Lynnie
SoWal Insider
I know what you're saying. But, it's a complicated equation at best and lot more involved than just the realtors. ;-)
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Strategy For Riding This Market To The Bottom
- Thread starter Dominoes
- Start date
I know what you're saying. But, it's a complicated equation at best and lot more involved than just the realtors. ;-)
AAbsolute
Banned
What exactly does a Realtor representing a Buyer do after presentation of the Offer to the Seller's Agent?
SHELLY
SoWal Insider
...
...2nd runner-up for Realtor of the Year....or ....I slept in a Holiday Inn last night..
Bobby J
Beach Fanatic
Hope that the seller signs the deal so you can get a contract. Once the short sale contract is in place you assist in putting together a complicated short sale package that goes to the lender. Lately, we have turned these contracts over to a title/lawyer to have them negotiate the short sale so we can go back to the field to get another one.
AAbsolute
Banned
Do banks routinely put a discount factor to Realtor commissions?
beachbliss48
Beach Comber
how many of these deals have you put together that closed?
Bobby J
Beach Fanatic
Quite a few. You just have to have a buyer that hangs in. The bank will eventually wake up.
Bobby J
Beach Fanatic
They typically will pay 5%.
LoveTheBeach2
Beach Crab
Hmmm
A few thoughts (and reasons to work w/an experienced realtor):
- Buyers can back out of any contract, including short sales, but that doesn't necessarily mean that you are entitled to get your earnest $ back
- When you put an offer on a short sale - for all intents and purposes - the seller can no longer market the property. It is not the seller's fault that lenders are slow to act AND the foreclosure clock is still ticking for these folks. If you're not serious about buying then you're just ****ing with people at a point in their life when they really don't need that.
- If you are serious about treating real estate investing like casual dating (this house will do until a cheaper one comes along), I suggest that you focus your search on bank-owned properties. You can typically get a better "deal" than a short-sale and a faster response on your offer. Another plus - since your bailout tax dollars might be paying the salary (and bonus!) of the decision maker at the bank - you don't have to feel guilty if you've wasted their time!
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.
A few thoughts (and reasons to work w/an experienced realtor):
- Buyers can back out of any contract, including short sales, but that doesn't necessarily mean that you are entitled to get your earnest $ back
- When you put an offer on a short sale - for all intents and purposes - the seller can no longer market the property. It is not the seller's fault that lenders are slow to act AND the foreclosure clock is still ticking for these folks. If you're not serious about buying then you're just ****ing with people at a point in their life when they really don't need that.
- If you are serious about treating real estate investing like casual dating (this house will do until a cheaper one comes along), I suggest that you focus your search on bank-owned properties. You can typically get a better "deal" than a short-sale and a faster response on your offer. Another plus - since your bailout tax dollars might be paying the salary (and bonus!) of the decision maker at the bank - you don't have to feel guilty if you've wasted their time!
AAbsolute
Banned
Nice take on casual dating..