Negotiating Properly with Banks is Key in Foreclosures
The Recent Flood of Foreclosures Has Turned Many Investors and Homeowners to Buying Foreclosed Homes.
Mooresville, NC, August 19, 2009 --(PR.com)-- This week on Get Real, The Real Estate Investing Show for the Rest of Us, Andy Heller spoke about how to negotiate with banks for optimum success in buying foreclosed homes. Mr. Heller has been buying homes from banks for over 15 years and has seen many changes in that time. One thing still stays constant. You need to share your story with the banks.
Mr. Heller explained that he likes buying homes from banks because it is a business transaction as opposed to the often times emotionally charged process of buying homes from individual home owners. But negotiating with banks is not just a matter of putting together an offer and expecting to find success. Success is even more rare if you are looking for a large discount on the property.
Andy shared that banks do not just hand over properties at good prices because you want a deal. Instead the process first starts with finding a property that you can justify a discount on. These houses must be homes the banks will have trouble selling often due to the condition of the property or a functionally obsolete floor plan.
The real secret to working with banks successfully, according to Andy, is being professional and justifying your offer with solid information. This information can include repair estimates, pictures of the condition of the home and similar home sales for the target property. In the end you need to have good information and submit a professional package to the bank to spell out exactly why the price offered, while discounted, is a reasonable offer.
For more information about foreclosures and negotiating with banks listen to this week’s show with Andy Heller, visit http://www.getrealrei.com
Get Real is a top iTunes business podcast that can be heard at www.getrealrei.com , through a news reader at http://feeds.feedburner.com/GetrealREI or by searching for “get real real estate investing” through iTunes. Get Real provides a down-to-earth, real world view of real estate investing for current and future real estate entrepreneurs.
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Mr. Heller explained that he likes buying homes from banks because it is a business transaction as opposed to the often times emotionally charged process of buying homes from individual home owners. But negotiating with banks is not just a matter of putting together an offer and expecting to find success. Success is even more rare if you are looking for a large discount on the property.
Andy shared that banks do not just hand over properties at good prices because you want a deal. Instead the process first starts with finding a property that you can justify a discount on. These houses must be homes the banks will have trouble selling often due to the condition of the property or a functionally obsolete floor plan.
The real secret to working with banks successfully, according to Andy, is being professional and justifying your offer with solid information. This information can include repair estimates, pictures of the condition of the home and similar home sales for the target property. In the end you need to have good information and submit a professional package to the bank to spell out exactly why the price offered, while discounted, is a reasonable offer.
For more information about foreclosures and negotiating with banks listen to this week’s show with Andy Heller, visit http://www.getrealrei.com
Get Real is a top iTunes business podcast that can be heard at www.getrealrei.com , through a news reader at http://feeds.feedburner.com/GetrealREI or by searching for “get real real estate investing” through iTunes. Get Real provides a down-to-earth, real world view of real estate investing for current and future real estate entrepreneurs.
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Contact
Get Real REI
Marv Uetel
704-664-9687
www.getrealrei.com
Marv Uetel
704-664-9687
www.getrealrei.com
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