What You Should Look For In A Buyer Of Your Short Sale Property

By
Real Estate Agent with RE/MAX Action
IL – Short Sales can be tough. Many buyers don't understand the process and think that since it is a buyer's market, then they set the rules. That's not the case. You, the seller set the rules. After all, you still own the property. But, more importantly, you must set the rules for offers. If you don't then you dramatically reduce your odds of successfully short selling your property. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is what you should think about before you take your home off of the market. 1. You should only accept and work with one offer at a time. If you accept more than one offer at a time, then buyers get mad. The primary offer might get angry because you accepted a backup offer. In addition, multiple offers confuse everyone involved including the short sale lender. 2. You should make sure the buyer can get financed for a loan. That means the buyer should give you genuine proof of that, whether a pre-approval or pre-qualification. 3. We recommend that the buyer inspect the home before the sales contract is signed. If any unexpected problems come up (and they do), then you can adjust the offer price that is submitted to the short sale lender. This saves from having to negotiate the price again if a problem is found after the short sale is approved. Besides, the lender is more likely to accept a lower price if you send them a copy of the inspection. 4. The buyer agrees to wait the necessary 60-90 days for an answer on the short sale. That time will depend on the lender. Some lenders are fast and some are slow. 5. The buyer should put a reasonable deposit in escrow to keep them on board for the necessary time required for the short sale to be approved. These are what we have determined to be necessary for a successful short sale. If you don't have a serious buyer then you are wasting your time and your agent's time as well. Many buyers and their agents think that since a property is a short sale, then offers can be treated very casually. This only hurts the home sellers trying to avoid foreclosure when the buyers can't get a loan or back out after the inspection. Helping someone avoid foreclosure is serious business. That's why we treat it as such. Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at dtoomey@remax.net. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 338-0180 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. Thanks for reading this, Dennis Toomey. Dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor: Phone: (847) 338-0180. dtoomey@remax.net. For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy! View My homes for sale at www.HouseByZip.com. Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor. Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Dennis Toomey's personal views and do not reflect the views of RE/MAX Action. This information on What You Should Look For In A Buyer Of Your Short Sale Property is provided as a courtesy to our viewers to help them make informed decisions.
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Rainmaker
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Laurie C. Bailey-Gates
Robert Paul Properties - Barnstable, MA
ABR, SFR

You should always remind the buyer's agent that the buyer needs a good stomach with alot of patience because the process is "hurry up and wait" and the interest rates posted today may not be the interest rates you will receive once the loan finally gets approved and closes.

Laurie

Feb 20, 2011 11:15 PM #1
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