Short Sales can be tough. Many buyers don't understand the process and think that since it is a buyer's market, then they set the rules. That's not the case.You as the seller sets the rules. After all, you still own the property. But more importantly, you must set the rules for offers. If you don't, then you dramatically reduce your odds of successfully short selling your property.
Here is what you should think about before you take your home off of the market.
These are what we have determined to be necessary for a successful short sale. If you don't have a serious buyer then you are wasting your time and your agent's time as well. Many buyers and their agents think that since a property is a short sale, then offers can be treated very casually. This only hurts the home sellers trying to avoid foreclosure when the buyers can't get a loan or back out after the inspection.
Here is what you should think about before you take your home off of the market.
- You should only accept and work with one offer at a time. If you accept more than one offer at a time, then the buyers get may get mad. The primary offer might get angry because you accepted a backup offer. In addition, multiple offers confuse everyone involved including the short sale lender.
- You should make sure the buyer can get financed for a loan. That means the buyer should give you genuine proof of that, whether a pre-approval or pre-qualification.
- We recommend that the buyer inspect the home before the sales contract is signed. If any unexpected problems come up (and they do), then you can adjust the offer price that is submitted to the short sale lender. This saves from having to negotiate the price again if a problem is found after the short sale is approved. Besides, the lender is more likely to accept a lower price if you send them a copy of the inspection.
- The buyer agrees to wait the necessary 60-90 days for an answer on the short sale. That time will depend on the lender. Some lenders are fast and some are slow.
- The buyer should put a reasonable deposit in escrow to keep them on board for the necessary time required for the short sale to be approved.
These are what we have determined to be necessary for a successful short sale. If you don't have a serious buyer then you are wasting your time and your agent's time as well. Many buyers and their agents think that since a property is a short sale, then offers can be treated very casually. This only hurts the home sellers trying to avoid foreclosure when the buyers can't get a loan or back out after the inspection.
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