Before I tell you about some of the steps I go through on how to make Short sales Offers more attractive to both the buyer and the lender, I want to underline that I was able to successfully close my 3 last short sales offers because A- I red quite a lot of information through wonderful Posts on Active Rain and all over the web on the subject and B- I went through a period of learning and support through my office at Right Choice Realty.B-I am not affraid to work and I am sure most of you are not either. The point is: will it be worth it for your short sale buyer?
San Carlos Park
There are never any"sure thing" and as we all know Real Estate Agents should never celebrate before the deal is done.That is on Closing day.We know its tempting.The celebration is not about you its about your clients.They are the Short Sales Buyers. When a FL short sale investors and buyers alike look for short sales deals they may want to ask the agent the following question: Have you closed any short sales in the last six months?
First do your home work: Know your clients requirements backwards and forwards.They have to reflect as close as possible what the Buyers wants. Clients are shrewd. Narrow down the potential properties to say 15 Short sales. Take your clients a few times and socialize a bit with them. Learn their likes and dislikes. Be prepared. Know how old the roof and the AC is.Ask for the Seller's Property Disclosure to be faxed. Don't be afraid to show both the negatives and positives of the homes you are showing but above all ask questions as you show these homes and gave them space. This works for working with buyers in general but its not a bad idea to go back to the basics.
Royal Woods Ft Myers
Arrive 15 mn before showing. The house may be a good deal but the street may have homes which are in disarray. Plus, you will get rid of unnecessary stress being early.You have to be on top of your game and be rested.Who wants to work with a tired agent? Not me.
Check on the Public Records to verify how much the sellers owe the lender. Look at how many days the house has been on a the market as a short sale and price changes. A foreclosure may take 5-6 months after the owners have been delinquent on their payments.If for example the short sale is at over 120 days, you do know that chances are the Lender will be more responsive.They are getting closer to serve the Sellers the infamous Foreclosures Notice.
Pine Island, Bokeelia
Keep in touch with the Listing Agent and always ask if any other offers came in since yours.It is the Law that they should disclose this information.Some will even tell you that the lender just refused certain low ball offers. In Lee County, Fort Myers and The Beach Realtors Association, MLS, check that your offer is under the following new status: Active Contingent Short sale.
Make sure that you did find one of the best Short Sales deal for your buyers.How do you do that? Take your clients 3, 4, five times until you get it right.The inventory of Short Sales in Lee County and other parts of Florida is very large and it is your duty to be ready to work hard.
Explain to your client that even though it is a Short Sale, it does not mean that The lender will take low balls.The property is already 10% plus under market value and chances are the lenders already have done a BPO or Appraisal on that property.Your client is going to get a deal so they still have to give it their best shot or they may wait 3-6 weeks and loose it all together or get a counteroffer if they are lucky. Do a detailed comparable for your client. have a Plan B- Have your clients choose another Short sale property in case someone beat your client's offer at the last minute. As mentioned before nothing is 100% sure in Real Estate.
Fort Myers Historic Distric
When your clients have found the right home, take pictures of the inside and outside.You can use these to send them by e-mail and make a point. It will reinforce the fact that, with your guidance, they have made the right decision and that you showed them the best possible short sale home for sale at that time.Be honest: do not say it is the best deal in Lee County or whatever County you are in.This cannot be true. Tell them that it is one of the best deals in that area. But, to say that, you better believe it.If they have dogs/cats do not rattle the furry family member. It is fine to show that you are an animal lover, but this animal is not yours and you are in their home.
Last: if its not a cash deal sit them down before your first showing and have them either pre-qualified and once you have the offer, have your mortgage lender or their lender lock the interest rate for 45 days if possible.That means suggest a lender who has some Short Sale experience.
Good hunting!
LLoyd Nichols
Right Choice Realty LLC
6360 Presidential Court, Suite 4
Fort Myers, FL 33919
cell: 239-810-2980
Fax: 239-463-4826
home office: 239-463-5217
Active Rain Blog: http://activerain.com/blogs/lloydn
Website: http://www.mlsouthwestfloridahomes.com/
Website Blog:http://ftmyershomesandgardens.blogspot.com/
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