Home > Blogs > Mike Linkenauger > Jacksonville Florida Community and Northeast FL Homes

How to Write a Short Sale Offer

By Mike Linkenauger

Real Estate Broker/Owner with LinkUp Realty

November 12, 2009 01:32 AM

How to Write a short sale offer for Buyers Agents

In our dealings with short sales, we have found an obvious lack of training for real estate agents. Even though we are in "short sale central" here in Florida, at least half of the offers we have come in are asking for seller to make repairs, or missing a short sale addendum, or have some other terms not suitable for a short sale offer.

We created an actual PDF form that we have attached to our MLS listings instructing buyers agents on How to write a short sale offer for Realtors properly. The email address on here actually forwards the offer to myself as well as my head assistant! So far, the form has worked excellent for us! If you like the form, I'll gladly forward a PDF of it.

Short Sale Offer Instructions

Please read these instructions carefully prior to submitting an offer. All offers incorrectly submitted will delay the process and will likely be rejected by the Seller.

1. All short sale properties are to be sold ‘as-is'. Seller is to make no repairs. Please include this statement in your offer.

2. Seller will not pay for a home warranty of any kind.

3. All offers must include a Short Sale Addendum found in the ‘Forms' section of the MLS.

4. All offers must have a Buyer's pre-approval letter or proof of funds.

5. Do NOT put ‘Owner of Record' as the name of the Seller. If after searching the tax records you are still unsure about the name of the Sellers please call.

6. If a MLS listing reads ‘lender approved' or ‘approved at this price' then that is the purchase price the lien holders have communicated to us in either writing or verbally that they will accept. In this instance, if we receive an offer that does not meet the lender's required payoff we will recommend to the Seller that they reject the offer. If you need clarification, feel free to call.

7. When submitting an offer we prefer a scan and emailed copy. Please email us at ‘offers@firstcoastre.com'. If you'd prefer to fax, send it to 904-733-4397.

Thank you for your time and consideration in submitting an offer. We look forward to working with you.

What do you think of our form? Would you add anything to it?

For other resources for Realtors who work short sales, visit www.short-sale-specialists.com

Mike Linkenauger

First Coast Realty Associates

(904)733-4911

Find Jacksonville FL Real Estate on our local website, or subscribe
to my blog at http://activerain.com/blogs/mikelinkenauger

Are you a local Short Sale Expert?
Join the Short Sale Specialist Network
www.Short-Sale-Specialists.com

Visit Short Sale Specialist Network

Phoenix Short Sale Realtors - Group of Phoenix Short Sale Specialist Realtors offering Free Help to Homeowners in Hardship
California Short Sale Realtors - California Short Sale Specialist Realtors offer no cost help to home owners in financial hardship
Dayton OH Short Sale - Short Sale Expert Real Estate Agents throughout the state of Ohio
NJ Realtors - Network of Short Sale Realtors throughout the state of New Jersey
Short Sale Realtors in Florida - Florida Short Sale agents offer help to home owners in hardship

Comments(7)

Comment

Show All Comments

Sort:

Peter Burr

The Buyers Agency, "Empowering Atlanta Home Buyers" - Atlanta, GA

Regional Manager. Atlanta, GA

Nice form Mike. I'm curious: what do you like to see as a proposed closing date in short sale offers?

Nov 12, 2009 01:42 AM

Joel Prince

The Principle Group, Inc - Hixson, TN

Hixson/Soddy Real Estate Broker

Mike -

Thank you for the info. That is a helpful list.

Nov 12, 2009 03:34 AM

LinkUp Realty - Jacksonville, FL

Short Sale Realtor - Jacksonville FL

Peter, it really depends on the situation. Usually for a short sale buyer offer we are working with, we do the closing 30-45 days after lender approval. (usually the lenders like to close them in 30 days). The time frame which we allow for lender approval of the offer is a blank that can be filled in on our "Short Sale Addendums". Typically 30-90 days depending on the lender and situation. Again, since the biggest variable is the time frame in which it takes for a lender to approve the sale, typically we'll say that the offer will close 30 days AFTER lender approval.

When we are preparing a HUD to send to the lender, if it is the first offer on a property and not already "pre-approved", we'll typically prorate things for the closing three months to four months out.

Nov 12, 2009 04:02 AM

This form is definately helping us with our processing dramatically. It is so much easier to have the offers written in a form that is acceptable to us, the sellers, and their lenders as well.

Nov 15, 2009 06:30 AM

Robert L. Brown

www.mrbrownsellsgr.com - Grand Rapids, MI

Grand Rapids Real Estate Bellabay Realty, West Mic

Will the process ever become shorter then it already is. That to me (and lots of buyers) is the major holdup. All the forms in the world(and yes they do help) can substitute for the time.

Nov 15, 2009 06:38 AM

Gene Allen

Fathom Realty - Cary, NC

Realty Consultant for Cary Real Estate

For #3 we can put the forms with our listings so the agents can download with the rest of the disclosures.

Nov 16, 2009 06:46 AM

Robert - YES! Bank of America/Countrywide, who have perhaps the longest short sale approval time in the industry, are about the switch over to a system designed by REO-Trans/Equator, the industry leading in distressed property related services! This is HUGE, as they have a large share of the market and are the "worse of the worse". This new system will take their approval time from like three months to three weeks! A couple of the agents in the Short Sale Specialist Network that I work with were part of the trial on the system. It will launch soon.

Gene - Thats how we do it as well. We actually made up our own form that we attach to the MLS listings entitled "How to write a short sale offer". Actually, I don't think the title was that condescending, its actually "short sale offer instructions". We attach this along with property disclosures, surveys, ect...

It really helps. If anybody wants a copy, just let me know!

Nov 16, 2009 07:23 AM

How to Write a Short Sale Offer

Comments(7)

Mike Linkenauger

Service Areas

Real Estate Resources

Recent Posts

Additional Information