Hi folks. We have another great discussion going on over at www.ShortSaleSuperStars.com. This one is about “highest and best” offers and how they relate to Short Sales.
Some Short Sale Agents believe that holding out for “highest and best” on a Short Sale listing is jeopardizing the Seller. They feel we are playing around and may cause the Seller to get foreclosed on because we didn’t get a contract in time.
Then there are those like myself that strive to get the best contract we can for our Sellers. We want to limit our Seller‘s tax and deficiency ramifications in the future.
Most of the Short Sales I deal with are "flips that flopped". Vacant properties that need to be sold. Unless there is a looming auction my goal is to have the property under contract within 30-60 days at a price I can justify to the lender. Highest and best is the offer I am looking for in this period of time.
One of the keys is that I know my market cold. I know what I can get for the property and how long it will take to get it. I'm not guessing and I'm not placing my Seller at risk.
I completely agree that the ultimate goal is to get the property sold. A Short Sale listing should never just sit on the market. They sit because agents are not familiar with the market and do not price the property properly. It has nothing to do with waiting for the highest and best. It has everything to do with lack of knowledge.
The www.ShortSaleSuperStars.com site is to help Short Sale Agents learn, know and grow. The only way we can do that is by having these types of discussions.
There are now 432 Short Sale Agent members of www.ShortSaleSuperStars.com If you haven’t joined yet then please take a moment to do so. It’s FREE and it’s priceless if you are dealing with Short Sales. We have some of the brightest Short Sale Agents in the country sharing and helping each other. We’d love to have you.
The only caveat is that we do not allow whining. www.ShortSaleSuperStars.com is all about finding solutions to get Short Sales closed. The Short Sale Agent members LOVE Short Sales and love helping others. Fair enough?
Wendy and I hope you'll join us. Together we CAN make a difference.
Available Short Sale Agent Training:
- The Negotiator Interview $27.00
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