Short sale submission strategy

By
Services for Real Estate Pros with A+ Title Closer

I have been asked recently will a lender accept an offer of $100K on a short sale property listed for $179K.  The answer is two fold.  When negotiating the BPO comes into play - a synopsis of the current area listings, how many listings there are in the immediate area, properties sold and see how inline with those the offer is.  I also take into account the area, state and condition of the property and the cost of repair.  I factor in how long the property has been on the market. 

Any offer can be submitted but lenders have the right of refusal.  I have also noticed in some areas REOs are selling for more than the listed price.  I also have had lenders opt to send the property to auction rather than entertain offers considered below market or as some investors call it "blood in the water".

This brings to play what are your intentions with the property - primary residence, holiday home, investment property etc.  and how much do you want it?  What is it worth to you if you remove REO or short sale from the heading? It's a numbers game and you need to make a valid case to substantiate your offer.

If you have any questions contact me any time,

With warm regards Heidi and Your A+ Closing Team at

A Plus Closers, LLC

3530 Magellan Cir. Suite 615 Aventura FL 33180 T

el: (305) 935-9114 Tel: (847) 235-4527 Toll free tel & fax: (866) 514-6662

visit us on the web at: www.aplusclosers.com

PROFESSIONALS GOING THE EXTRA MILE TO PROTECT THE BOTTOM LINE

 Short Sale processing – for real estate agents/ brokers, attorneys & investors

 Independent Escrow & Settlement Agents

 Courtesy Closers

 BPO

 Property Investor – Proforma & Due Diligence

 Loss Mitigation

Comments (3)

Team Honeycutt
Allen Tate - Concord, NC

Thanks for the information. Short sales are going to play a huge role in the future.

Nov 11, 2009 06:51 AM
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

I wonder sometimes about agents who call and ask questions like that.  I always ask them what the comps they pulled tell them.  The silence on the other end of the line can be deafening.

Nov 11, 2009 06:58 AM
Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

Good luck! Its hard to get an approval when the offer comes in at list price.  But it never hurts to ask.

Nov 11, 2009 10:00 PM