47.530 Grissel Seijo (ella/she): So if a hurricane hits, I’m trying not to, like, get screwed.
96 00:11:50.580 ⇒ 00:11:53.339 Grissel Seijo (ella/she): So for me, push out the deal that you can.
97 00:11:55.280 ⇒ 00:11:56.000 Pat Brennan: Okay.
98 00:11:56.140 ⇒ 00:11:58.529 Pat Brennan: That’s super helpful.
99 00:11:59.200 ⇒ 00:12:03.350 Pat Brennan: Rob, I think that covered pretty much everything on our list. Can you think of anything else?
100 00:12:04.450 ⇒ 00:12:12.080 Robert Tseng: I guess, is there anything we…
101 00:12:12.530 ⇒ 00:12:17.410 Robert Tseng: Should… is there anything else we should know about your situation that we didn’t ask?
102 00:12:17.780 ⇒ 00:12:25.670 Grissel Seijo (ella/she): Question. Additional financing, because I’ve got the investors.
103 00:12:26.250 ⇒ 00:12:26.820 Robert Tseng: Okay.
104 00:12:27.540 ⇒ 00:12:30.289 Grissel Seijo (ella/she): So it’s an all-cash transaction.
105 00:12:36.790 ⇒ 00:12:42.440 Grissel Seijo (ella/she): If there is an insurance claim, Right?
106 00:12:42.940 ⇒ 00:12:46.670 Grissel Seijo (ella/she): I’m not trying to have to deal with somebody else’s insurance company.
107 00:12:51.030 ⇒ 00:12:51.410 Robert Tseng: Okay.
108 00:12:51.410 ⇒ 00:12:52.850 Grissel Seijo (ella/she): But there’s a claim.
109 00:12:53.550 ⇒ 00:12:54.970 Grissel Seijo (ella/she): Not a deal-breaker.
110 00:12:55.500 ⇒ 00:12:57.879 Grissel Seijo (ella/she): But I need you… gracia. Gracia.
111 00:12:58.010 ⇒ 00:13:00.510 Grissel Seijo (ella/she): I need you to… sorry, Sam.
112 00:13:00.640 ⇒ 00:13:01.320 Grissel Seijo (ella/she): Bye.
113 00:13:06.480 ⇒ 00:13:13.570 Grissel Seijo (ella/she): if there is, it’s not a deal-breaker, but if there’s an assurance claim, I want to know.
114 00:13:13.850 ⇒ 00:13:23.219 Grissel Seijo (ella/she): And I, you know, I’m gonna trust that you guys are good attorneys, and that you’re gonna know just to ask whether that comes with me, or stays with them, or…
115 00:13:23.780 ⇒ 00:13:26.770 Grissel Seijo (ella/she): You know, am I gonna get the insurance money, blah blah blah.
116 00:13:30.670 ⇒ 00:13:32.780 Robert Tseng: Okay, yeah, that’s super helpful.
117 00:13:37.580 ⇒ 00:13:41.880 Robert Tseng: Okay. Yeah, I think that’s… I think that covers… that covers it.
118 00:13:43.960 ⇒ 00:13:45.120 Grissel Seijo (ella/she): You guys ready?
119 00:13:46.050 ⇒ 00:13:46.700 Pat Brennan: Ready?
120 00:13:48.340 ⇒ 00:13:57.579 Grissel Seijo (ella/she): Alright, so… Gentlemen, My name is Kristen Cejo, I represent Red Hat.
121 00:13:57.940 ⇒ 00:14:04.620 Grissel Seijo (ella/she): properties, my client has told me that your client our friends and…
122 00:14:05.810 ⇒ 00:14:11.120 Grissel Seijo (ella/she): that I should expect a call from you about this deal, so… If you can…
123 00:14:11.370 ⇒ 00:14:12.679 Grissel Seijo (ella/she): Let me know how I can help you.
124 00:14:18.660 ⇒ 00:14:21.269 Robert Tseng: Sure. Nice to meet you.
125 00:14:22.090 ⇒ 00:14:34.959 Robert Tseng: Griselle, Grisel, say hello. My name is Robert, and this is my co-counsel, Pat. We’re representing our client who’s interested in a three-property portfolio that your client
126 00:14:35.220 ⇒ 00:14:37.249 Robert Tseng: Seems to have available.
127 00:14:39.010 ⇒ 00:14:54.220 Robert Tseng: We’re… we’d be interested in trying to find out more about the portfolio, and, yeah, if possible, to… to make an… make an offer for, for… for… for… for this portfolio.
128 00:14:56.270 ⇒ 00:14:58.589 Robert Tseng: Do you mind if we start with a few questions?
129 00:14:58.590 ⇒ 00:14:59.340 Grissel Seijo (ella/she): Yes.
130 00:14:59.660 ⇒ 00:15:00.320 Robert Tseng: Okay.
131 00:15:03.910 ⇒ 00:15:11.390 Robert Tseng: So our understanding is that the portfolio, includes properties in Puerto Rico, Miami, and New Jersey.
132 00:15:12.050 ⇒ 00:15:19.510 Robert Tseng: Could you… Share about the condition of the different properties.
133 00:15:20.360 ⇒ 00:15:27.450 Grissel Seijo (ella/she): Sure. So let’s start with how I… how you gave it to me. Puerto Rico, that property.
134 00:15:27.960 ⇒ 00:15:33.140 Grissel Seijo (ella/she): has some damage as a result of, you know, Hurricane Bad Bunny that happened this summer.
135 00:15:33.250 ⇒ 00:15:39.640 Grissel Seijo (ella/she): The Miami property has a tenant, but is fully, livable.
136 00:15:40.010 ⇒ 00:15:44.409 Grissel Seijo (ella/she): and Jersey home the client lives in.
137 00:15:44.520 ⇒ 00:15:45.980 Grissel Seijo (ella/she): Fully global.
138 00:15:49.050 ⇒ 00:15:50.520 Grissel Seijo (ella/she): They’re all three twos.
139 00:15:51.700 ⇒ 00:15:59.959 Robert Tseng: Got it. And just to clarify, the Puerto Rico one with damage, there is no tenant living… There is no tenant. …currently. Okay.
