SHORT SALE – Accepting a Short Sale Offer

SHORT SALE – Accepting a Short Sale Offer

When a buyer does make an offer on your short sale listing, you need to be careful not to accept one that is too low. Many buyers/investors like to low ball distressed properties. The problem with that strategy is your lender won’t accept the offer if it is too low even if you do.

Hire a Short Sale Realtor

A good experienced short sale real estate agent will discourage buyers from making low ball offers as they know your lender won’t waste their time looking at them. If your home is priced at or slightly below market value, then you should not accept any offers that are too far away from the list price because your lender won’t consider them. Your Realtor will counter offers that are within the ball park range, and probably advise you to ignore the ones that are too low. The lender will be looking at the same comparable sales as your Realtor provided to you, and ordering BPO (broker price opinions) from local Realtors before they accept your buyer’s offer. It is a complete waste of everyone’s time, especially yours, if you don’t get an offer close to your asking price, if not full price.

Lenders Won’t Consider Low Ball Offers

Lenders won’t even counter a low offer, and then you may have wasted valuable time trying to negotiate a short sale that has no chance of getting accepted by your lender. This could jeopardize your opportunity to sell your home, and you could end up losing it as a result of going with the wrong buyer. If your lender has started foreclosure proceedings, you don’t have time to waste working with the wrong buyer.

Choose Offers From Qualified and Serious Buyers

Also make sure the buyer is qualified. A cash offer is preferable for a short sale because this way you know the buyer can close the transaction. Waiting for someone to get a mortgage is iffy in this tight mortgage market. Generally, once your lender accepts the offer and agrees to the short sale, they want your buyer to close immediately. A cash buyer is able to do this.

You also want to make sure your buyer understands the short sale process and is willing to wait 2 or 4 months for an answer. Your short sale real estate agent should be able to explain the entire process to the buyer and keep them informed of the status on a regular monthly basis so they don’t get discouraged and cancel. This happens all too often, 2 to 3 months down the line, the buyer gets tired of waiting, and finds another opportunity, leaving the seller hanging without a buyer. We have found this all comes down to communication, our short sale negotiator is great at keeping all parties up to date on the process.

If your lender approves the short sale and your buyer walks away, the only good thing is the next buyer will know for certain what price the lender is willing accept. At that point, the process should be a shorter one. We have been very successful at postponing the foreclosure when we get an offer into the bank in a timely manner. If we loose the buyer, we secure another offer before informing the bank, thus no foreclosure.

Our Team

The Cameron Team has a proven track record of closing short sales in the Phoenix, Scottsdale and surrounding communities of McDowell Mountain Ranch, DC Ranch, Silverleaf, Grayhawk, Wind Gate Ranch, Ironwood Village, Desert Ridge, Desert Highlands, Troon, Rio Verde, Dove Valley Ranch, Tatum Highlands, Tatum Ranch and the surrounding developments. We are experienced with selling short sales, and have established relationships with lender loss mitigation departments.

Our goal is to save your home from foreclosure. Before we consider a Short Sale, we always look at the alternative to keep you in the home and stop the foreclosure, such as: loan modification, forbearance or short refinance.
Of course, we make money selling your home, but it is more important for us to put your needs first. Want to help you find the best solution for your financial needs. One less foreclosure on the market is a victory for everyone.

For FREE confidential information about ones options to a Foreclosure go to:
www.NoForeclosureAZ.com