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The Dangers of Writing Overpriced Offers
Granted, it's much more of a problem if a buyer writes an overpriced offer on a short sale than for a traditional equity sale in Sacramento, but when there is financing involved, it's still a problem all the same. It requires more work on everybody's part, and it's often a battle to close escrow. The problem is the appraisal. If the home doesn't appraise at the amount the short sale lender agreed to accept, the short sale bank won't always back down and lower the price. Not only that, but now that short sale bank has a number in mind that most likely can't be duplicated with another offer.
Whenever I am looking at offers for my sellers, I consider the fact that the escrow might not close. If it doesn't close, can we locate another buyer for these particular terms and conditions? Can we duplicate that buyer?
Read more on my personal blog today about Paying More Than Asking Price for the House.
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