The offers started appearing in my email box yesterday. Last night I reviewed them with my seller. the seller selected one of the offers and has signed off on one. And they have signed off on a second offer as a backup offer. The sellers felt relieved that the offers were good and that the bank would certainly like what they saw. Today we are waiting for all the final signatures.
Let's stop here for a minute. Let me say this loud and clear.... "The short sale process has very little to do with the buyer!" Sad but true! All the lien holder really cares about is the qualifications of the seller. If the sellers cannot truly afford the home, they are in a hardship situation and sinking fast...then chances are the lender(s) will agree to a short sale,rather than have the home go to foreclosure. NOTE: it would be great if as Realtors we were able to provide documentation, and get a Fair Market appraisal and have a home Approved To Be Sold By Short Sale before they came on the market, however Banks across the nation are not their yet. That's hard to believe since here in the trenches we've been doing short sales for almost two years now. By the time they get the process streamlined....the crisis will be over!
If you are a buyer and you read comments in a listing online that say Approved Short Sale, that is a home that can close fairly quickly. Typically what that statement means is, the first buyer has withdrawn their offer or may no longer qualify and there was not backup offer in place. Get in your car, bring your checkbook and if your lucky you may be moving soon!
So what acutally happens after the seller reviews the offer(s):
- Once the buyer and the seller agree the contract is then RATIFIED
- The update comments in MRIS to read 'Several Offers Received"
- Why do we do this in Virginia if there is no guarantee the short sale will go through? It saves you the buyer increased aggravation and stress. No longer do you look online, drive to the property, fall in love and your agent writes an offer and you find out the home already has an offer being reviewed by the bank! It also helps us expedite the paperwork to the lender to help lesson the late payments on the homeowners credit report.
- Next I alert the other Agents who presented offers and tell them the seller has accepted another offer.
- Then I will ask if their client wants to remain in the Backup Offer position. If the answer is yes the seller will then Ratify a back up offer.
- Then I will edit MRIS again to Under Contract when offers are completely signed.
What is a backup offer? A back up offer is the runner up, the bridesmaid when it comes to a real estate sale. If for any reason the first buyer who's offer was sent to the lenders looses patience, can no longer qualify or they withdraw their offer, then the Backup Offer moves to the front of the line and so on until the home is SOLD.
So where are we. The sellers have just accepted the offer that they considered the best, and we have a backup offer signed in a holdng pattern. My phone is still ringing and I contine to explain that house is gone already. Now I have a ton of paperwork to process.
The short sale process has just begun. Stay tuned....
If you are a buyer and you want to view current homes for sale in the Woodbridge VA and surrounding area's follow this link. Homes For Sale If you see something you like, remember it doesn't cost you a penny to have a top producing Realtor negitating for you. Erick Blackwelder is a master negotiator and he knows the area well and works exclusively as a Buyers Agent Listen to how Erick has to say
If you need help selling your home pick up the phone.
703-590-2252
If you can't make ends meet and you need to sell
Call Peggy James today at 703-851-3085
Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's
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Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085(Peggy)703-590-2252 (Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service Woodbridge, Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas,Gainesville, Garrisonville and Triangle area's.Basically all of Prince William County Virginia. Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City.
