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As news of the housing market recovery spreads, so do the multiple offers on short sales. Once considered to be a last resort as a purchase, short sales are becoming more and more attractive. Why? Because short sales still hold that stigma for some buyers agents, so there are fewer offers than foreclosures and traditional sales.
Another reason may be that while you’re waiting for bank approval on a short sale, prices may be rising in that area. Some banks are catching wind of this and ordering new BPO’s if the existing one is older than 30 days. But for the most part, we’re seeing more offers on short sales than ever before.
Are you seeing this in your area?
My short sale listings now include the following:
The timeframe to receive offers will be __ days and will be displayed as such on the MLS in the private remarks section.
The lockbox will be removed after that time period if the property is occupied.
The buyer MUST be pre-qualified with a lender and have submitted all the pertinent financial data.
Provide a complete contract with the required title information as written in the MLS.
The contract needs to be letter perfect to avoid delays and missed opportunities.
A conversation with a listing agent today, I represent the buyer, included the fact that he would prefer to work with me because my contract was accurate; he liked the fact that I had the designations for short sales, and he reviewed my websites and was impressed. That’s a new one.
It never hurts in this environment to be well-respected for what you do by other agents. So when dealing with multiple offers, be first, be accurate, and quick to respond!
Certified EcoBroker, Phoenix Green Chamber of Commerce, Chair the Builder Committee for the United States Green Building Council (USGBC), Arizona Chapter, Residential Green Building Committee, Energy Efficient Homes,
REALTOR® for 10 years,RE/MAX, buyers and sellers, Scottsdale, Phoenix, Cave Creek, Carefree, Tempe, Arizona, home buyers and home sellers, Green Realtor, Networking group, Pinnacle One Group, relocation, relocating to Scottsdale, Green Certified Homes.
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.