Article #3 from Foreclosure Articles
by David Whisnant Editor, Real Estate Investor, and Attorney

Foreclosures:

Foreclosure Poker: When To Hold Up, And When To Fold Up

tough, and many other investors will try to tempt your foreclosure seller to terminate your agreement. This is one reason that I have a tool in my foreclosure course to teach you how to legally protect yourself from foreclosure sellers who have a change of heart and decide to sell to someone else. Filing a simple one page sheet of paper at your local courthouse will keep another investor from scooping up any foreclosures that you have already signed up.

In any negotiation, whether it is to buy a foreclosure or not, you always have to give something to the other party when you say no. That eases hurt feelings and doesn’t make it seem like one party totally lost, and the other totally won.

You want your foreclosure seller to stay eager to close with you. You never want to compel your foreclosure seller to close legally.

When asked for more money AFTER I have signed a foreclosure deal, here is a simple script that you can use:

“I totally understand your feelings, and concerns. Everyone wants to make sure they are getting the best price they can when they sell their home. I can’t give you any more money for the home. When I initially looked at the home, I thought that I too could give $10,000 more. But, crunching the numbers with my Realtor and subcontractors made me realize that the offer I made was the top figure that I can pay for this property. I think the other company would come to the same conclusion.”

They wanted $10,000, and you just firmly told them no way! The atmosphere is a little tense to say the least at that moment. Give them something else instead.

“While I can’t do anything


Foreclosure |  Page 1   Page 3

Did you find this foreclosure article helpful? Would you like to share these foreclosure tips with your friends or as free content in your newsletter or on your Web site? Here's how...