We recently got an offer on a short sale...which had been priced tooo high for too long. The buyers are well qualified but they wrote considerably under the already generously discounted price...the selling agent had no understanding of a short sale...had never written on or listed one. We explained that while the buyer is welcome to have an inspection...test the septic and the well...do a radon test and any other test that they thought was appropriate....the seller was not paying for any repairs or replacement. There are often at least two lenders in short sales....and this was not an exception. The buyers agreed to accept the offer hoping to beat the foreclosure clock....and knowing that because the offer was not as much as any of us wanted...and that the lender may counter it and lose the buyer,....they accepted it with mixed feelings...was this "the way out" ?
We won't know for a while.....
In our experience, the buyers for short sales are almost always represented by buyers' agents who feel it their duty to defend whatever offer was written no matter how little it is. Well, my friends...fellow realtors....short sale candidates and interested other parties...Buyers' agent or not....if the buyer wants the already bargain priced home...know that they are not the ones who determine the price ultimately, it is the lender. And, from our perspective, in any sale...short or otherwise, the object is to make the transaction go together and while everyone may not get everything they want....we always work toward havin the offer and the concessions made by BOTH sides be somewhere near equitable. The buyers are waiting....and paying for tests, some of which may have been paid for by the seller in a "normal" transaction....the sellers are hoping the listing agent can convince the lender that the offer is worthy of taking and not want to negotiate further with buyers that often dig their heels in on a price. The sellers take their home off the market...in effect....as MLS requires us to show the listing as "active with offer" which effectively discourages any other showings.
Many agents won't take short sales with more than one lender....certainly not more than two lien holders and not less than 6 months from a sheriff's sale....we have and we have closed them and will continue to try to save both the sellers and the lender from further financial ruin.
Know that AS SOON AS YOU KNOW that you are in trouble with missed mortgage payments....loss of a job...illness, divorce...The sooner you call a Short Sale expert,....the more options you have !
If you are having trouble making your mortgage payments...call us, we can help you with a local expert who can evaluate your situation....tell you your options and help you end the stress by giving you clear direction for your financial future. TOLL FREE: 877-525-0563....Free advice that is priceless !