Robbyn Battles……….. Everything Real Estate

So you hear that the banks want to speed things up and they want to negotiate and so short sales efficiently nut is this really true? Well from experience I can tell you the success of any short sale is not the ban it is the person they hire to negotiate the short sale, simply called the negotiator. Some are very good while others even with an automated system telling them everything to do just can’t seem to get it done. I have one right now and the negotiator has asked for the same HUD, estimated sellers net 5 times. Now really how does one lose the same thing 5 times, not even a two year old can do that!

When a short goes right the deal should be done easily in 45 days. Yes this has happened as long as everyone provides all requested documents when asked. What I have buyers ask me is why would their offer if accepted by the seller be countered. Buyer need to remember it is the lender that must agree to take the loss not the seller. When buyers see a house listed $300,000 under market value this is typically a ploy to get a buyer so that the process can get started with the bank. The bank is then going to send out an appraiser to evaluate the property and determine if the offer submitted is fair or below market value. If the value is significantly higher than what was submitted the bank will counter the price. IN essence the seller has little control over what the property will ultimately sell for. Another thing banks will only look at one offer at a time so when an agent says we are collecting offers, I always ask why? Banks will only negotiate one offer at a time. SO if an offer is submitted to the bank as a buyer you will have to wait for that offer to be rejects or for the buyer to back out.

Short sales can be a long subject I’ll post more at a later date.