140 00:16:04.070 ⇒ 00:16:19.440 Robert Tseng: A couple… another… so thank you for sharing about the, kind of, tenant situation. Wondering about, what the layout of the… of the properties is. Are they accessible by…
141 00:16:19.710 ⇒ 00:16:27.460 Robert Tseng: By… by land, water, some… something… and maybe rows, other, other infrastructure.
142 00:16:29.290 ⇒ 00:16:35.390 Grissel Seijo (ella/she): Okay, so the Puerto Rico, home is accessible by land and water.
143 00:16:35.630 ⇒ 00:16:38.810 Grissel Seijo (ella/she): Since it has, since it’s the oceanfront.
144 00:16:42.060 ⇒ 00:16:46.040 Grissel Seijo (ella/she): with a caveat, there’s no dock there. The home doesn’t come with a dock.
145 00:16:47.930 ⇒ 00:16:53.289 Grissel Seijo (ella/she): Right? But can you, you know, drop anchor and walk onto Short? Yes.
146 00:16:54.620 ⇒ 00:16:58.809 Grissel Seijo (ella/she): The Miami home-only land, it is not oceanfront.
147 00:16:59.590 ⇒ 00:17:03.589 Grissel Seijo (ella/she): And the Jersey City… New Jersey home.
148 00:17:04.170 ⇒ 00:17:05.310 Grissel Seijo (ella/she): Only land.
149 00:17:06.060 ⇒ 00:17:08.390 Grissel Seijo (ella/she): I’m not… Oh, shit.
150 00:17:11.300 ⇒ 00:17:11.869 Robert Tseng: Got it.
151 00:17:12.220 ⇒ 00:17:12.790 Pat Brennan: Okay.
152 00:17:13.230 ⇒ 00:17:26.330 Pat Brennan: Besides the damages to the Puerto Rico property, are there any other issues, or, damages, or just any other quality issues with the other properties that we should know about that might show up on a home inspection?
153 00:17:28.470 ⇒ 00:17:38.719 Grissel Seijo (ella/she): I believe the Miami home, as I’m sure you guys are aware, there’s, like, the Hurricane Andrew law that says that your roof has to be replaced every 20 years.
154 00:17:38.950 ⇒ 00:17:42.030 Grissel Seijo (ella/she): So it is coming up for replacement.
155 00:17:42.250 ⇒ 00:17:45.449 Grissel Seijo (ella/she): I believe within the next 2 years.
156 00:17:45.900 ⇒ 00:17:47.689 Grissel Seijo (ella/she): Soon, but not this year.
157 00:17:48.470 ⇒ 00:17:49.850 Grissel Seijo (ella/she): That’s my understanding.
158 00:17:55.350 ⇒ 00:18:10.910 Pat Brennan: Okay, thank you. And then, you mentioned there are tenants in the New Jersey property and in the Miami property. Are those… do you have any information about, like, their leases or arrangements for living there? Do they have one-year leases? When… when do you think those might end?
159 00:18:11.040 ⇒ 00:18:12.689 Pat Brennan: Any information on those?
160 00:18:17.370 ⇒ 00:18:25.989 Grissel Seijo (ella/she): The Jersey home doesn’t have a lease because the tenant is the owner, so, you know, the seller is the owner, so that…
161 00:18:26.250 ⇒ 00:18:30.260 Grissel Seijo (ella/she): That will come to an end this, I guess, upon close of this deal.
162 00:18:30.950 ⇒ 00:18:35.760 Grissel Seijo (ella/she): And the Miami home, their tenancy is through June.
163 00:18:36.470 ⇒ 00:18:41.460 Grissel Seijo (ella/she): Which is why My client is looking to close this in June.
164 00:18:57.680 ⇒ 00:19:06.460 Pat Brennan: Okay, regarding that June date, is that flexible, or is that a hard… Date for, your client?
165 00:19:07.700 ⇒ 00:19:10.930 Grissel Seijo (ella/she): My client really wants this deal closed in June.
166 00:19:15.820 ⇒ 00:19:16.970 Pat Brennan: Okay, thank you.
167 00:19:19.560 ⇒ 00:19:24.810 Pat Brennan: Right, well, that’s a lot of good information. Is there anything else that you want us to know about?
168 00:19:26.470 ⇒ 00:19:30.739 Grissel Seijo (ella/she): I think it’s important that you understand what my client is evaluating.
169 00:19:31.180 ⇒ 00:19:35.660 Grissel Seijo (ella/she): Yeah, you haven’t talked about the value of the homes.
170 00:19:36.510 ⇒ 00:19:43.190 Grissel Seijo (ella/she): So, from the perspective of my client, the Puerto Rico home is a $1.5 million home.
171 00:19:44.310 ⇒ 00:19:48.139 Grissel Seijo (ella/she): The Miami home is a $2 million home.
172 00:19:49.840 ⇒ 00:19:58.150 Grissel Seijo (ella/she): And the reason the Puerto Rico home, which is oceanfront, is valued currently less is because, obviously, we’ve devalued it since it has some damage.
173 00:19:58.290 ⇒ 00:20:02.779 Grissel Seijo (ella/she): And the New Jersey… the Jersey City Home.
174 00:20:03.430 ⇒ 00:20:06.470 Grissel Seijo (ella/she): Is also a $2 million home.
175 00:20:10.100 ⇒ 00:20:14.609 Grissel Seijo (ella/she): So we’re looking at, you know, offers in the 5.5 range.
176 00:20:18.840 ⇒ 00:20:21.889 Robert Tseng: Got it. Considering that our client,
177 00:20:22.170 ⇒ 00:20:27.930 Robert Tseng: It doesn’t require financing and would be able to do an all-cash transaction.
178 00:20:29.770 ⇒ 00:20:33.660 Robert Tseng: How would that impact the pricing, for these properties?
179 00:20:40.610 ⇒ 00:20:46.840 Grissel Seijo (ella/she): If your client can close by June, the pricing is a little bit more flexible.
180 00:20:47.100 ⇒ 00:20:47.690 Robert Tseng: Okay.
181 00:20:48.200 ⇒ 00:20:48.940 Grissel Seijo (ella/she): Mom.
182 00:20:50.210 ⇒ 00:20:52.490 Grissel Seijo (ella/she): For our… for, you know, for my client.
183 00:20:52.780 ⇒ 00:20:53.800 Grissel Seijo (ella/she): Timing?
184 00:20:54.290 ⇒ 00:20:55.690 Grissel Seijo (ella/she): is critical.
