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Short Sales:Is this a reasonable offer from a buyer of a short sale property?
IL – Some buyers think that since it is a buyer's market, then they can make any crazy demand of a seller. And they can't understand when the seller isn't excited by their lowball offer. Here is an example of a recent story where this happened. A buyer makes an offer on a short sale. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. 1. The buyer puts no money in deposit for the home. In other words, they have about zero risk. (Meanwhile, the seller is still risking foreclosure.) 2. They are putting $150,000 down on the property, but won't bother putting any more than $1,000 in escrow and only after the short sale is approved. 3. They are only allowing 30 days for short sale approval. (News flash: Most short sales take an absolute minimum of 60 days to be approved.) 4. They are demanding the seller take the property off the market and not accept backup offers. Is this a little one sided or what? If you are a short sale seller, then they agent representing you should ask for a better offer. You need the buyer to have a little skin ... more

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