Finding an end buyer has become more difficult in the current market, therefore I have couple of questions. Wen you work out a short sale with the bank, they usually give you 30 days to close, so how can I buy myself more time. Also, if I don’t have the money to make up the back payments for the homeowner and therefore take over the mortgage, sub2 maybe, do I have any other choices. Last, how are you guys getting your short sale deals closed these days. Thank you in advance for the help.
Having a buyer lined up to purchase is one of the primary keys to a successful short sale. You can negotiate until you are blue in the face and create the biggest equity spread ever done on a short sale and it would all be in vain if you have nobody to move the property to…the end buyer. So when you work out a short sale with the bank, and they give you 30 days to close, you should already have a buyer lined up.
In order for most banks to even look at your short sale package you should have a purchase agreement with someone included in it. I have had banks tell me that they will not consider a short sale if there is not purchase agreement with anyone for the short sale offer price. They don’t just approve a short sale and then allow you time to run out and find a buyer for the negotiated price, they want to close as soon as possible from them accepting your short sale offer.
I always suggest building a ‘little black book’ of potential buyers and buyers agents prior to negotiating short sales. This way, you have a better chance of producing that end buyer.
Good Luck! :beer
Yep Buyers are KING in a buyers market…
There are only two things that cause a house to sell in a Buyers market…
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Price
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Price
When looking for a Seller you should also be looking for a buyer… and price is just about the only motivating factor in todays market. The price you offer the house at and the concessions youre willing to pay to get the house sold… Concessions come in many forms however more common are the buyers closing cost and repair concessions and then the amount of money youre willing to pay a Realtor to sell the house for you…
Dont be greedy in todays market…
Michael Quarles