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What Does it Take to Win in a Silicon Valley Short Sale Multiple Offer Situation
The real estate market in the Silicon Valley is very heated up this days, but there are still plenty of short sales being offered. Many of these short sales are in higher price ranges that have previously not seen a lot of short sale activity. What that means is that agents who do not have a lot of experience with short sales are making offers. Because the inventory is so low, most of these short sales are getting multiple offers. So if you are an experienced agent but not with short sales, or a buyer here are some things you need to know:
 
1. Don't low ball. The bank won't accept it and you will have plenty of competition from buyers wanting to pay market value.
2. Follow all of the instructions the agent gives on the MLS. If they say email instead of call, SEND AN EMAIL. Do not pester the agent with multiple calls a day. Your pre offer behavior is a sign of how you will act during the long short sale process.
3. Fill out the short sale addendum carefully. The addendum allows for the deposit and contingency period to start after bank acceptance unless you ... more

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