Writing Offers On Short Sales
My office successfully sells short sales every week. We work with short sale customers everyday. We have learned over time that there are buyers that make multiple offers on multiple properties and this turns out to be risky for the seller of the short sale. We spend quite a bit of time, months, negotiating with the sellers lender to get the offer accepted. Only to turn around and discover the buyer has already bought something else. So now, I advise the short sale sellers to reject offers that allow the buyer to walk. I have enforceable offer instructions that the buyer must commit to the purchase and complete inspections within the week of the acceptance. That way, the buyer is aware of the condition of the property and there are no last minute surprises. Trying to negotiate the price after the lender has agreed on a sale price is a time waster for a seller that is looming into foreclosure. And many short sale sellers have only one window of time to get their property sold before it goes up for auction.
Available Properties For Sale In Broward County
Buyers, When You Write The Offer . .
Buyers, when you find a property you really like and it happens to be a short sale, do the comparatives in the area. Look at what has sold recently and equate the condition of the house into this. Then make your offer after going over this information. Ask yourself, "If the lender counters my offer with a higher price, do I still want the house?" No matter what, you're still getting a deal. So, it's worth it. And going ahead and spending the money to inspect. Because the lender is not going to waste time haggleing with you once they have the price they'll take. Submitting another offer asking for money for repairs will almost always get rejected. Also, it doesn't matter if you are paying cash. I have buyers that think if they pay cash it, will speed up the short sale process.Not true. Short sales don't work this way. Some short sales can take 60 days others could drag out for a year. As for you having cash, well that's fine but the bank is not going to take an offer for 50% less of what they think they should realize just for you - especially if the home has been on the market for a week or two. Now if it's been months or longer you might have a chance. But it's doubtful.
Terri Poehler -Broward County, FL Real Estate Expert – Making it Happen for Home Buyers & Sellers!
I personally live in Coral Springs and consider myself a Broward County real estate expert. Allow me to assist you with the purchase of your new home. Thinking of selling your Broward County, FL home? Interested in finding out the current market value of your single-family home, condo or investment property? Give me call today to discuss what is happening in the Broward County real estate market and how I can best serve your real estate needs. I would be happy to give you a personalized comparative market analysis (CMA) and answer all of your questions. Please fill out the online contact form or give me a call today.
Let's talk!
Terri Poehler
RE/MAX Professionals Real Estate
9615 Westview Drive Coral Springs, FL 33076
954-294-3937
Fax 954-653-1332
Terripoehler@ReMax.net
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