185 00:21:01.560 ⇒ 00:21:09.259 Robert Tseng: You know, recognizing that timing seems to be a big factor for your… for your client, specifically for the Miami property.
186 00:21:09.390 ⇒ 00:21:17.599 Robert Tseng: Would you be… would your client be open to, maybe closing the…
187 00:21:19.220 ⇒ 00:21:30.119 Robert Tseng: Breaking up the transaction so that, one, maybe would close just that property earlier, and then are able to delay the others.
188 00:21:30.910 ⇒ 00:21:34.820 Grissel Seijo (ella/she): I would take that back to my client, but I, you know, I don’t see,
189 00:21:35.900 ⇒ 00:21:40.659 Grissel Seijo (ella/she): It’s a reasonable request that you’re asking? I need to talk to my client about it.
190 00:21:42.390 ⇒ 00:21:48.660 Grissel Seijo (ella/she): So, what you were saying would be… we would close in fa… enter a deal for all three properties, and then close in phases?
191 00:21:49.120 ⇒ 00:21:49.760 Robert Tseng: Yes.
192 00:21:50.640 ⇒ 00:21:53.160 Grissel Seijo (ella/she): Not unreasonable, I’ll ask.
193 00:21:53.870 ⇒ 00:21:54.440 Robert Tseng: Okay.
194 00:21:55.590 ⇒ 00:21:59.959 Grissel Seijo (ella/she): So I’m gonna stop us there. We’ve been negotiating for about 15 minutes.
195 00:22:00.490 ⇒ 00:22:01.230 Grissel Seijo (ella/she): Okay.
196 00:22:03.070 ⇒ 00:22:07.379 Grissel Seijo (ella/she): And I… and I want to make sure that… because you put it only to factor, so I want to make sure I give you feedback.
197 00:22:07.910 ⇒ 00:22:13.969 Grissel Seijo (ella/she): One. Good job, guys, right? You’re thinking outside the box, you’re bouncing off of each other,
198 00:22:14.780 ⇒ 00:22:19.419 Grissel Seijo (ella/she): I take notes in different colors so that I know which one of you said what.
199 00:22:19.790 ⇒ 00:22:20.780 Grissel Seijo (ella/she): Okay?
200 00:22:20.900 ⇒ 00:22:28.640 Grissel Seijo (ella/she): Robert, you started by saying, you know, we’re interested in learning a little bit more about the portfolio.
201 00:22:28.900 ⇒ 00:22:33.909 Grissel Seijo (ella/she): By doing that introduction, you’re setting it up as, like, we’re gonna work together.
202 00:22:34.100 ⇒ 00:22:37.639 Grissel Seijo (ella/she): Right? And that’s critical, because as attorneys.
203 00:22:38.030 ⇒ 00:22:39.990 Grissel Seijo (ella/she): what I try to do is I try to use, like.
204 00:22:42.060 ⇒ 00:22:45.870 Grissel Seijo (ella/she): real-world examples. You, as an attorney.
205 00:22:46.220 ⇒ 00:22:52.139 Grissel Seijo (ella/she): When you practice, it doesn’t matter what you practice, in your lifetime, you’re going to get asked about marital.
206 00:22:52.760 ⇒ 00:22:58.260 Grissel Seijo (ella/she): Someone’s gonna get divorced, someone’s gonna get married, someone’s gonna… it doesn’t matter that you don’t practice that.
207 00:22:58.430 ⇒ 00:22:59.609 Grissel Seijo (ella/she): People don’t care.
208 00:22:59.870 ⇒ 00:23:02.820 Grissel Seijo (ella/she): You’re gonna be asked about crime law? That’s okay.
209 00:23:04.540 ⇒ 00:23:22.349 Grissel Seijo (ella/she): It doesn’t matter. And the other thing you’re gonna get asked about, and God willing, this is my dream for all of you, you will get asked about property, about selling or buying a home. So, some of you own homes already, some of you don’t. My goal is that for all of you to be homeowners. So that’s why I give these examples, right?
210 00:23:24.430 ⇒ 00:23:30.799 Grissel Seijo (ella/she): This negotiation is different from what you guys are used to, because in legal writing, it’s all adversarial.
211 00:23:30.920 ⇒ 00:23:42.419 Grissel Seijo (ella/she): But the reality is the fact that there’s a lot of negotiations that aren’t… aren’t adversarial. So your being able to couch it as, like, let’s work on this, let’s understand this, I thought was really, really good.
212 00:23:43.540 ⇒ 00:23:55.369 Grissel Seijo (ella/she): And you did it a couple of times, because you said, you know, considering it’s an all-cash transaction, right? So, let me give you enough that we’re still working. Recognizing that timing, so you… you were really good about, like.
213 00:23:55.990 ⇒ 00:24:00.749 Grissel Seijo (ella/she): giving me back the concern that I had, and then trying to lead me.
214 00:24:01.070 ⇒ 00:24:01.840 Grissel Seijo (ella/she): Right?
215 00:24:02.080 ⇒ 00:24:08.189 Grissel Seijo (ella/she): That’s a mess, so you want to continue to flex in your real life.
216 00:24:10.650 ⇒ 00:24:26.499 Grissel Seijo (ella/she): Pat, as a… as a client, you were like, any other issues? And you… you kept, like, any other, any other, but in the… you didn’t sound like you were… you’re judging, you were just asking, right? So you were like, any other quality issues, right? Like, talk to me about the tenancy.
217 00:24:26.610 ⇒ 00:24:38.689 Grissel Seijo (ella/she): Is there flexibility on timing? You both were looking for and asking questions that your client specifically told you to ask, without ever disclosing your client’s needs.
218 00:24:39.890 ⇒ 00:24:42.149 Grissel Seijo (ella/she): That’s brilliant. That’s what you want.
219 00:24:42.440 ⇒ 00:24:50.350 Grissel Seijo (ella/she): You want to get the information your client wants without giving the other side the, like, the fact that your client wanted disclosing to be later.
220 00:24:50.700 ⇒ 00:24:53.169 Grissel Seijo (ella/she): Right? Even,
221 00:24:53.460 ⇒ 00:25:10.609 Grissel Seijo (ella/she): Robert, when you said, you know, let’s close in transactional phases, you never said October, right? You heard that I said June, you know October’s gonna sound too far for the seller, so you’re like, in phases, right? You guys did a really, really good job about getting information.
