Although the economy is still relatively strong, we are all uncertain about the future. With the...
Close Short Sales Quickly – Discuss Counter Offer Before Accepting
Tip 1: Get Educated About the Short Sale Process.
Tip 2: Set Expectations Accordingly.
Tip 3: Prepare Your Short Sale Package With Care.
Tip 4: Get Non-Institutional Liens Released Early.
Tip 5: Follow Up Quickly to Avoid Delays.
Tip 6: Sell the Property at Fair Market Value.
Tip 7: Only Submit Fully Executed Contracts.And here is Tip #8: Agree on Counter Offer Terms Before Accepting Them Perhaps you are working a short sale through Equator or perhaps you have faxed your short sale to a lender that does not use the electronic processing system. Either way, you will likely wait a little bit longer than you want to in order to receive your short sale counter offer. Often times, a short sale lender may counter your price. Other times, the lender may agree to the price but ask for other costs to be reduced or eliminated (such as HOA fees, pest control, or a water assessment). When you receive your short sale counteroffer from the lender (whether it is via email, in Equator, or over the telephone), make sure to carefully note the terms and don’t accept the counteroffer immediately. If the counteroffer will impact the buyer, it is vital to review the terms with the buyer’s agent and assure that the buyer agrees to these terms. Then make sure to generate an addendum to the purchase contract (signed by all parties) that clarifies the adjusted terms and conditions. Don’t jump for joy quite yet! Just because your short sale counter offer came through, this does not mean that the short sale is approved. The bank employee still needs to submit (in most cases) the short sale to the investor for final approval. While 9 out of 10 files probably make it though that step okay, you do not want to invite everyone to a party that may not happen. So, if you want to assure that your short sale moves along swimmingly, always discuss counter offer terms with all parties before accepting them.
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