Short sales from the buyer side Phoenix area short sales
Sunday, February 21, 2010
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There are some "must dos" when working the buyer side of a transaction.
Here are a few helpful tips from my own experience.
Make several offers on different properties. (Unless you find "THE HOME") just keep in mind that short sales are not "done deals" for 3-6 months of very stressful waiting. These multiple offes can be pulled at any time up until acceptance. The downside is that if you make offers on 3 homes, but you like 1 much more than the others, there is a 66% chance you may get an answer on the other two first. It will then come down to a hard decision for the buyer to gamble on the outcome of the home they really like.
You may not have a choice, but find out if the Listing agent has any experience with short sales. Of course, make sure that your agent (buyer agent) does.
What position is my offer in? If your offer isn't in 1st position, you are making an offer hoping that the offers in front of you either cancel their offer or buy a different home and are no longer interested.
If you are offer number 1.. the single most important thing that your agent can do is pester the listing agent to have his sellers sign or execute the offer. When the contract is executed, and other offer shall be treated as a back up only, never to be presented to the bank unless the primary offer is declined or canceled.
If you get a signed or executed offer, the least that the listing agent could do is put a note on the listing that any further offers will be back up offers only. The truly correct thing he/she should do is to change the listing's status from ACTIVE to AWC.
There are more tips for dealing with Arizona short sales, but these are some great starter tips. Considering 1/2 the homes for sale on the market are either bank owned or short sales, most of the time one or more are in the list to view. Short sales can be a great value to those folks that have time and patience to wait Posted by Brian on 10:45 PM • (0) Comments • (0) Trackbacks • Permalink • Email This Post
