Home Buying in Atlanta>Question Details

Ooni, Home Buyer in Rocky Point, NY

(Buyer) How should you negotiate a short sale?

Asked by Ooni, Rocky Point, NY Fri May 29, 2009

How much can you take off asking price?? If you really want the house is it worth cutting the price? Or would it be better to go full price and see if they cover closing cost, etc.

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7
Ooni
Your best option is to work with an agent that has been certified to deal with short sales - either a Certified Short Sales Specialist (like Ashley) or a Certified Distressed Property Expert (like myself). There is a specific process to these types of sales, especially now that they are becoming more common. You have to be extra patient and very diligent in having all the right data - what is owed on the house? what about cost of repairs? what are other homes selling for? are there any other short sales or foreclosures in the area? These all will help the process run smoother and make your offer have a better chance of being accepteed. Lenders are more open to short sales now because they tend to get more of the money they are owed through the sale - stats now saying they are only losing about 19% of what is owed versus 40-50% from a foreclosure sale. Plus, they do not want to be in the real estate sales business. Check out my site or visit http://www.cpde.com for more information. I would be happy to refer you to someone who works in the area that you are interested in - best of luck!
Web Reference: http://www.intownrep.com
0 votes Thank Flag Link Sun May 31, 2009
I tend to stay away from short sale deals. I've had too many bad experiences with them and my clients usually get tired of waiting on an answer from the bank.

I don't think it's worth putting my clients through this kind of experience unless I've researched the property and the banks involved. Not all short sales are a rough deal, but the goods ones are scarce.

Straight foreclosures are the way to go.
0 votes Thank Flag Link Sat May 30, 2009
Just curious Ashley,
What qualifies you as a Certified Short Sale Specialist? Did you take a course that certified you? Who provided the course? What were the criteria for completing the course? How long was the course? How many short sales have you actually successfully completed? Did you have to complete any short sales in order to get the designation? We see so many people that claim to be "certified specialists" in one field or another that basically just took a 3 to 6 hour course, have no true experience in the specialty and no closed transactions and suddenly claim they are experts or specialists in the field when they actually have no practical experience in their "specialty" . I was just curious to know where you are in that mix. Do you actually have the hands on transaction related experience that your designation implies?
Scott
0 votes Thank Flag Link Fri May 29, 2009
Ooni,

It depends on what the agent tells you. Sometimes you can only offer full price other times you will want to low ball. It helps to have an agent experienced in short sales but that also knows the area, so that they know what to offer.

Remember, the bank will do their due diligence too! So a ridiculous offer on a short sale will be treated the same way as any other ridiculous offer.
0 votes Thank Flag Link Fri May 29, 2009
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
Contact
Good Question, Ooni. Some things to find out...how long has the property been on the market, have there been any offers, are there any offers submitted to the lender now, has the lender agreed to a short sale. Also remember it could take 45 to 60 days for a response from the lender.

With that information in mind, if you want the home make an offer that is reasonable. If you want to see what the lender is willing to do, start lower. Every lender looks at short sales differently. Be patient and realistic.

Best of luck.
Kathy Seger
0 votes Thank Flag Link Fri May 29, 2009
Hi Ooni,

Every situation is different. I am a Certified Short Sale Specialist and I would love to talk with you in detail and fully explain the short sale process. You can contact me @ ashley.wingate@harrynorman.com or 404-406-6407. Thanks!
0 votes Thank Flag Link Fri May 29, 2009
Best way to negotiate a short sale is to hire a good agent with short sale experience. If you are looking in the metro Atlanta area give me a call at 770-722-6922 and we can discuss how we can help. Our services are normally free to Buyers.
Regards,
Deryk Harper
Associate Broker
Keller Weilliams Realty North Atlanta
770-722-6922
deryk@deryk.com
0 votes Thank Flag Link Fri May 29, 2009
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