Negotiating with Asset Managers

With more and more foreclosures coming on the market the most often heard question is "How does this foreclosure thing work?" "How cheap can I get this property?" The answer will very from property to property not unlike a "normal" transaction. With foreclosures, days on the market will give you a clue to how the asset manager will likely negotiate with you, the longer on the market the more creative they will be. But first you must have all your ducks in a row. When making an offer you need to have everything filled out correctly along with your pre-approval or bank letter showing available funds if you are a cash buyer. Just like a normal seller if the property is on the market less then 30 days chances are you won't like the counter offer you get if you get one! The process you go through with the offer to acceptance isn't that much different then a normal transaction. Most banks will take about 48 hours to give you a response especially if all offers are presented electronically. If you are looking to buy foreclosures working with an agent that has experience with these type of transactions will make the process a little easier. Call me I can Help!