How to negotiate your best deal
When buying Atlanta foreclosures
The first thing you need to know is that for the most part, THE SELLERS ARE NEGOTIABLE! One of the prevailing myths is that the foreclosure sellers are firm on their prices. This is turning out to be more and more not true. Occasionally you will find some asset managers who have adopted a strategy of listing drastically below the market, trying to start a bidding war. These homes will usually sell quickly and for more than list price. But these would be homes priced at 50 cents on the dollar or less. And I mean 50% of the real price today, not the imaginary, inflated price from a couple of years ago…
Nevertheless, generally today, most of the asset managers are pricing aggressively but not so low that there would be bidding wars. We see many instances where these sellers are taking as much as 15-20% less than list price, especially on foreclosures that have been on the market for a while. So, knowing that the low offers will not be surprising or insulting to the foreclosure sellers in today’s market means you should not be shy about offering less than what they are asking.