Short Sale Cashola!
But my Short Sale offer is higher!
It's difficult to understand, but here it is..it depends on when you submitted your offer and also the terms/conditions you included in the offer.
List Agents want to get their Seller as much as possible, but they also want to get the Short Sale assigned to a negotiator and worked and hopefully CLOSED.
If I am representing a buyer on a Short Sale, the first thing I do is call the List Agent if the property is not showing contingent. If it is my Buyers' offer is guaranteed to be a back up offer..no matter what the offer is. The List Agent is already working the offer in 1st position.
"But my offer is higher! The List Agent even said so.." That may be true, but there is one offer at a time worked with the Short Sale negotiator. Once that offer is countered, and either accepted or declined, then the back up offers are either not contacted (accepted), or contacted and one is moved into first position (Buyer declined the counter and withdrew offer)
Do not think that if you threaten the Lender on a Short Sale, they will respond because they know they might lose this Short Sale offer. Forget it! The Lender does not care a bit about the Buyer or the Seller. You might get a good negotiator and you might not, but this home is simply a file number..that's it! It truly is in the hands of the List Agent so you'd better hope they are skilled and truthful. Short Sales do not always go through no matter how good the List Agent is. If the Lender will not agree to non-pursuit for deficiences, Sellers often end up letting the Short Sale attempt become a Foreclosure reality.
The Trick: Be the best Short Sale offer. Get there quickly. Offer more than List Price if the comps support it. Right now, there are generally several offers, so if you want the home, submit a strong offer. Not just the price. The less contingencies (loan, appraisal, home warranty, shorter inspection period), the stronger your offer. Short Sales are not for every Buyer..are they for you???
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