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Yes, how many a post have been written about this subject. One or two, perhaps. But obviously, there is still much to learn, and why should I not pass along my experiences to help others!
As a disclaimer, I have avoided short sales from the Buyer side like the plague. Why? Well, in my particular market (high rise condominiums) there is not a huge difference in the homes. High rise buildings are built in "stacks" for the most part. That is to say, 1520 looks like 1620, looks like 1720......you get the picture. So, to pursue a short sale listing would usually require two very important items for my Buyer: Time and a Great Deal. If we don't have both, we look for other options, be it a foreclosure (the deal) or a well priced listing that is not in a distressed sale. Most of my Buyer's have not had the time. They want to buy, and buy now. Fair enough.
On the Seller side, I've currently got two short sale listings. One a single family home, the other in a high rise building. I know enough to know when I don't know enough. So when I took the condo listing, I enlisted the help of a local real estate attorney's office to "manage" the short sale. I think it was a very wise decision for my Seller.
This home originally sold for $441,000 at the top of the real estate wave. My client now has lost their job and needs to get out from under this monster. I did my market research (CMA) and all, and set the price a bit higher than the comps at $265,000. I took into consideration the size and location of the home, although completely understanding the lender probably would look at overall 2-bedrooms in the building and where they have sold, meaning the price would probably go down further.
Ok...fast forward a bit. The broker price opinion (BPO) comes back from the bank. Not only has the attorney been able to get a negotiator assigned to our file already (with NO offer) but we have now got the actual BPO number. I won't give it out here, but the lender TOLD the attorney we need to be priced close to it.
So, I adjust the price to.......$205,000. In case you can't do the math, That's $441,000 to $265,000 to $205,000. The last one being a $60,000 price drop. Just in case you are not following.
And the phone began to ring. And Ring. And Ring. (Wish all my listings got this kind of traffic!)
It's a SHORT SALE! Do You Know What That Means?
Well, much to my surprise, there seems to be some agents that DON'T!!! And apparently have not told their Buyer's either.
For the respect of working for my client, I'll leave out some particulars....
Offer Number 1 -- Shaves another $25,000 off the price AND asks for another $16,000 in concessions.
AND, does not want any contingencies (inspections or financing) to start UNTIL the bank approves the offer.
Really, are you serious?
But Wait! It gets better!
Offer Number 2
All cash ( I won't mention the offer price - but it's good) NO closing costs or other concessions. We are loving this offer and can see the sails rising on the ship! Oh wait, what's this special stipulation you've added?
"Buyer may terminate this contract if Seller and Lender do not approve by March 28, 2011."
YOU WANT A SHORT SALE APPROVAL IN TWELVE DAYS??????
Now here's when I just had to laugh. The Buyer's Agent YELLED at me on the phone when I told him that was virtually impossible. "My Buyer has cash and is not going to sit around and wait for the bank to look at multiple offers and take the best one."
Sir, this is not a Foreclosure and a bidding process. This is a short sale, you are negotiating with My Seller and I. If we reach an agreement, that is THE agreement that will go to the lender.
"Well my Buyer is not going to sit around and wait."
It's a SHORT SALE! Do You Know What That Means?
It has nothing to do with the length of the transaction, or your desire to buy something in 30 days. I have absolutely NO control over the lender and their process to approve an offer.
I DO have a team that has a very high success rate in getting approvals (attorney) and as such we will do everything we can (after all it is in MY client's best interest to get a short sale approved).
But don't yell at me because you don't understand what a short sale is.
Anything about Intown Atlanta Real Estate you wanted to know but were afraid to ask, or didn't know WHO to ask....you have come to the right place. And if we don't know we WILL get the answer! So WHAT IS Intown Atlanta?
There are many definitions, but let's just say anything inside I-285, or "Inside the Perimeter - ITP" is Intown Atlanta! There are many neighborhoods, from Buckhead, to Brookhaven, Morningside, Midtown, and Midtown West, to actual cities like Decatur, Chamblee, and Doraville.
I work with BOTH Buyers and Sellers. If you are looking for the best Internet Marketing, or a broker that knows the Intown Atlanta area, then you HAVE come to the right place!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.