Ask For A Discount On "every" Property
I have noticed that the term short sale or discount is often associated with a stereotype that short sales are for houses with no equity and in need of repairs. While this may be the majority I think it would be incorrect to say that a property with equity and no repairs is not going to be a candidate for a discount. We all know banks are in the money game. It costs them money for trustee's, it costs money to bid at sales if senior loans exist, it costs money upto 6-7% for realtors to sell bank REO properties, it costs time and paperwork, it costs for utilities, taxes, maintainence, homeowners dues, need I go on? I just had a property that is worth $270 owner owes $238 the banks offered the shortsale when I asked if any discounts could be arranged for a close before the foreclosure date and providing the deal was not subject to financing issues. All they asked for was a copy of sales agreement, verification of funds, the netsheet, and the title agents name to verify a deal. Ive got control of the property and have already made my financial arrangments with the owner now I will send in the paperwork on the short sale and hopefully reap more rewards then I originally thought. I have almost zero experience in short sales but I always ask for a discount because the worst the lender can say is no which costs me nothing. Always try for a discount!
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