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Short Sale stategy for buyers --anyone try this?

I just heard about a Realtor who has represented several buyers with short-sales and who gets banks to respond faster by writing offers that decrease as time passes. For example, his buyer may offer X amount if accepted by November 30, x -$10,000 if excepted by December 15, and x -$20,000 if accepted by Dec. 30. This is a general example of course.

Has anyone done anything like this? I'd like to learn a little more about this and maybe write an article on it. Please respond or email me directly at chiarito@kw.com

Thanks, Bob Chiarito

Posted by Robert Chiarito on 10/28/2009 08:46 PM

Comments (5)

Short Sales in the Sales Strategies / Tactics Channel

short sale, buyers, offfer

5 Comments on Short Sale stategy for buyers --anyone try this?

OCT

Very interesting - I hope you get some good comments!

That would work on a real world with real people . . .try that with BoA and they probably would counteroffer with your commission will be 3% then 2% and then 1% and maybe we will let you sweat for 6 more months and you get JACK!

I haven't heard of this tactic, but it makes sense. I am awaiting for 2 mortgage companies to give us their approval for short sales. It's maddening!

My question would be what input is the listing agent having in this together with the seller. Are they playing ball?

NOV

It sounds like a good strategy if it really works, but like Fernando says, you might be just shooting yourself in the foot. If the client wants to do it though, then it's their call.

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