IL – Short sales often get multiple offers from different buyers. Which offer should you accept over the others?
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Most people would assume that you would automatically pick the offer with the highest price. However, this isn't always a good idea.
The offer with the highest price may have the shakiest financing. Most short sale lender issue a deadline when they approve a short sale. They state that their approval is only good for 30 days.
After 30 days, then they short sale has to be re-negotiated from scratch. That only causes the process to drag out another 2-6 months. So, you want to make sure the buyer's offer is strong and that their financing is approved.
In this case, a little lower price might be worth considering versus a higher price with an unqualified buyer. Another thing to consider is repairs. Some short sales need repairs before they can be financed.
Most loan programs are for homes in good condition. If your home needs repairs, then most of the buyers won't get approved for a loan until those repairs are completed. But, not every buyer has lots of cash on hand to make repairs.
Ask your agent for advice on which offer to accept. The offer with the highest price and best qualifications is the one you should pick. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.com
. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 338-0180
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here
Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Dennis Toomey.
Dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor:
Phone: (847) 338-0180. firstname.lastname@example.org
For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy!
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Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor.
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Dennis Toomey, RE/MAX Action, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Dennis's personal views and do not reflect the views of RE/MAX Action.
This information on Short Sales: What To Look For In A Buyer's Offer is provided as a courtesy to our viewers to help them make informed decisions.