Sheryl Arndt, Broker â€“ Loan Officer
Sheryl Arndt, Real Estate Broker â€“ Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
As the listing agent, when a back up offer comes in, I don't have to forward your offer to the bank. The bank is not my client, they are just a 3rd party, pain in my rear. All back up offers I receive on my short sale listings go into "the pile" of back ups in no particular order.
If / when, the time comes that the primary buyer backs out or can't close, I reach into the back up offer bag & present all of the offers where buyers are still 'interested back ups', to the seller & then we decide which one we're going to accept to forward to the bank as the "new primary" buyer.
I don't look back on this same Trulia posting for answers after mine. Shoot me an email directly if you would like to talk about this further.
Realtor Since 1996
Realty One Group
It sounds as if you are a cash buyer, this is very strong on your part-but just remember-the banks know usually what the property is going to sell for-they always have Brokers Price Opinions or Appraisals done on the property so you will want to make sure you offer is in the ballgame when talking about the price, you might consider getting your own buyers agent to represent you instead of working with the listing agent. Your buyers agent will follow through and make sure the offer is received and update you on the transaction.
Good luck and Have a wonderful day!
Heather Paul, Realtor
Your best bet is to rel;y on the comps for the property and bid a fair price accordingly. As far as negotiating room because you're a cash buyer....
Cash is king and very desirable. That said, if the seller has a considerably higher offer in the wings with a solid 20% down...they might go for the higher offer.
How popular is this property? Did it sell quickly or languish for awhile. What is the interior condition? What's the neighborhood like?
The more desirable the property, the less room you have to negotiate....hope that helps.
I would then write your offer as such. Buyer willing to pay $5K higher then seller's current offer with written proof of what it is.
Then if you wanted to play safe you could also add not to exceed $?
Agents need out of the box thinking to help their client's.
Hope this info will help you!
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