The Short Sale Seller Does Not Have To Sign Your Offer

By
Real Estate Agent with RE/MAX Executive

I'm working with an investor client who is purchasing condos/townhomes as investment properties and to fix up and re-sell.  Yes, we are in that market again!  

Currently we are submitting an offer on a short sale townhome in Severn, Maryland near Ft. Meade in a nice neighborhood where many military families live and it's one of the areas that is very popular for those who are only going to be in the area for 2 years and are looking to rent in a nice neighborhood.  

We went over homes that have sold recently, a foreclosure, a couple of short sales and a couple regular sales and my client decided to write a really low offer.  The asking price is already on the low side but why not put in an offer lower than we think the bank will accept and see what they counter with, right?  That's what we normally do with our buyer clients.

As he is signing the offer paperwork he says, "The seller has to sign this right?"  He was surprised when my answer was "No."  

Many Realtors are unaware of this as well.  A short sale offer is treated just like any other offer and the goal of the seller and seller's Realtor is to get a good, strong offer that the bank is likely to approve and hopefully a patient buyer.  With a short sale, the earnest money deposit also has to be deposited in your broker's escrow account just as it would be with any other sale.

The first step in the offer acceptance is for the seller to decide if they want to accept the offer as it is written or if they want to counter it.  If they accept it, they sign the offer and then sent it to the bank or mortgage holder(s) for third party approval.  The 3rd party approval is a "contingency" like any other contingency - home inspection, financing, etc.  

If you're looking to take advantage of a lower-than-market deal on a home that may need a little work where you can get built-in-equity with a little elbow grease, hook up with a Realtor who is experienced with short sales so they can discuss and explain the various differences between a regular sale and a short sale or other distressed property.  In the current market all around Maryland, you can still get some great short-sale deals!

 

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To list your property for sale or to purchase a property in Anne Arundel or Howard Counties as well as parts of Prince George’s, Calvert, and Montgomery Counties, call Lisa & David Webber, Licensed Realtors® at 410-320-0242.  For more information on our services, please visit our profile or our website

To view all the homes available for sale in Maryland, click here for your FREE ListingBook account and search like a Realtor does. 

 

 

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************************************************************************************* 

To list your property for sale or to purchase a property in Anne Arundel or Howard Counties as well as parts of Prince George’s, Calvert, and Montgomery Counties, call Lisa & David Webber, Licensed Realtors® at 410-320-0242.  For more information on our services, please visit our profile or our website.  Find us on google+, and twitter.

To view all the homes available for sale in Maryland, click here for your FREE ListingBook account and search like a Realtor does.

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