How To Deal With A Bank Short Sale Negotiator

Monday, February 1st, 2010 Mark Walters

Dealing with a bank’s short sale negotiator should be done in a relaxed, friendly manner. Try to ask questions. That’s for 2 reasons: It allows you to collect important information that will be helpful to you when building your case as to why the bank should accept your low offer. AND, if you’re asking questions, that means the bank negotiator is in the position to answer to you…if they comply. That is how you position yourself to be in control of a situation.

It’s important to realize that banks have their own negotiators for a reason. They want to get as much money as possible from an investor/buyer. These are skilled negotiators who are seasoned at this type of transaction. Especially lately where they are getting all kinds of practice considering the amount of short sales out there right now.

You are responsible for not only convincing them of why they should accept your low-ball offer, but also giving them the proper documentation to take to their processors so they can show them proof that supports your offer. This can be in the form of deteriorating physical conditions of the property, neighborhood, surrounding areas, comparative market analysis of recent sales from other short sales and Bank REO’s in the neighborhood, etc.

Many times banks are getting their market value, Broker Price Opinion (BPO), from someone who doesn’t live anywhere near the area the property is in. They might just drive by, check some comparable sales, and come up with a value.

Other times they may come up with the value by doing it from an office in another state. If you’re investing in short sales in your area, let the negotiator know that you actually live in the area. You know it very well. This has weight because it let’s the bank negotiator know that you are more of an expert than the person having created the BPO.

Ask them how the BPO came to be. Was it a drive by? Did they walk inside the house? Was it done from an office? Once that’s established and you let them know you live in the area, you have then established that your opinion is valuable.

Then it’s your job to support your evaluation with hard facts that CONVINCE the negotiator to accept your offer.

This will help you and your real estate investing when it comes to negotiating with a bank’s short sale negotiator.

Warm Regards,

Mark~

P.S. CLICK HERE to listen to recorded phone calls with
bank short sale negotiators as they happened LIVE.

Copy what you hear on these calls so you too can
negotiate like a pro!

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