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Friday, March 30, 2012

Short Sale Advice–Don’t Say “Yes” to a Weak Offer

I have experienced short sale situations where the seller just signs off on an obviously weak offer because they wanted to “let the lender decide.”  In every situation I was working with the buyer side and fully expected a counteroffer from the seller.  But they deferred.

Why? 

I do not understand this reasoning as it is obviously in the short sale seller’s best interest to get the most money for their house as possible.

By its definition "short sale" implies there will be a difference between selling price and monies owed.

If a short sale is approved the lender is going to decide what options are available for dealing with the difference.

Minimize the deficiency.
  1. Stage and prepare to sell your home as if you will be "banking" the difference.
  2. Negotiate the offer as if you will be "banking" the difference.
Because, depending on the difference, you may be "banking" the difference in the way of a personal note to the bank in exchange for an approval.

A short sale is not a get out of jail free card with no obligations on the part of a seller.

If you live in Brevard County, Florida and circumstances require you to consider a short sale, lets talk and see if I can assist you in any way.






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