Elk Grove Short Sales-Is The Buyer’s Offer Too Low?
It’s a short sale, not a fire sale! Many real estate agents will convince you to accept any short sale offer that comes to you. Bad idea! In order to have a good chance at a short sale approval, you must have a short sale offer that is more attractive to the lender than a foreclosure.
What short sale offer should you accept? Your Elk Grove short sale expert should provide you with the most recent comparables in your neighborhood. Take the lowest comparables and knock off 5%. Lets say that the lowest comparable to your Elk Grove home sold last month for $200,000. Do not accept an offer lower than $190,000. The banks will agree to this small discount as an incentive to the buyer for having to wait for the short sale approval.
The banks will get their own appraisal and see that your Elk Grove home is worth much more. They will reject your buyers offer if it’s too low and now you have just wasted a month or two with a bad offer. You have less time to find a new buyer and avoid foreclosure.
The right Elk Grove short sale agent will work with you to properly negotiate any offer that you receive to get ‘highest and best’ from each potential buyer. This ensures you are presenting the best possible solution to your lender.
Find out if you qualify for an Elk Grove short sale.
Elk Grove Short Sales-Is the Buyer’s Offer Too Low?
Posted by Allan Sanchez Elk Grove Short Sale Agent www.AllansHomes.com
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