Getting to know Short sales....
If you are a buyer in today's Real Estate market you will notice Short sales and foreclosures homes are dominating the Real estate market. 1 out of 15 homes are either foreclosures or short sales. Short sales have changed the way we present and sale homes today. In a traditional Real estate Sale Home owners would hire a Real Estate agent to sale their home. The agent would enter into fiduciary relationship acting in his best interest.
In today's Real Estate market this still holds true but now a real estate agent and homeowner needs to receive the final approval from the lender.. The bank can either say nay or yea. In most cases when short sales take form and serious negotiations take place most loss mitigators often ask critical questions such as.
- 1. Is this the highest and best offer
- 2. How long has the home been In the market
- 3. Can you cut commissions and expenses
Most banks one way or another want the answers to these questions. Remember we are representing the seller not the bank.
My answers would be....
1. Yes this is the highest and only offer that I will present to you any more offers that I receive it will not be presented because it means more work.
2. The home has been in the market long enough to have just one single offer.
3. Can I cut commissions of course I can in fact do not pay my commission up front. What we can do is you can give me a promissory note to pay all commission with interest at a rate of 20% for a term of 12 months.
Short sales take time and demand a lot of patience. Many times the answers to these questions can be the outcome between closing or not.
If you are a potential real estate buyer be advice that short sales can take at least 45 days. And more often than not it demands an experience Real Estate agent with good negotiating skills. Oh by the way most loss mitigator laugh after my commission proposal hey at least I get them to laugh before real negotiations take place. Humor is a great way to break the ice.
Ready to buy a Miami foreclosure Home? Contact Global Market Realty today. We have several Miami Foreclosures for sale in , Search the MLS for foreclosures in Miami . Do you want more information on a second home or a vacation home please contact us at 305 364 0037
Looking for a home in Miami ? You will find everything you want in the Miami area. The city of Miami is a great place to live and is served by the Dade county School District.
Comments(0)