How to deal with reluctant short sale sellers?
I am an investor and recently a property caught my eye.
A similar property in the same community I really like was available some time back but I walked away from that deal due title issues and mold issues.
This one is a bigger unit, an end unit, and at a lower listing price. I know, I know, short sale listing price means nothing.
I have asked my realtor to see that ASAP.
After two days of back and forth I still can't see the property.
The listing agent has informed my agent, that the seller is not cooperating, they were forced into a short sale situation and are in denial. So they "can't be home", "don't have extra keys", "need to clean house before showing", and dozens of other excuses. The listing agent has warned us this is going to be a "DIFFICULT" situation.
Any suggestions? As a buyer what should I do to get my foot in the door?
I am flexible on closing date, will be paying all cash, no contingency except for an inspection, and open to renting it back to them...should I convey that to them or this is showing too much eagerness and may cost me leverage in downstream negotiations?
Replies to This Discussion
-
Permalink Reply by Wayne Brooks on
-
Unless the sellers "see the light" that a short sale is going to be in their best interest, it will be tough, as their cooperation with filling out forms and providing documents in a timely manner will be required.
Also to analyze the potential for success, you will want to know how many mtg.s, any HOA arrears, other lien/judgements, and who the lenders are.
As to renting the property back to them, that is strictly prohibited 99.5% of the time and any knowledge of that by the lender will be cause for denying the short sale.
As to any negotiations down the line, they will be primarily with the lender, not the sellers.
-
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
-
You are the "Perfect Buyer" - BUT - not for this property. go find another one to buy. As said below, you will not be allowed to rent-back to the former owners with the majority of short sale lenders. If the listing agent is having this much difficulty, why isn't he/she dropping the listing? Maybe they are trying to get both sides - just sayin'
-
Permalink Reply by Robert Boerner on
-
Do you need to see the inside before submitting an offer? If you submit an offer, the listing agent is required to present it to the seller. Most purchase agreements allow a certain amount of time for inspections before the buyer becomes obligated to the purchase. Showing a short sale seller that you are eager is not a bad thing if they have any interest in completing the transaction.
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons