Working to resolve mortgage debts can be quite tricky for many people. While short sales provide an alternative to foreclosure, they are not the easiest process to navigate. It is the homeowner’s job to secure the best offer on the property to present to the bank, if they are to hope for the lender’s acceptance. Because short sales are so competitively priced, getting top dollar for a short sale is not as easy as one might think.
Tips For Good Offers
An idea situation for a homeowner conducting a short sale is to bring in multiple offers in hopes of encouraging a bidding war. The more offers that are on the table the more options and best chances of getting an offer the bank will approve. The first thing to consider in a short sale is to hire a representative. Real estate experts are well versed in the market, which can help a homeowner competitively price and market the home to bring in the most offers.
Knowing what to expect out of offers and how certain conditions may affect the lender’s decision to approve the sale is also important. Besides looking to maximize the selling price lenders are also looking for the fewest terms and conditions of an offer. An offer that asks for a lot of closing cost assistance or places financing conditions in the contract is less likely to get approved than an offer with little to no closing cost help and pre-approved financing or cash. It is up to the homeowner to counter any offers that they feel are subpar or would meet resistance with the lender. In some cases, laying the bottom line out for a potential buyer in terms of what is and is not likely to get accepted can facilitate a better offer in a shorter amount of time.