Some buyers think that since it is a buyer's market, then they can make any crazy demand of a seller. And they can't understand when the seller isn't excited by their low ball offer.
Here is an example of a recent story where this happened: A buyer makes an offer on a short sale.
If you are a short sale seller, then they agent representing you should ask for a better offer. You need the buyer to have a little skin in the game. If not, then you dramatically reduce the odds of successfully short selling your property.
Here is an example of a recent story where this happened: A buyer makes an offer on a short sale.
- The buyer puts no money in deposit for the home. In other words, they have about zero risk. (Meanwhile the seller is still risking foreclosure.)
- They are putting $150,000 down on the property but won't bother putting any more than $1,000 in escrow and only after the short sale is approved.
- They are only allowing 30 days for short sale approval. (Most short sales take an absolute minimum of 60 days to be approved.)
- They are demanding the seller take the property off the market and not accept backup offers.
If you are a short sale seller, then they agent representing you should ask for a better offer. You need the buyer to have a little skin in the game. If not, then you dramatically reduce the odds of successfully short selling your property.
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