Monday, March 16, 2009

Negotiating Tips: RealEstate Short Sale - Part 1

Hello All:

As I said in my last post, I would be blogging about how I obtained a home way under fair market value through the use of negotiating stratergies and tactics.

The first thing I did is something I learned a long time ago : Know your compettition, know your subject matter; another words I needed to know the property.
I found out how long the property was on with the realtor, was it vacant, where was the owner, who were the bank or banks involved, what did the market hold. when I received the information it played out like this:

On the Market : 180 days
It was vacant for months, owner moved out of US and was being represented by an attorney.
The note was bought from a bank that went out of business.
The market showed that homes of similar square fotage and layout sold for a pricing point between $120k - $149K.

On my next post I will show you how I took this info and formulated mu offer to the bank.

Be well,

James A. Gage

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