222 00:25:11.470 ⇒ 00:25:16.830 Grissel Seijo (ella/she): Negotiations, especially the first one, should always be about finding out things you didn’t know.
223 00:25:18.060 ⇒ 00:25:23.709 Grissel Seijo (ella/she): If you go into a negotiation, and you’re 15 minutes in, and you haven’t found out anything new.
224 00:25:25.290 ⇒ 00:25:30.259 Grissel Seijo (ella/she): Either you’re talking too much, You’re not asking enough, or the other side’s being cagey.
225 00:25:32.740 ⇒ 00:25:39.389 Grissel Seijo (ella/she): Things you didn’t ask your client that you should ask your clients if you’re representing someone who has investors.
226 00:25:41.180 ⇒ 00:25:43.979 Grissel Seijo (ella/she): Is the investors a company?
227 00:25:44.360 ⇒ 00:25:54.270 Grissel Seijo (ella/she): Is it foreign-based? Why? Because in the United States, we have a requirement to know that there are some countries that the United States does not allow us to do business with.
228 00:25:55.710 ⇒ 00:25:57.710 Grissel Seijo (ella/she): Cuba. Russia.
229 00:25:59.040 ⇒ 00:26:00.430 Grissel Seijo (ella/she): North Korea.
230 00:26:01.230 ⇒ 00:26:03.729 Grissel Seijo (ella/she): Iban. Iraq.
231 00:26:04.020 ⇒ 00:26:05.240 Grissel Seijo (ella/she): are on the list.
232 00:26:05.470 ⇒ 00:26:10.129 Grissel Seijo (ella/she): So you would need to know from your client when they say, we have a group of investors.
233 00:26:11.120 ⇒ 00:26:15.359 Grissel Seijo (ella/she): Are they U.S.-based? Is it a U.S.-based company? And if they’re foreign…
234 00:26:15.720 ⇒ 00:26:23.090 Grissel Seijo (ella/she): investors, that’s totally fine. You just tell your client, hey, by the way, just to…
235 00:26:23.450 ⇒ 00:26:30.710 Grissel Seijo (ella/she): Just so that you know, There’ll be, due diligence that we have to do.
236 00:26:31.070 ⇒ 00:26:32.890 Grissel Seijo (ella/she): We have to comply with.
237 00:26:33.350 ⇒ 00:26:35.659 Grissel Seijo (ella/she): by… by United States law.
238 00:26:37.180 ⇒ 00:26:37.575 Grissel Seijo (ella/she): M.
239 00:26:39.470 ⇒ 00:26:46.880 Grissel Seijo (ella/she): So that’s something that you guys wouldn’t know, but you need to learn, right? When you’re representing someone, where is the someone?
240 00:26:47.990 ⇒ 00:26:55.249 Grissel Seijo (ella/she): Where in the world is the someone? Also, if they have proof of finance.
241 00:26:56.710 ⇒ 00:27:01.869 Grissel Seijo (ella/she): Right? Particularly if you’re offering, what’s that called?
242 00:27:02.020 ⇒ 00:27:03.230 Grissel Seijo (ella/she): A phased deal.
243 00:27:04.150 ⇒ 00:27:04.910 Grissel Seijo (ella/she): Right.
244 00:27:05.340 ⇒ 00:27:09.569 Grissel Seijo (ella/she): Will you need to give proof of the entire time, with the entire money, or…
245 00:27:10.480 ⇒ 00:27:13.609 Grissel Seijo (ella/she): Proof of the first home, and then later on, the other ones.
246 00:27:15.250 ⇒ 00:27:17.740 Grissel Seijo (ella/she): That’s something to consider.
247 00:27:20.280 ⇒ 00:27:27.110 Grissel Seijo (ella/she): And I put excellent land, water, accessibility, Robert, that was you. You asked about, like, how is it accessible?
248 00:27:27.310 ⇒ 00:27:31.200 Grissel Seijo (ella/she): Something that you both did that I wanted to pause you on. One question at a time.
249 00:27:31.920 ⇒ 00:27:35.180 Grissel Seijo (ella/she): Don’t suggest an answer, right? So if you say.
250 00:27:37.230 ⇒ 00:27:43.590 Grissel Seijo (ella/she): Are the properties landlocked, or, you know, accessibility landlocked, or with water? That’s it.
251 00:27:45.570 ⇒ 00:27:49.460 Grissel Seijo (ella/she): Because what you really are asking… Is there any obstructions?
252 00:27:50.250 ⇒ 00:27:50.990 Grissel Seijo (ella/she): Right.
253 00:27:51.710 ⇒ 00:27:53.220 Grissel Seijo (ella/she): You didn’t ask that?
254 00:27:53.410 ⇒ 00:27:55.270 Grissel Seijo (ella/she): you’ve got that information, Carla.
255 00:27:57.040 ⇒ 00:28:01.339 Grissel Seijo (ella/she): So you gotta be… Mindful of asking one question at a time.
256 00:28:02.520 ⇒ 00:28:05.730 Grissel Seijo (ella/she): Because you could suggest an answer unwittingly.
257 00:28:14.810 ⇒ 00:28:16.069 Grissel Seijo (ella/she): Let me see what else.
258 00:28:16.390 ⇒ 00:28:19.030 Grissel Seijo (ella/she): I gave you a much higher…
259 00:28:19.410 ⇒ 00:28:25.000 Grissel Seijo (ella/she): rate… range than you had… you had, budget for.
260 00:28:25.430 ⇒ 00:28:28.909 Grissel Seijo (ella/she): You guys didn’t even blink about that. Sometimes you’ll get people, like.
261 00:28:29.620 ⇒ 00:28:33.350 Grissel Seijo (ella/she): you guys didn’t blink, which was great. Like, you had good poker faces.
262 00:28:33.730 ⇒ 00:28:40.779 Grissel Seijo (ella/she): There were… sometimes there were pauses when you were talking to me. I think you guys were strategizing, my guess is strategizing on the side.
263 00:28:41.030 ⇒ 00:28:42.400 Grissel Seijo (ella/she): Totally fine.
264 00:28:42.830 ⇒ 00:28:45.340 Grissel Seijo (ella/she): And that’s normal and in real life.
265 00:28:46.230 ⇒ 00:28:55.750 Grissel Seijo (ella/she): be mindful that you can be disposing information to your opposing counsel without knowing it.
