What should I look for in a Buyers offer?

 

Do you want to sell your home as a Short Sale in Coral Springs or anywhere in South Florida? As a Short Sale

Does a Buyers offering price on a Short Sale really matter?
Listing Agent, when you receive a Buyer’s offering price should you discuss with your Seller and advise them to accept whatever price it is that the Buyer offers, after all, you just need a contract to submit?! Wait a minute.  We all know that typically we need to advise the Seller of all offers that Buyers want to submit or do submit. Yet what should be done when a low offer comes in that is way outside of fair market value? This has been a issue of great debate. Here are a few options for your choice?

1.  An offer that is within fair market value of home

  • *Offer is submitted to Sellers Lender
  • *Offer is reviewed by Sellers Lender.
  • *Value is established with appraisal/BPO
  • *Offer is within fair market value range of Lender’s established value
  • *Seller’s Lender approves Short Sale; Average processing time of 60/90 days for the Short Sale
  • *Sale closes 30 days later

     2.  A low ball offer for the home

  • *Offer is submitted to Seller’s Lender
  • *Offer is reviewed by Seller’s Lender
  • *Value is established with appraisal/BPO
  • *Offer is determined to be outside of fair market value; below minimum acceptable by Lender
  • *Lender counters or rejects Buyer’s offer
  • *Buyer will not accept Seller’s Lenders counter offer or simply isn’t qualified to pay the higher needed sales price
  • *Offer is cancelled. Average processing time of 60/90 days for the Short Sale has now been wasted due to the Buyers original offer price not being countered at the onset. Wasting of precious time when a Seller is on a time frame deadline to be sure to avoid foreclosure.
  • *Home back on the market for sale

 

I’ve revealed the importance of a good Buyer’s offer and not simply any old offer. Some will argue that any offer is better than no offer, yet if you have a pricing strategy in place for your Short Sale Listing you should be getting acceptable offers. Why waste everybody’s time with an ineffective offer? Plus, as a Real Estate Agent it questions your professionalism and knowledge of the market, I believe. Get it right and make sure you hire a South Florida Short Sale REALTOR® when trying to sell home as a Short Sale in Coral Springs and South Florida and ask them: “Does a Buyers offering price on a Short Sale really matter?”