(Third message in the continuing series)Number of Short Sale Offers ReceivedHomes priced under market value will receive multiple offers. An agent is not required to disclose the terms of those offers, but you do want to know how many offers you are up against.
Here's how it generally works:•When a short sale home first comes on the market, the first offer will most likely be a tad below list price.
•The second, at list price.
•The third offer will be slightly higher, maybe by a $1,000 or $2,000.
•The fourth offer will be significantly more.
You want to make an offer that will beat the competition yet still be below market, or don't waste your time.
The Listing Agent's Short Sale ProceduresAlthough REALTORS are required by the REALTOR Code of Ethics to treat everybody fairly, not every agent is a REALTOR. This means the short sale listing agent may decide to submit only the first offer to the bank and withhold all other offers.
Withholding other offers could be considered to be a violation of the fiduciary relationship formed between the listing agent and the seller. The seller is entitled to receive the highest and best price. Realize that even if your offer is submitted to the bank, as time marches by while waiting for short sale approval, another buyer could outbid you.
You can live and learn or you can through your experiences or you can put your trust in the hands of an experienced agent. Mike and Melody Vanderhoff have been through many short sales and have learned these facts through their own experiences.
Give us a call, we are Your Bridge To Success in Short Sales.Labels: alpharetta homes for sale, cumming homes for sale, dahlonega homes for sale, dawsonville homes for sale, johns creek homes for sale, lake lanier homes for sale, milton homes for sale, short sales
