Taking Control of the Short Sale Transaction.

You talkin to me?Hi folks. Having success with Short Sales requires being in charge of the situation from the get go. Buyers and their agents MUST have realistic expectations about Short Sales or………..well just read this.

I have attached the counter offer from the Seller. Only the pages with changes have been included. If the Buyer is agreeable have her initial the changes and then I will send the entire contract to the Seller for signatures and initials.

This is a Short Sale. It will require MINIMUM 60-90 days to get closed. If the Buyer is not prepared to wait this long then this property will not work for her. We will require the deposit to be placed once the contract is signed by the Buyer and the Seller. Once under contract the Buyer cannot just walk away. If they do the deposit will be forfeited to the Seller.

The purchase price has to be a price I can justify to the bank or we are all wasting our time. Recent sales place the value of this property in the $240-$250 range. Therefore the counter offer of $239,000 is firm. This is a very good price for this home.

If the Buyer is agreeable to these terms then the Seller and I will do everything we can to get the lender to agree to the Short Sale. The property will go into pending status and we will provide the lender with all the documentation they need to have this Short Sale approved in a timely manner.

Please let me know within 48 hours your Buyer’s decision. I’m looking forward to working with you to achieve a successful closing.

If they agree chances of the Buyer lasting through the Short Sale process are very very good. If they don’t……..NEXT!!

Want to learn more? Our next Short Sale Basics webinar is Saturday, July 18, at 11:00 Eastern. All five sessions will be available on MP3 if you cannot attend live or miss any. Session 3 we will be covering the short sale listing, price reductions (one of my favorite subjects) and more. See you then!

 

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