What Is A Deal Breaker For Short Sales?
It happens all the time around the real estate water cooler, agents talking about how much they hate short sales and why they won't take them. It's a shame too, because there are agents out there on the other end of the spectrum that are taking short sale listings when they shouldn't, especially those that claim to have some sort of certification that they simply bought so they could say it.
Still, a good short sale specialist will have a qualification list of what short sales they will take. Here's our list of potential deal breakers for us to be able to help. This doesn't mean we won't help, but that it'll be a lot tougher.
- A sales price of less than $100,000 - banks work in percentage world, so if you're negotiating $5,000 with a buyer that's a lot of money at this price point and it's 5% to the bank.
- More than 2 liens. We can handle 2, but more than that is excessive.
- Poor conditioned property in combination of these things.
- Certain banks (but none of the big ones)
- Your home is located in either a condo complex or a very, very rural area.
Typically it takes more than just one to be a deal breaker but if you have all 4, there's not much anyone can do.