This short sale property went on the MLS Saturday. Open house on Sunday. by Monday, we had 5 offers. Wednesday, 7. Friday, 9. And we continued to receive calls inquiring about writing offers.
By the following Sunday, and after reviewing the matrix that shows the various terms and conditions of the multiple offers, the sellers countered four. Two of the counter offers came back, and countered at higher prices at almost $100,000 over list price --- and they were only $1,000 apart!
The sellers are overjoyed. And so am I. The offers are over what they paid for it in 2004, and they are 95% of balances owed (when sellers refinanced, with two loans). This bodes well for getting the short sale approved and accepted.
Things seem to be working out. The buyers and their agents are all well-versed with short sales and know what to expect (and for how long).
Keeping my fingers crossed that everything works out.
Key factors that I think helped tremendously in marketing this property:
- LOCATION, LOCATION, LOCATION - in the most desirable east end of Alameda
- Aggressive list price at below market
- Property was thoroughly cleaned --- looked good, smelled good
- Property was staged --- even minimally, it evoked a warm and fuzzy feeling
- Pictures --- lots of it
- Tour --- VisualTour and YouTube. Prospective buyers said they were attracted enough to want to see it
- Featured tour as well as showcased on REALTOR.com that in turn was picked up by the other sites
- Posted on various sites of the internet: Trulia, Zillow, Craigslist, personal and company website, ActiveRain --- to get massive internet exposure
- Open house --- massive turnout
- Ability for sellers to sign electronically via DocuSign (extremely helpful to get the parties together since the sellers are in two separate states and time zones)
- Third-party short sale negotiator such as Short Sale Advantage -- buyers like the idea of professionals handling the negotiation with the short sale lenders
Keeping my fingers crossed that this short sale goes smoothly.