Short Sale Experiences - from the trenches....

I spent the the better part of the last 2 weeks preparing, with my clients, a 57 page short sale offer! Overkill you say? Not at all. We looked at 18 homes that fit their search criteria. Only one was a short sale. Guess which one they liked? I had educated them on the process from the first day we'd met though they, like most Buyers today, had done a terrific amount of homework. The first challenge was just getting inside. The home is tenant occupied. Multi-tenant occupied! Dis-sheveled, dirty, overgrown and sad. The home, not the tenants. We finally gained entry and found sleeping bodies in every room.

Undaunted after the first look, they liked it enough to brave a second visit.  It was at this point that we started to get to know the tenants, one by one, and found them charming and kind and certainly useful in gaining information about the home that only someone in residence could know.

The second visit reinforced my buyer's first impression.  This was a home they could work with, in an exceptional neighborhood with excellent local schools.  Was the next step writing the offer?  No.  The next step was a Home Inspection.  My best advice was to look beneath the surface, really explore the condition and then make an offer, or not,  based on real facts that would support their offer's purchase price.

An important note here.  The home had a bank approval from a submission earlier of another offer.  It took so long for the wheels to churn however, that the initial buyer gave up!  This was what we used as our guide and this is certainly key to the short sale process moving slighty quicker.  I hope.

Back to the 57 pages now.  Armed with the knowledge of the inital approval, a comprehensive home inspection with accompanying pictures and a complete pre-approval with supporting documentation we submitted an offer at 5% less than what had previously been approved.

The listing agent has forwarded all this data to the bank and we are collectively holding our breath!

Stay tuned.

 

By: debsimon | In: Short Sale Perspective.... | Comments: 0 | On: 08/17/2009 12:18:07

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