Only Accept the Perfect Offer

By
Real Estate Agent with Keller Williams

As I read and talk to my fellow agents I hear many horror stories about how the Buyer was able to throw a monkey wrench into the Short Sale proceedings.

Well, there are certain things a Listing agent can and should do to prevent from the deal falling apart at the last minute or after several weeks of negotiating an Approval Letter with the Lender.

First, don't settle for a mediocre offer. If you and your client don't believe the offer is sufficient then by all means give the Buyers a counteroffer and explain the situation. Make the counteroffer in person so you can sit with the Buyer and their agent to explain the process and the reasoning for the counteroffer. Avoid letting the Buyers agent deliver your message...Can we say, "Lost in Translation."

Second, don't settle for an offer without a deposit. If there is no deposit there is a higher likelihood that the Buyer will walk. It can also help you gauge if the Buyer and their agent is just shopping around for the first property to be approved. A deposit must be made at the time of Seller acceptance and be made to the Sellers title company of choice.

Third, make all offers or contracts contingent on the Seller getting at least 90 days to negotiate with the Lender (each agent should require an adequate time frame for their area) and gain an Approval Letter. If the Buyer does not agree, or thinks it is too much time, what do you think they'll do 30 or 45 days into the negotiations.

These simple steps should be the cornerstone of your accepted offer, anything less is just putting you and your client in a losing proposition. I know, some of you will say, "What if the Buyer walks away?"

Would you rather have the Buyer walk away at the beginning or at the end?

 

Posted by

Sidney Jimenez, CDPE

www.RoadtoForeclosureRelief.com

www.SidneyJimenez.com

Contact Me: 954-665-9449

Or Send Me an Email to Go Over Your Foreclosure Relief Options: Info@SidneyJimenez.com

Sidney Jimenez is a Certified Distressed Property Expert and can help you with all your options to avoid a Foreclosure in Pembroke Pines, Miramar, Coral Springs, Margate, Davie, Weston, Southwest Ranches and the neighboring cities in South Florida. You can count on Sidney’s expertise to handle your Short Sale, he’s “Delivering Winning Results”

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Show All Comments
Rainmaker
230,740
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial 928-201-4242 - Fort Mohave, AZ
928-201-4BHC (4242) call/text

With ANY transaction, the more it's carved in at the beginning, the more likely it will close at the end.

It's the loose ends that'll kill ya . . .  :)

September 01, 2009 01:35 PM #1
Rainmaker
713,559
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

All good ways to keep a short sale buyer around or at least guage if they are "the one" for a house.  Most buyers dont want to be tied down 90 days though.

September 01, 2009 01:36 PM #2
Rainer
33,048
Robert Solomon/Broker/Owner
I Net Realty Group, Inc. - Hudson, FL

I must say that I think this is a very good post, I like the info on the third way to make an offer work since most contracts only give you couple of days at the most to get an answer back on a short sale your deal is over before it has begun.

September 01, 2009 01:38 PM #3
Rainmaker
509,724
Lisa Wetzel
RE/MAX Realty Affiliates - Carson City, NV
CDPE, SFR carsonvalleyland.com

Walking at the beginning is always preferable to walking at the end!   Not walking is very preferable to walking!  There is a lot of work in processing a short sale and, having been on both sides, I can appreciate the pros and cons of both!

I liked your post!  Thanks and Good Luck!

September 13, 2009 06:07 PM #4
Anonymous
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Rainer
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Sidney Jimenez

CDPE, Short Sale Expert, 954-665-9449,
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