Monday, December 8, 2008

Short Sale Offers- Is This a New Trend?

In the past ten days, I've had agents call me with "verbal" offers on three of my short sale listings.

Property: House in Navarre FL List price $114,000...verbal offer $70,000
Property: Condo in Sandestin FL List price $580,000...verbal offer $500,000
Property: House in Niceville FL List price $199,900... verbal offer $120,000

Is this a trend? In each of these cases, the selling agent said the buyer absolutely would not or was not qualified to go higher than the verbal amount. I wonder then why these agents were showing properties to buyers that were up to 60% higher the maximum price buyers were willing or able to pay? In one case, the buyer was going to make an offer without seeing the property, and then wanted an "out" written up contingent upon a satisfactory pre-closing inspection. His agent even asked me how to draw up contract language so the buyer would not lose his deposit if he chose to back out.

First of all, as an agent, why waste your time? Sure, some short sales or traditional sales are overpriced so that one might be able to procure them for 20% less than list, but 40%? Why take that gamble? When a buyer requests to see properties much higher than they are qualified for or are willing to pay, you are wasting your own time, the buyer's time, the seller's time, the short sale lender's time, and the listing agent's time. In the current economic situation, I understand why many agents want to grasp at any possible way to make a sale. However, one might be better off waiting for a qualified buyer whom you know has a reasonable chance of closing.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

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Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

All Rights Reserved. "Short Sale Offers- Is This a New Trend?" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information

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