266 00:28:56.000 ⇒ 00:29:03.640 Grissel Seijo (ella/she): So you guys were strategizing about tenancy, and there was a pause, you guys on the background strategizing, that’s my guess, I don’t know if you guys were.
267 00:29:03.790 ⇒ 00:29:11.059 Grissel Seijo (ella/she): But my thing is, like, oh, then I’m noting, I’m like, oh, they’re talking about tendency on the side, this… this is… this is something important for them.
268 00:29:11.480 ⇒ 00:29:12.260 Grissel Seijo (ella/she): Right?
269 00:29:12.590 ⇒ 00:29:13.390 Grissel Seijo (ella/she): Wow.
270 00:29:14.810 ⇒ 00:29:19.010 Grissel Seijo (ella/she): I will… I will always monitor when there’s a pause.
271 00:29:20.240 ⇒ 00:29:25.690 Grissel Seijo (ella/she): Right, because I then need to… and you must monitor if there’s a pause. You then need to figure out where you gotta go.
272 00:29:29.210 ⇒ 00:29:31.060 Robert Tseng: It might. He’s in a phone booth.
273 00:29:31.060 ⇒ 00:29:32.310 Pat Brennan: Yeah, sorry.
274 00:29:32.310 ⇒ 00:29:34.860 Grissel Seijo (ella/she): I’m still around, I just gotta listen instead of talk.
275 00:29:35.150 ⇒ 00:29:42.870 Grissel Seijo (ella/she): Yeah, yeah, I totally, you know, I don’t mind. You guys gotta be mindful of when there’s a tell, or a… or something like a pause.
276 00:29:43.680 ⇒ 00:29:46.720 Grissel Seijo (ella/she): and make note of it.
277 00:29:46.940 ⇒ 00:29:49.730 Grissel Seijo (ella/she): So I actually made note of the pause.
278 00:29:50.290 ⇒ 00:29:50.950 Robert Tseng: Hmm.
279 00:29:51.090 ⇒ 00:29:59.059 Grissel Seijo (ella/she): Why? Because as you negotiate longer, as you deal with more negotiations, you’ll be able to tell, like, is this… is this something important for that client?
280 00:29:59.780 ⇒ 00:30:12.469 Grissel Seijo (ella/she): Right? You don’t know if it’s something important for that client, or the person got a text message from their boss saying, you know, get your ass in this one, whatever it might be. But you have to note it in your notes, so that then you can try to figure out
281 00:30:12.860 ⇒ 00:30:17.080 Grissel Seijo (ella/she): Is it important to seller? Is it important to opposing counsel?
282 00:30:17.280 ⇒ 00:30:20.089 Grissel Seijo (ella/she): Is it important to counsel, or is it important to the client?
283 00:30:21.250 ⇒ 00:30:28.080 Grissel Seijo (ella/she): Right? Anything like applause, or… But when they’re mindful or careful about their answer.
284 00:30:28.220 ⇒ 00:30:35.449 Grissel Seijo (ella/she): You want to make sure you note that, and then later, not in this session, in the next negotiation session, you ask about it.
285 00:30:36.020 ⇒ 00:30:37.310 Grissel Seijo (ella/she): And nothing.
286 00:30:38.080 ⇒ 00:30:43.010 Grissel Seijo (ella/she): And I’ve been practicing for 20 years. Nothing goes on One session alone.
287 00:30:44.440 ⇒ 00:30:47.309 Grissel Seijo (ella/she): Like, that, like, oh, we reached a concession?
288 00:30:47.760 ⇒ 00:30:51.329 Grissel Seijo (ella/she): MTV, and I was like, That’s tea. Only tea.
289 00:30:53.030 ⇒ 00:30:56.429 Grissel Seijo (ella/she): Everything else usually requires a couple of applications.
290 00:30:59.030 ⇒ 00:31:05.790 Grissel Seijo (ella/she): Being mindful of the time. Any questions that you might have, any feedback you have, anything that you wish you would have asked.
291 00:31:09.890 ⇒ 00:31:25.780 Robert Tseng: I guess my question would be… so, if you do notice, like, kind of, like, a pause or something, do you ever call out… call them out on it? Or like, hey, I heard… I noticed that you paused when we were asking that. You want to elaborate more on that or something?
292 00:31:25.920 ⇒ 00:31:27.600 Robert Tseng: I guess, like, yeah.
293 00:31:27.850 ⇒ 00:31:36.310 Grissel Seijo (ella/she): It depends. Not usually. A clause, I don’t. But if they’re being really resistant, like, in the conversation.
294 00:31:36.680 ⇒ 00:31:42.560 Grissel Seijo (ella/she): sometimes I will, like, for example, if I’m… if I’m selling… we buy and sell companies.
295 00:31:42.870 ⇒ 00:31:50.409 Grissel Seijo (ella/she): If I’m selling a company, and the other side is pausing on, like, investors, then I’m wondering, like.
296 00:31:50.790 ⇒ 00:31:52.730 Grissel Seijo (ella/she): Do you know something I don’t know?
297 00:31:52.900 ⇒ 00:31:55.320 Grissel Seijo (ella/she): Is there not enough money in the coffers?
298 00:31:55.470 ⇒ 00:31:56.690 Grissel Seijo (ella/she): toward height.
299 00:31:56.800 ⇒ 00:32:01.240 Grissel Seijo (ella/she): Right? Are you hiring a foreign investor? So sometimes I will say something like.
300 00:32:02.560 ⇒ 00:32:06.210 Grissel Seijo (ella/she): Council, help me understand the resistance. Is this yours or your client’s?
301 00:32:08.330 ⇒ 00:32:12.930 Grissel Seijo (ella/she): sometimes I’ll be like, I see that you’re pausing.
302 00:32:13.130 ⇒ 00:32:18.620 Grissel Seijo (ella/she): And I’m wondering, like, is there some information that you want to ask me about that we could talk through?
303 00:32:19.200 ⇒ 00:32:25.700 Grissel Seijo (ella/she): So sometimes I do… sometimes I wait… I wait to see if the tell is there again. Like, I’ll…
304 00:32:27.700 ⇒ 00:32:39.440 Grissel Seijo (ella/she): say you guys had made, like, eye contact about the price, I would have noted that on the side of my notes, I would have been, like, eye contact right next to price, and then the next session, I would have been, like.
