Short sales are notoriously hard to settle…. Nothing is certain until we have third party approval (the bank)…. Real estate ethics sometimes fly out the window as offer after offer is presented to the banks by some agents… Reasonable time lines are a joke…. It makes an agent nervous to show a owner occupant…. Especially a first timer or someone who needs to be in the home quickly…..
So when do I show a short sale to an owner occupied buyer? First I do not send them short sale listings unless they request it. I look at the available short sales for the clues in the public or agent remarks. The clues are:
1) Bank approved price
2) Bank approval buyer walked
3) IFHA short short sale (they are quick in Idaho)
4) Small local bank
5) Only need to negotiate the 2nd
6) Process started buyer walked
Even with these words I call the listing agent to get a feel. If I feel very comfortable with the situation I will send the listing to my client. I always ask the listing agent what is their policy on offers that come in later. If I don’t like the answer I try not to show the home. Thes represent safer short sales.
Regular sales and REO (bank owned property) sales usually settle more quickly than short sales. I do not find much difference in the asking price of a short sale and a REO.
Often my buyer will do their own research and I get to investigate all sorts of short sales and contingent short sales…. I do like a buyer who like to do research… In the end I usually find the home first that they actually settle on. Call me if you want to find your home in the Treasure Valley! Good hunting!
Gold Key Real Estate
(208)761-2551 Email: email@example.com