Addressing multiple offers in a short sale
WASHINGTON – April 10, 2013 – When handling a short sale that has received multiple offers, the highest bid or a cash offer isn’t necessarily the best prospect.
Agents should also consider whether a cash buyer is willing to wait out the lengthy short sale process. And if the offer is from a corporation, trust, LLC or other entity, will the lender’s short sale guidelines even sanction such a purchase?
In addition, factor in whether the deal includes the costs for pest control, septic repairs, closing costs or other fees not paid by short sale lenders, and whether the buyer will proceed without such provisions.
Dedication and loyalty also go a long way when considering a short sale offer. Sellers should opt for buyers who are willing to bide their time, flexible when it comes to the lender’s alternate terms and conditions, and, ideally, buyers who have already shown an emotional attachment to the home.
Sources: AGBeat (03/20/13) Zavala, Melissa
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