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Step 1
After your mortgage loan is approved for a short sale or foreclosure property, you still have 3~5 days to walk away from the deal. So, this is the time to get some final benefit from seller's real estate agent. First thing is to ask your (buyer) real estate agent how much commission the seller's agent will get, and put a upper limit of 40% of that for your target.
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Step 2
Then make a list of thing you could ask the seller's real estate agent for fixing or improving the short sale or foreclosure property. For example, is there a missing door ? Then you can ask it to be fixed. Is the washer / dryer damaged ? Ask for a replacement. Just like you, the seller and his/her agent have being waiting for months to get approval from the bank, and they will not loss you because those small money.
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Step 3
After that, ask what additional benefit they can give you. For example, they can pay for extra month's water or electric bill, since you will not be able to move in quickly (need to repair the short sale or foreclosure property before moving in).
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Step 4
Finally, negotiate with your own real estate agent about how much kick back you should get from him / her. If your real estate agent gets 2.5% commission, you should be able to get 1~1.5%. That's a lot of money.
