So you give me a low offer on my short sale – just play ball
Playing Roulette or really doing a short sale?
and it is not such a bad thing. As a North Kingstown short sale Real Estate Agent, I want to know what the bank and its investors will take as a sale price on my client’s property. What is the point with listing a short sale property in RI real estate at a price that makes the home languish in the wind (market)? Is not time money and future for my client?
As the short sale Real Estate Agent, I need to know the acceptable bargaining price for the seller’s home.I am totally amazed when I see a home on the market at a high price for months and not generate a first offer that leads to a sales agreement to get a short sale moving. Unfortunately, many homeowners are not being served well in their client-Real Estate Agent relationship when this is done. Instead they move closer to foreclosure and do not even know it.
It has been my North Kingstown short sale Real Estate Agent experience to price a short sale home slightly below the market price for the home.
The first offer from a buyer usually comes in below the listed sales price for the short sale. But it is an offer and with the purchase and sales agreement it gets the process going with the bank. The bank will respond to that offer and usually counter offer the buyer. I will know, as the North Kingstown short sale Real Estate Agent, what the bank and investors must get for that house to move towards the closing table. This is why clients hire me – they want to come to that mutually accepted sales price to work for the buyer, the bank/investors and the seller.
The offer from the first buyer may not be the one that stays with the the short sale– the buyer may not like the bank’s counter offer and move on. But believe me that I have the next buyer ready to step in whenever I can to keep the short sale together. It has to be at the price the investors want. This is the key here that some listing agents do not understand yet. We do not get to set the final sales price and yet it is the goal to get the home sold for that short sale seller. It may be the second or third buyer that takes the brass ring and moves the sale to closing.
So it is that first buyer’s offer with earnest money that sets the bank in motion to make the call on the price that they will take – it is the brass ring for my seller. Somewhat…no promises that this may be all of it for there may be a seller’s contribution at closing or a promissory note to the bank for a designated amount to be repaid. Yet, no foreclosure happens for the seller.
This is why we like that first offer on a short sale. Just give me an offer on my short sale- just play ball.
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Ginny Lacey Gorman is your go to agent for homes for sale in North Kingstown RI and beyond…knowing the geographic area, schools, happenings,important tidbits of local information and businesses well.
Waterfront, oceanfront and coastal RI homes for sale are her specialty. If you are looking for someone to guide you through the short sale process, she is a licensed agent who sells RI homes in this real estate market, just call Ginny at 401.529.784
It is so important for Sellers to realize how important short sale experience is when they are in the difficult position of having to sell their home as a short sale. It is not an easy transaction under the best of circumstances and the wrong agent can make it a nightmare – or worse yet, speed the homeowner on to foreclosure.