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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Negotiating/short sale tips anyone? Posted by M. Osterman on March 03, 2010 at 8:04 AM In Reply to: Negotiating/short sale tips anyone? posted by Alfred, SoCal on March 02, 2010 at 9:10 PM : Dealing with this lender in a short sale regarding a 2 year old home with incomplete construction: no kitchen, floors incomplete, general finishing to be done, landscaping, etc. (The owner is an architect/contractor who was building the home for his family and went belly up.) The neighbor has a wall encroaching 2 feet onto the property (2' x 136'). The estimate of cost to finish construction that the owner submitted to lender is underestimated. It's also too much house for the neighborhood (much bigger and nicer than anything in the area, and the surrounding homes are in deferred maintenance and eyesores). Also prices have declined a bit in the area and will probably continue to do so. : I've gone over all of these points with the lender in an attempt to get a price reduction and the lender will not budge. : Anybody out there with stellar negotiating skills to give me some tips on how I can get this price reduced so I'll be able to acquire this and have a decent profit margin? ~~~~~~~~~~~~~~~~~~~~~~~~ Alfred, I've been reading your posts and feel your pain. I don't work short sales but have a few ideas for you. First of all you posted about finding wholesalers who are making profits. Learning how to reverse engineer a deal is a very valuable skill. I learned this from both Ward and Rick Harmon. This skill involves you researching documents at the county recorders office. Look for Trust deeds/Reconveyance and the like. I'm assuming you have taken Wards training. If not, it's worth the money. This will tell you who is buying property and who they are buying it from. Maybe you can rub shoulders with these folks to learn more about how they get their discounts. As to this post regarding your stubborn lender. Zig Ziglar may have a tough time with these banks. I would let them know who you are, what you can do and follow up every two or three weeks. Tony Alverez talks about banks capitulating in one talk with Bruce Norris on his radio show ( www.thenorrisgroup.com ). Good luck, Mike Osterman Follow Ups: If the shorting lender is IndyMac... CCinOC 11:05 PM, 03/06/10 (1) Re: If the shorting lender is IndyMac... Freeflyer 9:54 PM, 03/08/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Dealing with this lender in a short sale regarding a 2 year old home with incomplete construction: no kitchen, floors incomplete, general finishing to be done, landscaping, etc. (The owner is an architect/contractor who was building the home for his family and went belly up.) The neighbor has a wall encroaching 2 feet onto the property (2' x 136'). The estimate of cost to finish construction that the owner submitted to lender is underestimated. It's also too much house for the neighborhood (much bigger and nicer than anything in the area, and the surrounding homes are in deferred maintenance and eyesores). Also prices have declined a bit in the area and will probably continue to do so. : : I've gone over all of these points with the lender in an attempt to get a price reduction and the lender will not budge. : : Anybody out there with stellar negotiating skills to give me some tips on how I can get this price reduced so I'll be able to acquire this and have a decent profit margin? : ~~~~~~~~~~~~~~~~~~~~~~~~ : Alfred, : I've been reading your posts and feel your pain. I don't work short sales but have a few ideas for you. First of all you posted about finding wholesalers who are making profits. Learning how to reverse engineer a deal is a very valuable skill. I learned this from both Ward and Rick Harmon. This skill involves you researching documents at the county recorders office. Look for Trust deeds/Reconveyance and the like. I'm assuming you have taken Wards training. If not, it's worth the money. This will tell you who is buying property and who they are buying it from. Maybe you can rub shoulders with these folks to learn more about how they get their discounts. As to this post regarding your stubborn lender. Zig Ziglar may have a tough time with these banks. I would let them know who you are, what you can do and follow up every two or three weeks. Tony Alverez talks about banks capitulating in one talk with Bruce Norris on his radio show ( www.thenorrisgroup.com ). Good luck, : Mike Osterman [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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