Right now inventory is
very tight. There are many more buyer’s then seller’s causing multiple offers
on most West Sacramento Short Sales. So with multiple
offers, what is the best offer to accept you ask?
The answer is easy – the
best West Sacramento Short Sale offer to accept
is the offer that has the best chance of getting approved by the investor and
as important has the best chance of closing escrow.
One of the tactics buyer
agents use in a multiple offer situation is to make an offer way above the
asking price to the point where there is really no chance the property will
appraise for that value. They do this knowing the appraisal contingency is part
of the contract and when the property doesn’t appraise for offered price they
will ask for a price reduction.
In an equity sale or an
offer on a bank owned property (REO) it’s not a bad strategy. In a West Sacramento Short Sale it can be a deal
killer and here’s why. The investor is looking to mitigate their loss – as they
should. We will work weeks and even months on getting the West Sacramento Short sale approved. Once
the West Sacramento Short Sale is approved the
investor will issue an approval letter with the specific NET they require. This
net is based off the sales price minus any other fees and charges such as
closing costs and commissions. When the buyers appraisal comes in short and
they ask for a price reduction we are then tasked with going back to the
investor to request the change. They don’t always say yes.
If the request is
declined and escalations don’t work we are then faced with cancelling the deal
and starting all over with a new buyer. The danger here is if we are close to a
foreclosure auction date there may not be enough time to save the property from foreclosure.
By the same token we
seldom if ever accept the lowest offer. The investor generally knows what the
value of the property is. If the West Sacramento Short Sale offer is too low
they will either decline the offer or counter to price closer to Fair Market
Value. If the lowball buyer doesn’t agree to the new price we are then right
back in the same boat having to start over.
What are we looking for
in a West Sacramento Short Sale offer? We are looking
for the offer closest to FMV and that has the best chance of getting approved
and of closing escrow. Pure and simple.
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for
a free estimate or call me today for a free no obligation consultation or for
the latest West Sacramento short sale information.
Call me today and sleep better tonight; you’ll be glad you did
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