"If my Seller Accepts Your Offer...It Will be A Short Sale...We can't Do That...." Twice in the last week, we wrote offers on properties...as buyer's agents....based on actual comps...not with offers picked from thin air. Clearly in both cases looking at the property history, the "investor" had put in more than they could get out. The agents in both cases...to get the listing, did the all too well known, "Buy the listing math."
ǝɔıɹd ʇsıl = "ʇıɟoɹd"+sʇsoɔ+uoıssıɯɯoɔ + ǝɔuɐlɐq ǝƃɐƃʇɹoɯ
Sooo...Mr./Ms Lister...you would like the buyer(s) to pay more than the appraised price of the property for which they cannot get a mortgage....so now you are looking for a cash buyer that does not want an appraisal....did you ethically, morally, professionally, explain that to your seller ?
Have you ever DONE a Short Sale ?
I didn't think so....
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Been there, done that and it really is amazing to me. I was working with one couple who were looking for a home in the states (they live in the Bahamas) and ths same thing happened to us on three contracts!
Welcome to my world. Yes our MLS is full of frustrated sellers who are waiting for a "uninformed cash buyer" that does NOT want an appraisal. We just usually pass over as these folks are 100 to 200k underwater after a talk with the listing agent who bought the listing. Short sales will be with this area for a lonnnnnnnng time. The agents who do this are doing a complete disservice to the clients and the industry. Wrong Wrong Wrong!
Which is, of course, one of the many sad facts about our real estate market. Too many home priced too high to apprais. Too many owners that don't understand how appraisals work. Too many agents who clutter the MLS with properties that cannot possibly sell.
Sad, sad.
Only two this week? Don't things come in threes?
We all believe to some extent what we want to believe....in the end....as it should have been in the beginning, the truth forces sellers to accept the realties of the market.