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Monday, July 02, 2012

Short Sales - Offers, Lender Counter Offers, Cash Buyers and Reality

The short sale process seems longer these days than in the past.

Could it be the lenders are making loan decisions in a more prudent manner than in the years leading up to the recent problems?

Or is it the decision makers are operating out of fear these days more so than logic.

I spoke to a real estate agent recently who had a seller receive a bank counter on a short sale.  

The irony of the counteroffer was it was about $12,000 more than the loan balance.

It is just a guess but I am thinking they were including attorney and real estate agent fees so as to cover all their costs and the only thing the seller gets is a ding on his credit for a short sale!

Now the reality is, in this market anyway, the property will not sell for the loan balance or the lender's counteroffer.

But it would be slick if this cash buyer fell for it.... He won't because his real estate agent knows the Brevard County, Florida housing market better than the lender.   Also, one of my general rules of life...if one saves enough money to buy a house or condo for cash, they are not dummies!

If you are considering selling your Brevard County, Florida, please give me a call or email me.

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