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Keys To Getting Your Pre Foreclosure Short Sale Accepted |
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Why do banks accept some pre foreclosures offers and others do not? You are so close to negotiating a short sale at a great price yet the bank wants just a little bit more that eats up your wholesale fee, additional repairs costs, etc. If you can't prove in writing, what you are saying about your neighborhood, house, or street, the bank won't use that information to determine price so you must provide hard data to demonstrate everything you say, data such as : Your pre foreclosures real estate house: is ugly: have one to two contractor estimates to show the price of repairs and remember structural problems are the biggest scare to banks.
Whenever these items are at the pre foreclosures house, be sure to include them in paperwork to the bank and keep in mind that pictures will help demonstrate these items as well. Your pre foreclosures house will be on the market a very long time: have DOM (Days on Market) from MLS listings in the neighborhood to show how long it will be on the market and if it is a significant change since 3 months, 6 months or even one year ago, demonstrate those differences too. Your pre foreclosures house is depreciating because they are selling new construction houses for less so show the list pricing of the new (pretty) houses, square footage, etc. in comparison to your house. Your pre foreclosures house is in an area where the foreclosure rate is increasing...by leaps and bounds-a tsunami of foreclosures so show them. Include copies of articles where the writer talks about the rising pre foreclosures real estate rate and include pictures and graphs. Something they can see at a glance, not a lot of words.
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