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Am I wrong in thinking that just getting any offer is no longer good enough for our Short Sales?? I currently have a couple of Short Sales we received offers on but nothing that held the Buyer accountable nor showed that they were serious Buyers. It was really more like, let's just cast a net out there and see if we can get lucky!
You know the offers....offers that come in without an EMD, no Bank Pre-Approval letter, requesting a quick closing, 45 days (seriously??) no inspections until Lender Approval, Seller to contribute 6% of Purchase Price towards closing costs etc.. (now you get the jest).
I must admit I have a difficult time taking these offers very seriously. Do these Buyers really want these homes (which are great deals) and what is it in these offers that makes them the least bit vested in the homes purchase?? I'll tell you......absolutely nothing.
So I discussed the offers over with my clients and went back with counters something like this.....
1. EMD required upon acceptance of offer.
2. Buyer to allow 4 months to close from date of acceptance of offer.
3. Home to be Sold "As Is" Seller to contribute no funds towards repairs.
4. Seller to bring no Money to close for any reason etc....
5. Inspections to be completed within standard 10 day time frame as per Purchase Agreement.
6. Buyer will not pursue other purchasing alternatives for as long as Purchase Agreement is valid.
We went back a forth in negotiations, one of the Short Sales moved forward, accepted most of our requests and we are now on track to close....the other did not want to be tied down and would only commit to a 60 day time frame for the Buyer to determine if "things were moving forward fast enough". (and exactly what would he have judged that by?)
Unfortunately, that was not enough for my Sellers who now have only 4 months remaining in their Redemption Period. (and happily did get a more serious offer!) My Sellers who are at high risk of losing their homes and who are in need of more than anything else a serious and vested Buyer. A Buyer who has been well counseled by their Agent as to what to expect with the short sale process, understanding that it takes patience and a will of iron to get through to the other side. One who will stick with them through the long haul and will allow a reasonable amount of time now needed to close a short sale transaction.
Time is of the essence for my Sellers and if our Buyers decide to walk away after months of negotiations because they have absolutely nothing vested and nothing to lose....my Sellers could very well be left with no further recourse and ultimately go to foreclosure.
....this is a high and risky possibility when taking a chance on a Buyer who is really not very serious at all.
So I wonder....is just any offer good enough for our Short Sales??
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.