Buyer's that offer cash on short sales and think that it's a bargaining tool, that they can "close quickly", are not informed as to what the short sale process really entails! In fact if a buyer has the attitude, "Accept My Cash-Quick-Close-Offer, Or Else", it can make the seller's agent refuse the offer as they want a buyer who is going to wait and be patient for the property to go through the short sale process. Bank negotiates are not going to move any more quickly for a short sale but many buyers still want to try this tactic.
Negotiating is all about who has the power and in a short sale neither the seller or the buyer has the power. The bank negotiate has all of the power, the power to approve the short sale or foreclose on the buyer! The seller, who is on title, signs the offer for a short sale, but all short sales are "Subject To", bank approval. It's a waiting game and banks are not willing to take a sales amount that is less than, "Appraised Value", even on a cash offer that can "Close Quickly"!
Banks will have their own real estate professionals perform a Broker Price Opinion, based on recent sold comparables and they will only negotiate if the buyer comes up with repairs, actual cost estimates that can be deduced from the Broker Price Opinion, value.
It's not the negotiating skills of the buyer's agent that will help a short sale offer get accepted, because the bank is looking only at their bottom line, and if they don't get it they will simply foreclose on the seller and the home will become a Bank Owned Home!
Contact me via the methods below for information about Riverside CountyInvestment homes! SEE MORE OF MY RECENT POSTS! Broker of Record- DRE 01109492 Click Here for disclosure of non affiliation!
Southwest Real Estate, Inc.
Telephone: 866 621-0155
Contact me via the methods below for information about
Riverside CountyInvestment homes!
SEE MORE OF MY RECENT POSTS!
Broker of Record- DRE 01109492
Click Here for disclosure of non affiliation!