Being a Buyer's Agent for a short sale can be an opportunity to enjoy and learn business.  My buyer asks me what my success rate is in getting properties for my buyers.  That is an interesting topic. 

I like to be able to provide my buyer with all the information he needs to justify his offer price.  This includes all the normal information.  Comparables to determine what the listing might be worth under what conditions.  Conditions including what the market expects the house to be if it is remodeled and upgraded to push the ceiling price of the neighborhood.  The buyer needs to do his calculations of acquisition cost. cost of his money, material and labor costs, interest, permits and their requirements.

Now in a short sale I like to have him know if he is making the bank a realistic offer.  This is not always easy.  The ideal is to know the financing.  How much is the first mortgage, the second, and third if there is one.  The original financing, and the payoff amount.  Take into account the mortgage insurance.  Deduct a percentage of  interest collected over the term of regular payments received by the bank. Add back in the cost of the sale, as 8%-10%.  Then compare that with the BPO.  Put all the documentation into a presentation.  It is all to provide enough to help the listing agent with the package for the loss mitigation department.

My buyer is interested in cost, return, and time.

A short sale during the pre foreclosure period can be more rewarding then buying a foreclosed home that needs a complete rebuild.

If you are considering investing in Real Estate call me.  I will work for you as your buyers agent.

Contact:

Dwight Puntigan - Century 21 Luetkenhaus - 636-219-6242

To view St Charles, St Louis, and Eastern Missouri listings go to

http://dwightpuntigan.point2agent.com/Popular_Searches/page_203587.html

http://dwightpuntigan.point2agent.com/Search_MLS_Listings/page_203592.html

When you consider buying or selling  property, talk to me about listing your home and whether it is a short sale, could be wholesaled, or is a retail sale.