This article first appeared on the Intown Atlanta Real Estate Examiner's page... If the bank's stance is a loss for the buyer, then the buyer can wrap things up with this classic walkaway line: "I'm not a bank, and you are not broke." (All credit for that gem goes to Sherman Gaskins.) In the case of a short sale, the stance is "I'm not a bank, and your mortgage lender is not broke." Work that one into the dialogue when emotional attachment arises. Most banks are not broke. Especially the banks and other entities that are holding, managing and listing REO foreclosures. And the Loss Mitigation departments at many of these same banks, the folks who are handling the short sales, they are empowered by massive cash reserves. These organizations are making a lot of money right now and / or they are well funded...that's a better way to put it: well funded. Knowing all of that, bank-owned real estate negotiation is really simple as long as the buyer gains strength … [Read more...]