305 00:32:40.790 ⇒ 00:32:48.130 Grissel Seijo (ella/she): you know, I know we didn’t talk a lot about price, where are you guys valuing these concepts at? Right, so I would bring it up in a…
306 00:32:48.970 ⇒ 00:32:50.819 Grissel Seijo (ella/she): The help-me-understand kind of way.
307 00:32:52.580 ⇒ 00:32:53.150 Robert Tseng: Yeah.
308 00:32:53.380 ⇒ 00:32:59.920 Grissel Seijo (ella/she): But sometimes, yeah, sometimes when people… when people are real, like, assholes, Public Council.
309 00:33:00.780 ⇒ 00:33:06.909 Grissel Seijo (ella/she): This is not our conflict, this is our client’s conflict. We’re here to try to help settle this.
310 00:33:07.780 ⇒ 00:33:11.509 Grissel Seijo (ella/she): So it depends. Sometimes I do, sometimes I don’t.
311 00:33:11.900 ⇒ 00:33:14.090 Grissel Seijo (ella/she): It’s not, like, a perfect answer, Robert, sorry.
312 00:33:14.860 ⇒ 00:33:16.990 Robert Tseng: Okay, yeah, no, that makes sense.
313 00:33:18.880 ⇒ 00:33:26.390 Robert Tseng: I mean, I guess, Pat, feel free to chat into any questions you have, but if not, I’ll ask Alice another one in the meanwhile.
314 00:33:26.950 ⇒ 00:33:31.080 Robert Tseng: I guess, like, well, we, we, we did some…
315 00:33:31.120 ⇒ 00:33:34.319 Grissel Seijo (ella/she): We did some negotiation prep before this call, and so…
316 00:33:34.320 ⇒ 00:33:39.480 Robert Tseng: we had thought about… like, I guess… I don’t… something we didn’t discuss was, like.
317 00:33:39.930 ⇒ 00:33:44.400 Robert Tseng: the, like, the closing timeline wasn’t really something we discussed.
318 00:33:44.670 ⇒ 00:33:49.780 Robert Tseng: We actually… yeah, we kind of just assumed that that was… that was gonna be, like, on… on… on the…
319 00:33:49.860 ⇒ 00:34:03.019 Robert Tseng: they were going to be on the same page. We learned from both the client and then also from the opposing counsel that, you know, there’s misalignment there. That’s why I kind of just, like, riffed and did the whole, like, phase-to-phased rollout thing.
320 00:34:03.050 ⇒ 00:34:13.879 Robert Tseng: I guess, like, in a real-life situation, I don’t know if I had the client’s… our client’s permission to do that, I just kind of was bouncing ideas, like, is that… is that okay? Like, to…
321 00:34:13.889 ⇒ 00:34:14.559 Grissel Seijo (ella/she): Yep.
322 00:34:14.560 ⇒ 00:34:15.340 Robert Tseng: Okay, alright.
323 00:34:15.340 ⇒ 00:34:22.180 Grissel Seijo (ella/she): Yeah, it is okay. Sometimes, you can’t make promises, and your wording was.
324 00:34:22.330 ⇒ 00:34:29.030 Grissel Seijo (ella/she): Recognizing that timing for the Miami office is critical, would your client be open to the transaction?
325 00:34:29.280 ⇒ 00:34:34.659 Grissel Seijo (ella/she): going in phases, so you didn’t say, okay, so let’s make this a phased transaction, right? You just said.
326 00:34:34.920 ⇒ 00:34:36.820 Grissel Seijo (ella/she): Let’s test if this is even possible.
327 00:34:36.929 ⇒ 00:34:43.960 Grissel Seijo (ella/she): Yeah. And then you would go back to the client, and you would say, look, we learned that June is critical for them.
328 00:34:44.960 ⇒ 00:34:51.970 Grissel Seijo (ella/she): Would you consider a phased approach?
329 00:34:53.139 ⇒ 00:34:55.429 Robert Tseng: The other thing you guys didn’t ask me was…
330 00:34:56.630 ⇒ 00:34:57.750 Grissel Seijo (ella/she): Why June?
331 00:34:57.950 ⇒ 00:35:01.810 Grissel Seijo (ella/she): You’re… you… you’re okay, it’s okay to ask them, like, why, you know…
332 00:35:02.410 ⇒ 00:35:06.260 Grissel Seijo (ella/she): Is there something that’s… that’s prompting the time frame?
333 00:35:07.330 ⇒ 00:35:13.159 Grissel Seijo (ella/she): Yeah, well, when you said that, I was, like, smiling, like, oh, like, right before hurricane season, because… Exactly.
334 00:35:13.160 ⇒ 00:35:18.679 Robert Tseng: Get smashed down a bit more, and then it devalued. So, I guess… Exactly. Yeah.
335 00:35:18.680 ⇒ 00:35:31.080 Grissel Seijo (ella/she): Correct. Get out. Yeah, and as you guys know, I had lived in Miami for a long time, and yeah. Miami? May and June, every single house on the block is gonna go on sale, but they do it because it’s right before.
336 00:35:31.370 ⇒ 00:35:36.610 Grissel Seijo (ella/she): So in that case, by the way, we didn’t get to this in this negotiation, some of we did. What you do is…
337 00:35:37.210 ⇒ 00:35:38.609 Grissel Seijo (ella/she): You cap the value.
338 00:35:39.610 ⇒ 00:35:39.930 Robert Tseng: Hmm.
339 00:35:39.930 ⇒ 00:35:46.830 Grissel Seijo (ella/she): Let’s say you do a phased approach, both parties agree, you can say, We’re gonna cap Oh.
340 00:35:47.530 ⇒ 00:35:57.329 Grissel Seijo (ella/she): rise a loss, gain a loss at 10%. So, if there’s a hurricane and the value of the house drops more than 10%,
341 00:35:58.210 ⇒ 00:36:02.510 Grissel Seijo (ella/she): seller, has to… Fix the gap, right?
342 00:36:02.510 ⇒ 00:36:03.399 Robert Tseng: Yeah. If…
343 00:36:03.400 ⇒ 00:36:06.170 Grissel Seijo (ella/she): There is no hurricane, and…
344 00:36:07.520 ⇒ 00:36:21.149 Grissel Seijo (ella/she): pandemic hits, and my… the value of my home increases 10%, you… you, buyer, would take that increase still, because we’ve already entered into agreement. So that’s another way of doing new cap…
345 00:36:21.610 ⇒ 00:36:27.220 Grissel Seijo (ella/she): loss and gain, and I will tell you that I had a friend from Fordham.
