Hello All:
Welcome to part 2 of how I negotiate a pre-foreclosure way under fair market value. As you read in the last post I assembled some pointed info that assisted me during the negotiations.
This is what I did with it...
First, I knew their chances of taking a substantial below market offer was high, due to the days on market, which was 180 days. Secondly, it had been vacant for a long time meaning the longer it stays that way the greater chance of vandalism and the greater chance that the bank will have their insurance policy canceled ( Most insurance companies will not insure vacant properties).
So during the first round of offers we strongly stress these waiting hazards with the listing realtor, so they may also stress to the bank are concerns for their property when they presented my offer. My goal here was to cause the bank to feel the pain of what if(s)!
During my next post I will explain how things ended up.
Until next time be well.
James A. Gage
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