Talk to your agent!!!!! they should be helping you, if you do not have one get one that you trust. short sales are difficult and if you are not using an agent you can trust to help you you are nuts for the bank is paying them not you so you got nothing to lose
David

Many buyers of short sales are now hiring low cost negotiating companies to handle the transaction as impartial and professional service is becoming more necessary in this arena. There are so many moving parts in a short sale that most agent find themselves ill-equipped to handle more than a couple and leave time for what they do best, ie. marketing and selling. If your offer is 92% or more of the BPO, just wait for the counter offer. If it's an FHA lender it could be 88% of BPO. As you wait the value may drop. If so order your own BPO or have your negotiating team pull a "team" BPO. Get accurate repair estimates. Or have your negotiator bring those documents and all the negative charts and information to the next "interior BPO" that you request to justify your "low ball" offer. Call me for more information. 941-360-1813

Although your agent is acting as a transaction broker they certainly can still give you a complete CMA, certified market analysis based on the most recent sales in the area, the Broker Price Opinion is going to do the same thing it is just what the banks ask for from real estate brokers that work and live in the area. Cheeper than a full appraisal.

see below:

Estimate of probable selling price of a residential property based on selling prices of comparable properties in the area or a drive-by inspection, often used by a mortgage servicer as an alternative to a full property Appraisal when a loan is placed in default or loan terms are modified. Also called comparative market analysis.



Good Luck!

Best of luck!

Alex Krumm
Re/Max Alliance Group

Thanks for the feedback. We will focus on the market value of the property to determine what our best offer should be. It is a bit of an unusual situation in that it is a tiny house (625 sq ft) on a large lot so there are no real good comparables.

Thanks, Terri! Good advice!

You must remember that the bank is trying to get the highest price that they can for the property. It is common for them to ask you to raise your offer or make your highest and best offer. If you think your offer is fair then you do not have to do anything. You do not have to agree to a higher offer. The bank may accept the current offer as it stands anyway. There are no guarantees though, so it might be safer to go as high as you are willing to go, if you think the proeprty is worth it. As Alex mentioned, we are not familiar with your transaction so it is difficult to advice you .

It is my practice to use an experienced facilitor, usually a real estate attorney who is experienced in negotiating short sales, to help my clients though this sometimes long and painful process.

At this point in the game, it makes sense to put your faith with the transaction agent you have chosen. It appears that the process is moving along nicely and to change in mid stream could cause more delays and confusion. The listing agent is representing the seller and should be trying to get the seller the highest and best offer as well. That is the job of a listing agent. A transaction broker can represent both buyer and seller, so long as all parties to the transaction are aware of it and have been given the proper disclosures. Because the lender has the final say in this, I do not see any problem with staying with the transaction agent. The time to get a buyers agent to represent you in a transaction, is before you start looking for property and enter into a contract.

I wish you all the best with this sale.
Terri

Teresa M. Fellows
Broker/Associate
Waterside Realty LLC
941-350-4297
tmf4257@mac.com http://www.floridawestproperties.com

Most Florida agents act as transaction brokers. That does not mean they will not assist in your negotiations only that they do not have a fiduciary responsibility to the parties involved. Mosg good agents can guide you through the short sale process as can a good real estae attorney. I work short sales in cooperation with my clients and local attorneys as do most other agents.

Seven weeks is just about right for a response on a short sale. If they're asking for your highest and best offer, you're probably right where you want to be in terms of negotiation (disclaimer: I am not at all familiar with the details of your transaction.)

Your agent IS familiar with the details of your transaction and should be able to give you good advice. Transaction brokerage is BY FAR the most common form of brokerage in this state; probably 98% of the transactions that occur in our state involve transaction brokers. If you trust your agent's advice, then find out from them how they'd like to proceed.

The majority of agents are very honest people who will offer you unadulterated advice. The type of brokerage is not as important as the individual you're working with. Trust your agent; they've probably done this many, many, many times.

Alex Krumm
Re/Max Alliance Group
941-234-3597

I love short sales. Be patient and all will happen. I would advise using a facilitor, someone who has connection with the proper people within the bank... I wish you had an agent representing you. Please protect yourself... Ask me more if you'd like... Penny

The Transaction broker is handling your side of the transaction also.

They said give your highest and best so play the game or move on. They always say give your highest and best some times I counter with the same amount.