Are Short sales REALLY Nightmares??? Part 2
So, this is going to be another side of the Short Sale story…The happy buyer! I am talking about a great home in Heritage Farms Riverton, that was originally being sold for $540,000 but was now listed for $400,000. There were several offers placed on this home, one of the original ones came in about $50,000 below asking price. But, even those low ball offers can help out a seller, because you cannot submit a “short sale” package until you have an actual offer on the table. So, this lovely home had been on the market for over a year now, had several offers on it when a woman walks in and within just a few minutes…says ‘This is the home!”
She shared with me that she and her husband had been looking at tons of homes…all over the south end of the valley…and that THIS was the home that felt so RIGHT! I explained to her that there was already an offer on the “table” and that these first buyers had been patiently waiting for months and months, but these new buyers decided to put their “back-up” offer in too! To make a long, long story short…These new buyers not only got the home of their dreams that felt so right…but they also got closing costs paid by the bank as well. It is really quite rare to have banks pay closing costs for buyers, (but it does seem to be happening a little bit more frequently lately). To try to facilitate these buyers…as I was the listing agent as well as their buyers agent, I was calling most every evening from 6pm until 10pm to try to get hold of this “negotiator” and trying to get things to “move-along”!
Short Sales are such a frustrating process, because you have a motivated seller, you have a motivated buyer, you have 2 motivated Real Estate Agents and a bank that doesn’t “give a hoot” about anyone or any buyer or any seller or anything at all. It is often so “mind-boggling” that banks (lenders) take so long and lose buyers and lose great opportunities to sell the property to a buyer that wants and will take care of the home. We have been told that many banks have “negotiators” that have over 100 files (that means houses) to juggle! That is why we as Real Estate Agents try so hard to be the “squeaky wheel” that gets the grease…and why so many banks make it almost impossible to even speak to a real live negotiator (person).
So, this last buyer, the one that said “This is it!!” made a higher offer than the previous offer, and within a few short months was able to close on this home with closing costs being paid for them! A sweet deal and a sweet miracle! The seller was able to finally get a “huge gorilla” off their back…and the negotiator for the bank was able to move on to file number 99!
There is still so much more information on Short Sales that I will be sharing with you! Be sure to sign up for future posts…right there on the top right hand corner! There are good deals to be found in short sales…but remember the percentages…only about 15-17% of people making offers on short sales, actually end up with a short sale home! Most of them get so frustrated and sick and tired of the games and delays and lack of communication, and lack of progress, that they move on to a motivated buyer that is NOT in a short sale status and are able to move in to a great home in a month or less!