Strategy For Riding This Market To The Bottom

[Dominoes]

Most people probably would not recommend I share the best strategy imaginable for this market. There are tons of short sales hitting the market every day and they take 60-90 days to close. The short sale addendum allows the buyer to back out at any time prior to the bank accepting the write-off. So.... go out there get the best short sale you can find. Keep looking for the next 60-90 days and if you find a better deal, cancel the first one and go after the next one. These prices are falling on a monthly basis here and when they stop falling you'll be left with a heck of a deal. If you benefit from my approach, just send a $10 check to the American Cancer Society as appreciation.

 

[Matt J]

Yes, I'm sure your name wouldn't quickly make the rounds of local Real Estate agents.

 

[Miss Kitty]

Cramer...is that you?

 

[Do Good]

responding

Maybe advise: if you are going to do this, stick with one realtor and be upfront about what you are doing. I see a lot of realtors work hard to make a short-sale happen - it is a lot of work, and those folks deserve to be paid for the services they provide.

 

[Franny]

Most people probably would not recommend I share the best strategy imaginable for this market. There are tons of short sales hitting the market every day and they take 60-90 days to close. The short sale addendum allows the buyer to back out at any time prior to the bank accepting the write-off. So.... go out there get the best short sale you can find. Keep looking for the next 60-90 days and if you find a better deal, cancel the first one and go after the next one. These prices are falling on a monthly basis here and when they stop falling you'll be left with a heck of a deal. If you benefit from my approach, just send a $10 check to the American Cancer Society as appreciation.

Absolutely. Always enter a clause in the contract to protect your buyer. There are too many good deals out there that you would not want a buyer to miss out on if they are trapped in a short sale contract waiting on bank approval, imo.

 

[AAbsolute]

Maybe advise: if you are going to do this, stick with one realtor and be upfront about what you are doing. I see a lot of realtors work hard to make a short-sale happen - it is a lot of work, and those folks deserve to be paid for the services they provide.

What exactly does a Realtor representing a Buyer do after presentation of the Offer to the Seller's Agent?

 

[SHELLY]

What exactly does a Realtor representing a Buyer do after presentation of the Offer to the Seller's Agent?

...then it's Miller Time.

.

 

[AAbsolute]

...then it's Miller Time.

.

That's what I've heard, but I'm not a Realtor. Are you?

 

[Lynnie]

Maybe advise: if you are going to do this, stick with one realtor and be upfront about what you are doing. I see a lot of realtors work hard to make a short-sale happen - it is a lot of work, and those folks deserve to be paid for the services they provide.

Not to mention, they might only be paid 1% (or less) on a short sale by the bank.

 

[30ashopper]

Maybe advise: if you are going to do this, stick with one realtor and be upfront about what you are doing. I see a lot of realtors work hard to make a short-sale happen - it is a lot of work, and those folks deserve to be paid for the services they provide.

Not to mention, they might only be paid 1% (or less) on a short sale by the bank.

If I were completely honest I'd have to admit I'm not feeling very compassionate toward the realty industry these days.