Many sellers get offended over their offers and turn them away. After going thru many short sales we have actually found that lowball offers are not necessarily a bad thing. Let me explain why.
So you get the advantage of getting a good deal. Now, I am sure you are asking, “Why are short sales a bargain?”
After you accept the buyer’s offer you have to wait for your lender to approve the short sale. This process can take from thirty to ninety days.
That gives the buyers lots of time to sell themselves on the house. They drive their friends past it. They drive their parents past it.
“That is the house we are trying to buy”, they tell them. “That’s a nice house. I think you are making a great decision”, their friends and family tell them.
The short sale lender will order an appraisal of the house. They will come back and say that they will not accept a sales price much lower than the appraised value.
We tell the buyers that the short sale lender has ordered and appraisal. The appraisal came back at X, and the lender won’t allow the property to sell for less.
At that point most buyers agree to pay the price. We have seen buyers agree to pay 5-10% more than they had originally offered.
We feel that it is because they had time to “sell” themselves on the house. What do you think? Let me know by commenting below.
Thinking about a short sale? Visit Chicago’s short sale expert at www.ShortSaleSuperMan.com Learn how a short sale can get you out of debt and actually allow you to purchase sooner. I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Chicago loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Phil Buoscio.
Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:
Phone: (312) 953-6725. email@example.com.
View My homes for sale at www.BetterLivingRealty.com.
Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
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Phil Buoscio, Better Living Realty – Buoscio Brokerage, Inc., and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Phil’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..
This information on Chicago Short Sale Negotiation Tip: Don’t Get Insulted By Lowball Offers is provided as a courtesy to our viewers to help them make informed decisions.