Yes, I know my home is on the market as a SHORT SALE but why should I take this offer?
This question comes up time and again and my answer basically doesn't really vary. You should take this offer so that we can get the process started. Though I understand your frustration, you, Mr. and Mrs. Seller are not exactly in control. In general, an offer on a short sale is negotiated similarly to any other contract in that study of market comparisons is done and then you may decide whether you want to make a counter; however, many times it is better for you to sign the offer, so that the earnest money deposit check is deposited with the listing agent's company or an attorney and the offer is submitted to the appropriate lender or lender(s).
Why no counter? Because a short sale is basically a contingency on the selloers' side requiring bank approval. If everyone understands that, half of the battle is won. A "normal" contract - if there is such a thing anymore - often carries a financing contingency on the buyers' side. The time it takes to accomplish it can be from 30-45 days. And technically the contract is not firm until that, and any other contingencies, are satisfied. So, to have to wait for at leat that long for a short sale contingency should be a general assumption.
Why is this such a difficult concept? Because we still, frankly have agents who don't understand the time frame, who have heard horror stories about sales that never come to fruition, who avoid working with short sales like the plague, and unfortunatly just had a client or customer who happened to find one on the internet and want to see it.
A seller also must recognize that a short sale property is considered a distressed property - even though it may be in good condition since it may still be occupied and being taken care of. It still means that due to bank processes, information gathering, etc. it can be a long wait for a buyer; therefore, the perceived value will be less.
So, begin to take steps to accept your new circumstances, build for a brighter future, and try to move on- you are not alone in the short sale maze. And, oh by the way, please find an agent who really knows the process - this is not the time to go it alone or to find a friend who sells part-time, or someone who has purchased a short sale or foreclosure.
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