346 00:36:27.660 ⇒ 00:36:31.400 Grissel Seijo (ella/she): who bought a house in… I think it was White Plains.
347 00:36:31.940 ⇒ 00:36:34.780 Grissel Seijo (ella/she): The house had a,
348 00:36:34.990 ⇒ 00:36:48.369 Grissel Seijo (ella/she): balcony that was a little, kind of, not… not stable. So she asked for credit, that’s normal. You would ask for credit, like, discount it, because the thing is not stable. Seller was like, no, no, no, we’ll get… we’ll get somebody to come in and fix it.
349 00:36:48.710 ⇒ 00:37:01.129 Grissel Seijo (ella/she): the person that got to come in and fix it set a fire in the house, by mistake. On purpose. But it burned the balcony and the back house, part of the house. But they had already signed contract, so she had to eat that loss.
350 00:37:02.630 ⇒ 00:37:03.110 Grissel Seijo (ella/she): Right.
351 00:37:03.460 ⇒ 00:37:06.430 Grissel Seijo (ella/she): You’ve gotta, like, when you’re buying and selling, unless you’re…
352 00:37:07.210 ⇒ 00:37:12.590 Grissel Seijo (ella/she): Cash transaction all the way, and there’s… if there’s a little bit of time in between, you’ve got to account for that.
353 00:37:13.510 ⇒ 00:37:21.230 Grissel Seijo (ella/she): caps on losses, right? Between… particularly if somebody’s getting a mortgage, or there’s any kind of financing involved, you want to cap
354 00:37:21.380 ⇒ 00:37:23.809 Grissel Seijo (ella/she): Gain and style. Gain and loss.
355 00:37:26.700 ⇒ 00:37:32.600 Robert Tseng: That’s interesting. It’s like an options contract on, like, on just the closing, yeah. Exactly, exactly. I didn’t know you could do that, yeah.
356 00:37:32.600 ⇒ 00:37:35.820 Grissel Seijo (ella/she): Yeah, you can. Dude, you could… listen, in the US.
357 00:37:35.820 ⇒ 00:37:37.179 Robert Tseng: Seems like you can do anything.
358 00:37:37.180 ⇒ 00:37:43.759 Grissel Seijo (ella/she): In the U.S, you can negotiate anything. I can’t speak to, like, other countries, there’s limitations on other countries, but in the U.S,
359 00:37:45.090 ⇒ 00:37:46.369 Grissel Seijo (ella/she): Cap all you want.
360 00:37:47.020 ⇒ 00:37:47.590 Robert Tseng: Yeah.
361 00:37:48.970 ⇒ 00:37:52.190 Grissel Seijo (ella/she): You can’t negotiate around a foreign…
362 00:37:53.280 ⇒ 00:38:00.250 Grissel Seijo (ella/she): Oh my god, an OFAC, I can’t remember what it stands for, for a foreign national that’s in one of these countries that we’re not supposed to be dealing with.
363 00:38:00.250 ⇒ 00:38:00.980 Robert Tseng: Right.
364 00:38:00.980 ⇒ 00:38:04.100 Grissel Seijo (ella/she): But other than that, you can negotiate the hell out of anything you want.
365 00:38:04.920 ⇒ 00:38:05.690 Robert Tseng: Okay.
366 00:38:06.440 ⇒ 00:38:18.120 Robert Tseng: Yeah, I guess last question for me would just be, we didn’t bring up pricing. I think, obviously, we were… I mean, I don’t know how Pat felt, but when I heard the $5.5 million, or whatever it was, I was like, I don’t really…
367 00:38:19.050 ⇒ 00:38:20.539 Grissel Seijo (ella/she): This might not work out.
368 00:38:20.540 ⇒ 00:38:32.400 Robert Tseng: Yeah, it’s like, I don’t know if this’ll work out, I just didn’t really want to go there. I mean, I’m assuming if it were a real negotiation, in your first negotiation, both sides have to say a price at some point? Is that…
369 00:38:32.510 ⇒ 00:38:33.510 Robert Tseng: Yeah, I guess.
370 00:38:33.510 ⇒ 00:38:44.960 Grissel Seijo (ella/she): Don’t you just lowball it? Yeah, like, you know, the home in Puerto Rico, you would… you would dig in a little bit into the… how much damage it is, because I don’t know that your client’s gonna…
371 00:38:46.480 ⇒ 00:38:47.889 Grissel Seijo (ella/she): put up hotels.
372 00:38:48.130 ⇒ 00:38:58.639 Grissel Seijo (ella/she): By the way, there was another fact that you guys… we didn’t get into, but my client does not want to sell to anybody who’s gonna put up a hotel who’s a hotel chain.
373 00:38:59.260 ⇒ 00:38:59.800 Robert Tseng: Oh.
374 00:38:59.800 ⇒ 00:39:06.399 Grissel Seijo (ella/she): So if your client was gonna be mom and pop hotel, great. If your client was gonna be Hilton, not great.
375 00:39:07.430 ⇒ 00:39:08.150 Grissel Seijo (ella/she): Right.
376 00:39:08.150 ⇒ 00:39:09.810 Robert Tseng: But you have to disclose that?
377 00:39:10.410 ⇒ 00:39:17.280 Grissel Seijo (ella/she): you sometimes… get asked that. You don’t have to disclose it, but you sometimes get asked that.
378 00:39:17.510 ⇒ 00:39:24.070 Grissel Seijo (ella/she): The purpose… the purpose by which you are buying and the purpose by which you are selling in the U.S. is not…
379 00:39:24.320 ⇒ 00:39:28.730 Grissel Seijo (ella/she): a disposable fact. If you were buying and selling in the UK, you have to.
380 00:39:29.190 ⇒ 00:39:29.720 Robert Tseng: Yeah.
381 00:39:30.150 ⇒ 00:39:31.260 Grissel Seijo (ella/she): UK?
382 00:39:32.110 ⇒ 00:39:38.630 Grissel Seijo (ella/she): Portuguese… Portugal, Spain, you have to disclose for purpose of Sale.
383 00:39:39.030 ⇒ 00:39:43.169 Grissel Seijo (ella/she): And, and if you make time as of the essence, like if I say, it has to be by June?
