Short sale with two loans gets multiple offers....not unusual?

By
Real Estate Agent with Alain Pinel BRE 01367196

This short sale property went on the MLS Saturday. Open house on Sunday. by Monday, we had 5 offers. Wednesday, 7. Friday, 9. And we continued to receive calls inquiring about writing offers.

 

 

Multiple offers

By the following Sunday, and after reviewing the matrix that shows the various terms and conditions of the multiple offers, the sellers countered four. Two of the counter offers came back, and countered at higher prices at almost $100,000 over list price --- and they were only $1,000 apart!

The sellers are overjoyed. And so am I. The offers are over what they paid for it in 2004, and they are 95% of balances owed (when sellers refinanced, with two loans). This bodes well for getting the short sale approved and accepted.

Things seem to be working out. The buyers and their agents are all well-versed with short sales and know what to expect (and for how long).

Keeping my fingers crossed that everything works out.

Key factors that I think helped tremendously in marketing this property:

  • LOCATION, LOCATION, LOCATION - in the most desirable east end of Alameda
  • Aggressive list price at below market
  • Property was thoroughly cleaned --- looked good, smelled good
  • Property was staged --- even minimally, it evoked a warm and fuzzy feeling
  • Pictures --- lots of it
  • Tour --- VisualTour and YouTube. Prospective buyers said they were attracted enough to want to see it
  • Featured tour as well as showcased on REALTOR.com that in turn was picked up by the other sites
  • Posted on various sites of the internet: Trulia, Zillow, Craigslist, personal and company website, ActiveRain --- to get massive internet exposure
  • Open house --- massive turnout
  • Ability for sellers to sign electronically via DocuSign (extremely helpful to get the parties together since the sellers are in two separate states and time zones)
  • Third-party short sale negotiator such as Short Sale Advantage -- buyers like the idea of professionals handling the negotiation with the short sale lenders

Keeping my fingers crossed that this short sale goes smoothly.

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
California Alameda County Alameda East End
Groups:
California Loan Modifications, Short Sales, & REOs
California Short Sales, REO's, and Foreclosures
Club Chaos
Diary of a Realtor
Short Sales Specialists
Tags:
alameda ca short sale
short sale advantage
alameda home for sale
alameda realtor
alameda short sale specialist

Comments 1 New Comment

Rainer
33,048
Robert Solomon/Broker/Owner
I Net Realty Group, Inc.

Wow, sounds like eveyone in town was just waiting for that property to come on the market. Good luck and find more just like it.

September 01, 2009 01:44 PM
Rainmaker
657,337

Pacita Dimacali

Alameda/Contra Costa Counties CA
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the car to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: