OfflineI am attempting to help my son buy a foreclosure home in Phoenix market for his family. Since there seems to be an unlimited number of homes to pick from, does anyone have any current tips for negotiating with the lenders?
Thanks
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Unless he has his mind set on a very specific neighborhood or home, the easiest way to find a bunch of targets with good prices to start, and start low-balling. You obviously need to consider a lot of factors, like if it needs to be move in ready, or if can be a fixer-upper, but those are things that will determine if it is an appropriate target to begin with.
Do a search on the site, there are lots of topics that cover negotiation techniques and how to determine suitable offer prices.
Yeah.. I just bought 2 there. There is still a lot of over-priced junk on the market- even from lenders.
But some lenders ARE wising up and pricing their REOs right.
So just do a lot of sifting. I would be looking for something ~40% off FMV that needs under 10K in repairs.
If you want an REO, unlikely that it will be move in ready. You definitely can find some nice properties that are not trashed but not quite move in ready.
How do you find your leads in Phoenix? Do you step foot in them or do it all from Cali?
Hey DGAdmin,
Can you send me the links or refer me to those negotiation techniques? I'd sure appreciate it.
Thank you both for all the helpful info...
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I do it all from Cali. Im working only from the numbers. But it helps that I trust my realtor implicitly.