The Secret to Negotiating Huge Discounts With Foreclosures

There are several steps that will ensure your success when negotiating with lenders.

The First thing to do is to figure out if you have a property worth doing a short sale. Not all deals are good short sale opportunities. You must know the difference between a good and a bad deal.

The Second thing, see if you can find out where the BPO or appraisal came in at. I just ask the question, \"Hey, Jim what is the price the BPO came in at.\" Most of the time they will not tell you or they may lie, but sometimes they will give you a legitimate BPO submission. This will help you with your negotiations because you know where they bank stands on price.

The Third thing, you must not take no for an answer. No just means they need more hard evidence of your price either through comps, pictures and / or contractor quotes. You must find out why they are saying no and counter that with hard proof of your price. Always submit a counter offer by fax and never negotiate over the phone, if they are pushing you for a counter over the phone, just say you have to look at the numbers with your partner and you will fax over a counter. If your price and their price is very close like $4000 difference, then you can finalize negotiations on the phone.

Remember, the next time you are putting together a short sale offer, be prepared and take control of the deal. Never take NO for an answer. Have a game plan when submitting offers to the bank. Just keep submitting counter offers until the price gets too high or the loss mitigator cuts you off.

I have been investing for 11 years and want to help people learn how to create extra income and residual income using real estate. We also show people how to buy homes at huge discounts this is especially good for 1st time homebuyers. To learn more visit us at http://www.CollegeOfREI.com

All Rights Reserved - Derek Carter

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