I get calls daily on my Short Sale listings from agents who think I send multiple signed or unsigned offers to the Short Sale lender with equal position. That is- like an auction. Well, I don't. Per my MLS board approval, I leave listings active with the comment: "Contingency contract, bring your back-up offer". That means, an offer with a clause stating it will go into effect only if the primary offer is withdrawn or otherwise cancelled. Most agents in my area don't operate that way. I get resistance to my method with frequent comments, "That's not how it's done." "We don't do it that way!". But it works, and I'll tell you why.
First, I carefully screen buyers under consideration from my Short Sale seller who have presented an offer. I ask their agent:
"Is the buyer willing to wait 120 days to close?"
"Does the buyer have the means and interest to make any necessary pre-closing repairs?"
"Does the buyer realize the bank may make a counteroffer depending on the appraisal, and if so, is the buyer interested enough to possibly increase his offer or better his terms at that point?"
The answer must be "Yes" to each question for me to recommend that my seller proceed.
Second, if the offer price is not within a realistic range of market value, I encourage my seller to counteroffer. Why? We don't want to waste time dedicated to an unrealistic contract that ties up the property.
Thus, if the buyer meets those qualifications of intent, means, desire, and realistic pricing, there is a strong chance the offer will be approved. I have already pre-qualified my seller as to hardship and financial circumstance. I have found a high success rate with this method. Give it a try.
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Short Sales: "One" Strong Contract = Success* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.