Here in Northern Virginia it is quite common for short sale listings to receive multiple purchase offers.  Recently, I presented an offer on a short sale listing that had 26 or 27 offers.

For purposes of my two questions I am going to assume there are an average of 4 purchase offers on each short sale listing.  There may be more or they may be less, but I know there is generally more than 1.

  1. If there are 4 purchase offers on 1 short sale listing, how many purchase offers will I have to write before my client is the "winner"?
  2. What can I do to make certain my client is the "winner" on his/her first purchase offer and not have to waste the client's time writing numerous purchase offers?

Since only 1 of the 4 purchase offers can be accepted that means

  • 1 or 25% of the purchasers are "winners"  
  • 3 or 75% of the purchasers are "losers"

Please explain to me why I should knowingly subject my client and myself to being a "loser" that much of the time?

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13 Comments on Two Short Sale Questions

SEP
28
2009
1,444,332 Points 26 Featured Posts Outside Blog Called Shot Master

The offer that your clients accept is the one that you submit to the lender. The lender does not want to do your work and have to review multiple offers.
5:55am • #1
1,310,363 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Roy   It is my experience that lenders want to see multiple offers.  Incidentally, I'm talking about the effect on my buyer clients - I do not list short sales  Karen
6:02am • #2
540,443 Points 6 Featured Posts Outside Blog

ToulaRosebrock,com

Hi Karen:

I guess the question also is, how serious is your buyer.

For example, if your buyer is the type to put in offers at 50% less than the asking...then your buyer is always going to be part of the 75% crowd.

With that many offers coming in on short sales, how close or over the asking is he/she willing to go?
6:26am • #3
1,310,363 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Toula  I had one recently where my buyer offered $70,000 over a list price of $275,000.  His offer was signed by the seller, but the lender decided on another offer. 

In this case, the seller had signed more than one offer and they were all submitted to the lender.    Karen
6:52am • #4
655,774 Points 10 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Most of the folks I represent decide they don't have the stomach for short sales once they find out how uncertain they are.
12:34pm • #5
1,310,363 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Ann  Same here - I've stopped showing them  Karen
12:57pm • #6
639,267 Points 39 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Karen just this morning I received a request from one of my buyers on a short sale.  I advised if he has the time and patience we'll pursue but I agree - there really needs to be some stabilization to the process.  I know there are many agents here in the Rain that DO handle short sales.  I give them credit!
1:04pm • #7
652,931 Points 3 Featured Posts Outside Blog Called Shot Master

Karen,

If the short sale has been negotiated with the lien holder, then the listing agent usually has a pretty good idea of what they will accept.  But they are not always correct.  Many times the listing agent will take the listing and offer it for much less than the lien holder is willing to take, thus creating more problems. 

Short sales can be a real nightmare.

Ann
1:47pm • #8
1,527,141 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Karen-I have to ask, how can a seller legally sign more than one contract?  Even though there is a third party approval attached to the contract the seller can't accept multiple offers and hope the lender will sort it out.  It appears the agent made a serious error.
2:46pm • #9
1,310,363 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lee and Pamela

Thank you - at least I know I'm not alone  Karen
3:17pm • #10
1,310,363 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Ann  They can be and usually are a nightmare  Karen
3:19pm • #11
1,310,363 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Cindy  Have you read

  • Commonwealth Magazine
  • September/October 2009 issue
  • Page 10

Lem Marshall, VAR Special Counsel comments, "Consequently, there is usually no downside to a seller's submitting multiple offers to the lender for consideration"

 

 
3:26pm • #12
SEP
25
2010
334,964 Points 2 Featured Posts Attended Rain Camp Called Shot Master

Karen I am aware your reports on Woodbridge are an integral part of your market strategy to be current on many facts throughout Prince William County. The obvious goal is to provide your clients with the very best possible representation and blog posting is an excellent method and may include posts about other interesting locations in our area
11:50am • #13

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Woodbridge, VA

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