384 00:39:43.380 ⇒ 00:39:47.229 Grissel Seijo (ella/she): then I have to disclose. In those countries, I have to disclose the why as well.
385 00:39:48.110 ⇒ 00:39:48.790 Robert Tseng: I see.
386 00:39:53.700 ⇒ 00:40:00.100 Grissel Seijo (ella/she): Any other questions? You guys did a really good job. I know it’s not easy to do this shenanigans.
387 00:40:01.810 ⇒ 00:40:04.010 Grissel Seijo (ella/she): I appreciate you guys, did a good job.
388 00:40:06.710 ⇒ 00:40:13.259 Robert Tseng: Thank you. Yeah, I mean, I thought this was fun, I… I feel like I… I… I mean…
389 00:40:15.190 ⇒ 00:40:21.539 Robert Tseng: No, I think it’s… it’s… I mean, I negotiate a lot in my, like, other job, so, like…
390 00:40:21.540 ⇒ 00:40:22.460 Grissel Seijo (ella/she): in your real life?
391 00:40:22.720 ⇒ 00:40:26.070 Robert Tseng: in my real life, I guess, but I think…
392 00:40:26.230 ⇒ 00:40:33.590 Robert Tseng: yeah, just being able to roleplay in a scenario that I’m not familiar with, like, I feel like really, challenges me to…
393 00:40:33.740 ⇒ 00:40:44.619 Robert Tseng: kind of, like, think about, well, what are my… like, what do I actually do in real life? Because I don’t really even think about it anymore at this point. So, I think this is… this is definitely gonna make me a better negotiator.
394 00:40:45.710 ⇒ 00:40:49.530 Grissel Seijo (ella/she): Noting the… noting the… the flex points is really important.
395 00:40:50.000 ⇒ 00:40:50.430 Robert Tseng: Yeah.
396 00:40:50.430 ⇒ 00:40:56.460 Grissel Seijo (ella/she): it was game-changing for me. Once I started noting, like, people’s tails, Game-changing.
397 00:40:57.020 ⇒ 00:40:59.699 Grissel Seijo (ella/she): You guys are.
398 00:41:00.460 ⇒ 00:41:01.839 Grissel Seijo (ella/she): Two weeks from being done.
399 00:41:03.610 ⇒ 00:41:04.750 Grissel Seijo (ella/she): Some works.
400 00:41:05.170 ⇒ 00:41:07.229 Grissel Seijo (ella/she): Already? Oh my goodness.
401 00:41:07.910 ⇒ 00:41:11.679 Grissel Seijo (ella/she): Yeah, because your stuff is due on the 2nd, so 2 more weeks.
402 00:41:12.010 ⇒ 00:41:16.020 Grissel Seijo (ella/she): Don’t forget that you need to give me drafts, if you’re gonna give me drafts.
403 00:41:16.720 ⇒ 00:41:17.879 Robert Tseng: By the 15th, right?
404 00:41:18.280 ⇒ 00:41:21.280 Grissel Seijo (ella/she): Yeah, on or before the 15th. Okay.
405 00:41:21.960 ⇒ 00:41:23.840 Grissel Seijo (ella/she): Even if it’s bullet points.
406 00:41:24.530 ⇒ 00:41:28.309 Grissel Seijo (ella/she): Get me something. You’re almost there, guys.
407 00:41:30.170 ⇒ 00:41:31.290 Grissel Seijo (ella/she): We’re almost there.
408 00:41:33.050 ⇒ 00:41:34.860 Grissel Seijo (ella/she): The hardest part is almost over.
409 00:41:35.090 ⇒ 00:41:37.830 Grissel Seijo (ella/she): And then you’ll gain a whole day.
410 00:41:38.910 ⇒ 00:41:41.029 Grissel Seijo (ella/she): So, study in two outlines.
411 00:41:41.490 ⇒ 00:41:43.260 Robert Tseng: Yeah.
412 00:41:44.450 ⇒ 00:41:46.890 Grissel Seijo (ella/she): So I’m asking you and all the students
413 00:41:47.550 ⇒ 00:41:54.929 Grissel Seijo (ella/she): don’t tell me, because it needs to be anonymous, right? But Haley, if you’ve got any feedback on, like, things you wish
414 00:41:55.540 ⇒ 00:42:06.589 Grissel Seijo (ella/she): we had done differently, things you want to see. I only have two more classes left, but if there’s some, like, kind of thing you want to see, please let me know. Things you wish we hadn’t done?
415 00:42:06.920 ⇒ 00:42:13.040 Grissel Seijo (ella/she): I also need to… Right, but don’t tell me… Tell him, and she will…
416 00:42:13.190 ⇒ 00:42:21.789 Grissel Seijo (ella/she): gather it, and give it back to me. In an anonymized way, just like I did with her class, so you don’t have to worry that I’m going to pressure her into telling me that
417 00:42:22.060 ⇒ 00:42:26.799 Grissel Seijo (ella/she): That’s not… that’s not my goal, right? My goal is to make sure that I’m…
418 00:42:28.870 ⇒ 00:42:30.609 Grissel Seijo (ella/she): As a professor, I’m improving.
419 00:42:30.970 ⇒ 00:42:33.439 Grissel Seijo (ella/she): As a person, I’m still on par with my colleagues.
420 00:42:34.600 ⇒ 00:42:37.620 Grissel Seijo (ella/she): Because in two weeks, y’all will stop calling me Professor.
421 00:42:39.590 ⇒ 00:42:43.349 Grissel Seijo (ella/she): Except if you become my TA, and then you gotta call me Professor while the students are around.
422 00:42:44.250 ⇒ 00:42:46.649 Grissel Seijo (ella/she): You should hear what she calls me when you guys forgot.
423 00:42:50.700 ⇒ 00:42:51.240 Grissel Seijo (ella/she): Cool.
424 00:42:51.920 ⇒ 00:42:52.450 Robert Tseng: Yep.
425 00:42:52.750 ⇒ 00:42:53.870 Grissel Seijo (ella/she): Thank you, guys.
426 00:42:54.200 ⇒ 00:42:56.589 Grissel Seijo (ella/she): Thank you. Have a fantastic day. Bye.
427 00:42:56.590 ⇒ 00:42:57.870 Robert Tseng: Bye-bye.