Here are some highlights about negotiating a short sale in the Phoenix / Tempe area in an easy to read format:
- Every bank has it's own personality and approach when it comes to short sales
- Be patient, yet persistent with the lender
- From the lenders perspective, a short sale saves many costs associated with the foreclosure process: attorney’s fees, eviction procedure, delays from borrower's bankruptcy, damages to property, and costs associated with resale
- Your job is to convince the lender that it's in their best interest to approve the short sale by accepting less money now
- No matter how good your offer is, always expect a counter offer
- Don’t be discouraged, respond to the counter offer
- Ask open-ended questions directed to the mitigators about their opinion of the validity of the BPO
- Ask if they agree with the agent’s assessment and why
- The idea is to keep the mitigators talking and drawing information about the BPO
- Expect that the lender will accept between $10,000 and $20,000 less than what they say they will accept
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