buying short sales: How Often Should You Call the Short Sale Listing Agent?
- 09/28/10 09:08 AM
If you are a short sale buyer’s agent, it can often be frustrating waiting for any scrap of information for your buyer. After all, it might be three to five months before you get short sale approval. You don’t want to lose your buyer. It’s best to give them as much information as possible so they feel part of the process.
But just how often should you call the listing broker to check for status? I get a wide variety of buyer’s agents selling my Destin Florida short sales.
Agent Mellow: He might contact me once a month to find … (51 comments)
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buying short sales: I’ll Take That Destin Short Sale for 20% Off!
- 02/28/10 03:21 AM
$70,000 below asking price? 20% off? Those must be the magic numbers, because they are the types of offers I have been getting on some of my Destin Florida short sale listings. For example and illustration, I have a Destin short home listed in at $420,000. The two most recent comparable sales were $430,000 and $425,000. The buyer’s agent presents me with an offer for $350,000. Hmmmm… will the short sale lender accept $350,000? I doubt it.
There are “magical” numbers floating around the internet that short sales sell for 82% of list price, or 80% of market value, or … (22 comments)
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buying short sales: 5 Tips to Get Your Short Sale Buyer to "Walk"
- 07/01/09 12:56 PM
Today I was talking with a title agent in my Destin Florida market who handles short sale negotiations for agents. He lamented that he had two contracts recently fall apart, with buyers walking.
“Why?” I asked.
“ Well, the agents don’t have the seller sign the contract, so it is just an offer. There is nothing to hold them.”
“Stop doing that!” I told him, “I would never send an ‘offer’ in to a short sale lender.”
Which brings me to my point- " How can you increase the chances of your buyer “walking” … (67 comments)
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buying short sales: I Don't "Sell" Short Sales - I Just "List" Them - Until Now!
- 06/07/09 04:35 AM
OK, I love listings. Always have. I rarely work with buyers- only with personal referrals, friends, relatives or repeat customers. All of my buyer leads go to my team. I also love short sale listings. I have been presented with hundreds of short sale offers, so I know the typical pitfalls of poorly written short sale contracts and how to avoid them.
This week I worked the rare buyer. My cousin, “Sue”, has never bought a home, and at age 23, is now stepping out in the world. Delighted and excited, she was … (10 comments)
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buying short sales: Q&A From Destin Short Sale Buyer
- 01/23/09 09:21 AM
Wendy,
I have read quite a bit of your articles regarding Destin real estate and area short sales. I have made an offer to buy a short sale in October and we are still waiting. The house is brand new, it's listed for $799,000. The builder owes over $700,000. The house is not finished, it needs countertops, appliances, driveway, painting, finish hardwood floors, etc. Approximately $100,000 is necessary to complete house. A home 2 doors down just sold for $540,000. This new house is the nicest house in the development but definitely not worth $800,000. In our opinion even though it is the … (14 comments)
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buying short sales: When is a Contract NOT a Contract?
- 12/13/08 02:55 AM
Is a contract NOT a contract when it is signed by both buyer and seller? Again and again, buyers are walking from short sale offers with no penalty, sometimes encouraged by their selling agents. Here are two emails below from agents in the Destin- Navarre Florida area whose buyers simply backed out of short sale offers after three months of negotiations:
"Yes it is a long time and they do understand the contract but they are not obligated to the contract until the bank responds."
"It was contingent upon the banks acceptance of the offer and the bank did not accept … (44 comments)
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buying short sales: Short Sale Offers- Is This a New Trend?
- 12/08/08 10:29 AM
In the past ten days, I've had agents call me with "verbal" offers on three of my short sale listings.
Property: House in Navarre FL List price $114,000...verbal offer $70,000
Property: Condo in Sandestin FL List price $580,000...verbal offer $500,000
Property: House in Niceville FL List price $199,900... verbal offer $120,000
Is this a trend? In each of these cases, the selling agent said the buyer absolutely would not or was not qualified to go higher than the verbal amount. I wonder then why these agents were showing properties to buyers that were up to 60% higher the maximum price buyers were willing … (30 comments)
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buying short sales: "Sly" Short Sale Buyer - A Cautionary Tale
- 11/23/08 03:49 AM
My story takes place in Destin, Florida. I have modified parts ever so slightly to protect identities, but I write this as a cautionary tale for short sale listing agents and short sale sellers.
I received an offer on one of my Destin FL short sale listings. It was a well-done contract with a fair price- $270,000- just slightly low, but in the realm of "workable" for acceptance by the short sale lender, Chase. The selling agent said the buyer was a single school teacher, and he provided a pre-approval letter with the offer. My seller was excited and signed the … (13 comments)
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buying short sales: How "Not" To Buy A Short Sale
- 08/12/08 08:02 PM
Yesterday I received an offer on a Short Sale listing in Destin Florida. The list price was $216,000, a bit below market, and the house had been for sale for over five months. An agent produced an offer for $175,000 and it was contingent on seller's lender approval within 45 days. It also stated "The buyer has the right to withdraw the offer at any time prior to seller's lender's approval".
I presented this offer to my seller. We both knew $175,000 was nowhere in range of market value. Additionally, 45 days for lender approval is not realistic, with Short Sale approvals sometimes running 120 … (84 comments)
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buying short sales: Short Sales: For Buyer's Agents
- 03/12/08 10:18 AM
Are you the selling agent in a Short Sale market? Arm yourself with information for a successful transaction:
1. Prepare your buyer by going over steps in Buying Short Sales.
2. Ask the listing agent if he has gathered the information necessary to submit the Short Sale package, including: letter of authorization, financial statement, recent pay stub or last quarter profit and loss, recent bank statement, last year's tax returns, hardship letter, and payoff if more than one lender. If the listing agent has not already done so, prepare the buyer for a longer wait. I would also ask what the hardship is. If … (14 comments)
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buying short sales: Buying Short Sales in Destin Florida
- 02/17/08 03:59 AM
Buying a Destin Short Sale? What is the Process?
When you write your offer for a Short Sale, your agent should insert language into the contract that states the contract is "Contingent on seller's mortgage holders' approval". Often, lenders require Short Sale properties to be sold in "as is" condition, thus not threaten a potential closing with repair items. Language should be inserted into the offer in that regard, either with appropriate addendum, or under additional terms. The Seller may counter your offer. Remember, the contract is between you and the Seller, not you and the Seller's lender. The Seller does … (14 comments)
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