I've had MY way of doing short sales for the past 7 years. I think my way works, but I am always open to new ways of doing things, and new opinions.
Recently, I've had a couple agents (and an attorney) suggest a 'way' that I feel is not in the Seller's best interest.
I have almost always felt that the Seller should negotiate the best possible deal on a short sale offer before submitting it to the bank. Get that price as high as possible and even reject offers that we think have no basis in reality or no chance of bank acceptance.
However, it appears that other agents feel the Seller should submit any offer because it is the bank that really decides what price to accept. "Just go ahead and submit the offer. Let the bank decide what they want to do". I've had agents tell me that I am not acting in good faith by negotiating the offers upfront. "It would show the bank that you are trying harder if you just submit all offers 'as-is' and they will be more likely to work with you", they tell me.
I have a big problem with that on many levels. What do you think?
Tags:
Drew - keep doing it your way as it is the right way - I have always listed any short sale at FMV and negotiate to the highest amount I can get for the seller, besides, the lienholder is going to order an appraisal so why waste anyone's time with a lowball offer? Most banks are looking to net 90% of their appraised value.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.