I have learnt from around the country that educating the buyer is essential, but I have found that very difficult with Realtors who have not really done many short sales. When we give instructions on how to successfully take part in a short sale, our instructions fall on deaf ears.
The buyers seem to know better. What is surprising is that the buyers push back on ideas because they hear from their families that short sales are very tough and unlikely to close. When the tragedy is that because they act this way, they are far more likely to fail.
So Buyers, when you are doing a transaction with Real Estate Guy team here is the way to do it so there is the absolute best chance of succeeding.
Answer 1, because you are getting a good deal on a home, below value, you like the home and if you are to invest time and money for your family, then don't you want it to be a success?
Answer 2, If you show commitment, we will not take any more offers so you know you will not be outbid.
1) Know short sales are uncertain. Do not undertake if your family need a place to live on a set date. (It doesn't matter how far out that date is) Be ready to wait for your dream home.
2) but please know that if you wait it out, under this system know you will succeed 80-90% of the time.
3) Be prepared to write an offer with an inspection upon acceptance. Yes this is a cost, but, if you find a problem we can adjust the price before approval.
4) Be prepared to have an appraisal. Not only will this prepare you for the approval but if there is an issue with value, it can be evidence to support the sale price.
5) Earnest money, non refundable for a specified time frame after inspection.
6) If you show us that you are in for the long haul, than we will guarantee you we will not take seek other offers. This means you understand and are committing to staying in the game.
7) Wait patiently, we know what needs to be done and sometime we can push it, others we can not.
8) Upon approval, you will need to be able to close in 30 days. (Another reason for the early financing.)
In summary, In an attempt to get a smoother sale that is more likely to close, we ask these things and in return, you get to close your home. Is there a risk? Yes, but there is in any short sale.
We had a case recently when the buyer was fighting us on everything, no inspection no appraisal till after acceptance. They did an inspection and found problems. Wanted to renegotiate with the bank bank foreclosed. Lost the home AND the inspection fee.
Example 2:
You wait for lien holder approval, do the inspection but can not get the appraisal in time to close in the 30 days. You lose the deal and the inspection and likely the appraisal.
So we ask you. If you are serious about one of our homes, follow the rules and we will give you the best chance of success.
Read our Short Sale page: About short sales Madison Wi
Watch out for more in the series including time frames for sale
If you would like a snapshot of homes sales in your neighborhood
RealEstateGuy has been a full time, full service Realtor since 1993. He is dedicated to helping people achieve their Real Estate Goals and dreams. In order to provide more specialized service, he created a team of hand picked specialists. Guy believes in constantly learning more, so regularly attends national seminars and trainings. Guy has been a top producer, leader in his office, a president of the Wisconsin chapter of CRS, and has spoken at the Realtor Conventions.
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