WHY are you submiiting so many Offers to the Bank for a SHORT SALE?

By
Real Estate Agent with Godzyk Real Estate Services

There is quite a battle going on for an answer to the question "Should more than one offer be sent to the Sellers Bank for Approval on a SHORT SALE." The key point many are missing is the sale is not between the bank and a buyer but the buyer and the current home owner who needs thier banks approval to sell for less than they owe.

The Home Owner and their EXPERIENCED SHORT SALE AGENT should look over all overs and not just choose the best price but the one with the best terms. An offer saddled with lots of contingincies and a higher price has a substantially lower chance of being approved than an offer without a home inspection or other contingincies.

The best offer should be submitted... not all of them, Submitting more than one offer often results in rejection.





CONCLUSION: As a Leading Listing Agent here in New Hampshire, I strive to offer my clients the best in personal and Professional service. Whether you are the seller, the buyer or another agent it is my goal to be the most helpful agent i can be. Treating Buyers and Other Agents with respect (Like i would want to be treated) is the only way to lead ones life and business. It keeps buyers and agents coming back as well as gets my listings sold quickly and at the best price obtainable.

In a Short Sale you often only have 1 chance to sell it correctly. Making a bad choice on who you list it with or waiting too long if the foreclsoure process has started can kill a short sale quickly. CALL ME FIRST for RESULTS!!!

                                AVOID OUT OF STATE AGENTS AND NEGIOTIATORS!!!!!!!!

Please call for a FREE MARKET ANALYSIS to let you know what the value of your home is.

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.

Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!

We stand by you through every step in selling your home.

PLEASE SEE MY "SPOT LIGHT" Series for differnt neighborhoods in NH

1.
Spotlight on FOX HOLLOW CONDOMINIUMS in Manchester NH
2. Spotlight on ROSECLIFF in Manchester NH
3. Spotlight on ROSEGATE FARM in Manchester NH
4. Spotlight on NEWTONS MEADOW Condominiums in Manchester NH
5. Spotlight on EAST MEADOW Condominiums in Manchester NH
6. Spotlight on SunView Condominiums in Derry NH
7. Spotlight on the Trolley Crossing Neighborhood in MANCHESTER NH
8. Spotlight for STONE TERRACE CONDOMINIUMS in Manchester NH

PLEASE SEE MY "TOP" TIPS FOR BUYING A HOME

PLEASE SEE MY "TOP" TIPS FOR SELLING A HOME

SUPPORT LOCAL BUSINESS!!!

ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...

If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.

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Show All Comments
Rainmaker
2,027,362
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"New Franklin MA Homes"

Good morning, Scott.... good advice as always for short sale agents who have received multiple offers on a short sale listing....

Jul 09, 2012 05:16 AM #1
Rainmaker
1,103,438
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Thank You for the comment Barbara, with multiplke offers on most new listings within days, it is important to know how to handle them on a short sale.

Jul 09, 2012 05:23 AM #2
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John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

Good morning Scott -

If I know there is multi offers I suggest my buyers go with their highest and best.  Then I try to prepare them for the wait.  Always a tough situation.  Suggested.

Have a productive week.

Jul 09, 2012 07:20 AM #3
Rainmaker
1,103,438
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Thank You for the comment and the SUGGEST John

Jul 09, 2012 08:09 AM #4
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Scott - The seller is not the bank - that's not exactly a minor point you raise here. And getting the right offer to the bank for approval is just one of the many points of expertise an agent needs to provide to the transaction.

Jul 09, 2012 08:16 AM #5
Rainmaker
1,103,438
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Dick thanks for seeing my key point, it some how gets over looked with some. Having an agent who is well experienced in short sales is a must for success.

Jul 09, 2012 09:12 AM #6
Rainmaker
801,336
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales a

Maybe by submitting multiple offers Scott, an agent feels like they don't need to make any decisions, just let the bank deal with the issues.

Jul 09, 2012 09:41 AM #7
Rainmaker
1,103,438
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

AL that is the quickest way to a rejection, the bank doesnt want to make any more decisions than they need to. The banks decision is how much will they net and are there any contingincies that could kill the short sale if the bank did accept.

Jul 09, 2012 09:45 AM #8
Rainmaker
2,005,287
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Very good advice.  It is difficult to understand why so many agents are not familiar with the short sale process.

Have an outstanding week with your camera in hand.

Jul 09, 2012 11:11 AM #9
Rainmaker
1,103,438
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Thank You for the comment Roy, many have geard, but not many have experience completing one. the problem is short sales require alot of time, patience and knowledge that on the job training or trial and error often lead to a rejection of the short sale and foreclosure for the owner, so an experienced agent is a MUST.

Jul 09, 2012 11:15 AM #10
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

I've never understood submitting multiple offers on a short sale.  Though I did have a lender once who asked me to send them all unsigned by the owner so they could review.  They selected one and then the short sale was never approved. 

Jul 09, 2012 07:15 PM #11
Rainmaker
219,617
Mike Rigley
Real Estate Specialist - Keller Williams Realty - Sacramento, CA
Your go to Real Estate Specialist

Great post Scott. All too often we have agents involved in short sales who never should be. What many do not realize is that if you fail in a short sale the chances are strong you will financially devastate that family for years to come.

Jul 10, 2012 06:26 AM #12
Rainmaker
1,103,438
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Cindy it is a recipe for failure, the banks cant take care of the minimum nevrmond ask them to be judge and jury to pick offers. 

Jul 10, 2012 06:33 AM #13
Rainmaker
1,103,438
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

MIKE most home owners and agents do not consider this which is unbelievable. Devestaion is correct... Choosing a well expereinced local and full time agent gives the home owner an advantage.

Jul 10, 2012 06:35 AM #14
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Karen Crowson
Alain Pinel Realtors, Pleasanton, CA - Livermore, CA
Livermore Wine Country Homes
The point too many ignore is that the only offer a bank should work with is the one the seller signed. If they've signed them all, there is your proof that the agent is inexperienced.
Jul 12, 2012 06:07 AM #15
Rainmaker
337,925
John Juarez
Prudential California Realty - Fremont, CA
CDPE, ePRO, SRES, GRI, PMN

Banks have enough trouble in processing the best offer that they get. If they get more than one offer, it will only confuse the issue – and confuse the short sale lender – and lead to longer processing time.

If the agent cannot determine the best offer to submit, how would that agent figure out how to advise any client on any transaction about which offer is best in a multiple offer situation?

Jul 12, 2012 09:22 AM #16
Rainer
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Ric Mills
Keller Williams Southern Az - Tucson, AZ
Integrity, Honesty, and Vast Real Estate Knowledge

As a Short Sale Agent, you can only send One "accepted" offer to the Bank to approve.  You can, if asked and approved by seller, let the Bank know that there are backup offers.  The Seller can only sell the home to one buyer , you and the seller must decide which offer is the best one.

Jul 13, 2012 03:15 PM #17
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