What do I have to do to get my San Jose short sale offer accepted?
As a San Jose short sale agent, I am frequently asked: “What do I have to do to get my San Jose short sale offer accepted?” This question comes from the real estate agents representing the buyer who wants to make an offer on a San Jose home I have listed as a short sale.
My response: Follow the offer writing instructions. The link to the offer writing instructions is listed in the confidential agent remarks in the MLS.
In addition to a complete purchase agreement and supporting addendums, we also need:
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Current loan approval letter
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Current bank statement(s) to verify proof of funds
What seems to escape many San Jose real estate agents is the ability to write a complete Purchase Agreement. Although the offer writing instructions provide step by step instructions, I frequently receive offers with many sections of the contract blank.
The purchase agreement is the agreement between the parties. It defines the terms of the offer. If boxes that need to be marked are left unchecked or otherwise left blank, then how do we know what the parties have agreed to?
We don't!
The purchase agreement must not only be completed correctly – marking all boxes, as appropriate, it must also be legible. The following is an example of an offer I recently received from a “top producing agent” who has been in the business for over 20 years. My point here is that it was not from an agent with little or no experience.
The above is a portion of page 1 of the purchase agreement. It is an all cash offer. Notice there is no disposition regarding the initial deposit. Notice the quality of the document.
I received seven (7) all cash offers on a San Jose short sale. While the offer prices were all over asking price, not one of the offers were complete. Not one!!
Question asked: What do I have to do to get my San Jose short sale offer accepted?
Question answered: Follow the offer writing instructions.
As a San Jose short sale specialist, I level the playing field as much as possible by providing offer writing instructions. It's all there in black and white. One need not know anything about the California Residential Purchse Agreement to be able to write a winning offer on a San Jose short sale. Offer price aside, the way to get an offer accepted is to follow the instructions. It really is that easy!
I say offer price aside because I will not tell any agent what they need to offer by way of price in order to get their offer accepted. Many agents ask me straight up:
"What price do we need to offer to get my clients offer accepted?"
My response: I'm not discussing offer price with you, or anyone other than the sellers. I recommend you write highest and best and follow the offer writing instructions if you want to get your San Jose short sale offer accepted.
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