Why short sale offers fail
Short Sale
Why short sales offers fail is a burning question many home buyers, sellers and agent alike have these days. I recently took a short sale this month and I found my self not wanting to discount the home to much to the suprise of my seller. Having sold several over the course of the last two years I found out the hard way how to identify an offer banks are willing to entertain. Home buyers often shop with the misconception that they can submit low ball offers just because the market is down. Home buyers, sellers and agent all need to be on the same page more so than in any other home buying tansaction due to the time invested with a short sale. I found a great series of video by an agent in phoenix that broke down some of the pit falls of short sales and what to watch out for you might enjoy. Thanks Kristen! Short sale video
Best wishes,
Krishna Perkins, ABR, SFR, New Home Certified
Covenant Partners
http://www.sahomelocator.com
Top three mistakes first time home buyers make
#1 Assuming the Realtor on the for sale sign must look out for the best interest of the buyer. Many buyers still have misconceptions about how representation works and the many advantages of having a buyer agent working with them.
#2 Buying a forclosure is the best deal you can get. No in this climate. Many of the forclosures in this market are overpriced, require a great deal of attention and offer no warranty to the buyer. This is not a good fit for buyers in thier first home.
#3 Sellers must repair every item on an inspection report. Buyers must prepare them selves for the news that a seller will not repair all items. In my experience sellers are more than willing to repair items if the repairs are within thier means. Buyers need to remember that not all sellers have a large profit margine to work with and in some cases may be loosing money.
