| I have looked at this over and over. Why do banks | | | | construction houses for less: Show the list pricing of |
| accept some of my preforeclosure real estate offers | | | | the new (pretty) houses, square footage, etc. in |
| and not others? You are so close to negotiating a | | | | comparison to your house. |
| short sale at a great price and the bank wants just a | | | | * Is in an area where the foreclosure rate is |
| little bit more that eats up your wholesale fee, additional | | | | increasing...by leaps and bounds-a tsunami of |
| repairs costs, etc. They just want enough to mess up | | | | foreclosures. Show them. Include copies of articles |
| your deal. How do you get passed that? | | | | where the writer talks about the rising preforeclosure |
| The secondary answer is data. | | | | real estate rate. Include pictures and graphs. Something |
| If you can't prove in writing, what you are saying about | | | | they can see at a glance. Not a lot of words. I have |
| your neighborhood, house, or street, the bank won't | | | | some great graphs on the increase in house inventory |
| use that information to determine price. You must | | | | and the decrease in area price sales I've gotten from |
| provide hard data to demonstrate everything you say. | | | | the newspapers. |
| Your preforeclosure real estate house: | | | | The Primary Answer to Getting Your Pre foreclosure |
| * Is Ugly: have one to two contractor estimates to | | | | Short Sale Accepted |
| show the price of repairs. The structural problems are | | | | And don't just give this preforeclosure information to |
| the biggest scare to banks. They also hate water up | | | | the bank. Collect it and hand it to the BPO Agent. His |
| against the side of house causing dry rot and mold, | | | | her number is what the bank bases their decision from. |
| electric not meeting code with lose wires, broken | | | | If the bank thinks the value is $180,000 and you think it |
| conduit, knob and tube wiring, anything that could cause | | | | is $150,000, then you didn't do YOUR job well enough |
| a fire and destroy their asset. Erosion and drainage | | | | with the BPO Agent or Appraiser. Give them the data |
| issues, foundation - unevenness in settling, and | | | | you've collected and influence the final outcome early. |
| aluminum windows. Whenever these items are at the | | | | "Influencing" is not unethical or illegal. You ARE using |
| preforeclosure house, be sure to include them in | | | | data to demonstrate the real value in the area where |
| paperwork to the bank. Pictures will help demonstrate | | | | your house is. You are NOT using fraudulent data, |
| these items as well. | | | | repairs, etc. You are saving the BPO Agent/Appraiser |
| * Will be on the market a very long time: have DOM | | | | time in looking up data you already possess. Use it to |
| (Days on Market) from MLS listings in the | | | | help guide your outcome! |
| neighborhood to show how long it will be on the | | | | Good luck and success in all of your real estate |
| market. If it is a significant change since 3 months, 6 | | | | ventures! |
| months or even one year ago, demonstrate those | | | | May all your preforeclosure real estate ventures have |
| differences too. | | | | a positive cash flow! |
| * Is depreciating because they are selling new | | | | |