Should you accept one offer on a Cape Coral Short Sale, or multiple offers?
There is a debate among agent on how to handle their short sales. Some agents think you should accept only one offer on a short sale and then push that offer thru with the lender. Another group thinks an agent should keep soliciting offers until the lender approves one.
There are pros and cons for each group’s idea. I personally think that a middle ground is best. If you submit multiple offers, then the short sale negotiator may get confused. Most short sale negotiators have 50 – 100 files on their desk. You try keeping track of all that data!
This is why we only present one offer to the lender at a time. However, we always like to solicit back-up offers. Once the BPO is completed, we know what the lender is looking for. At that point, we can adjust the MLS price to that number.
We can also tell buyers that their offers will be processed much faster. This causes us more buyers to make an offer. If the lender turns down the initial offer, then we have much better information to work with. We can tell buyers what price they need to make an offer, the terms, and how long it will take for them to get an answer.
The next offer will have a much better chance of success. This causes you, the short sale seller, to increase your odds of a successful short sale. After all, you are much more likely to get the debt completely forgiven with the short sale, versus a foreclosure.
It also helps you salvage your credit. That is why I get so frustrated when I see short sale lenders reject offers only to sell the property for much less as a foreclosure. In that case, the homeowner is liable for a bigger deficiency judgment. In addition, they suffer more damage to their credit.
If you are considering a short sale, then you can call me (239) 560-3149. When you call, I will explain how the process works in detail and answer any questions you may have.
Thanks for reading this, If you or anyone you know is in need of real estate advice, please do not hesitate to contact me.
Donna Bishop Realtor call me; 239-560-3149 or email me; firstname.lastname@example.org