Home Selling in Decatur>Question Details

Tess, Home Seller in 30310

buyer pulled out of short sale! leads?

Asked by Tess, 30310 Mon Feb 18, 2008

hi, this is a great site! i have negotiated a short sale, in decatur, on my tenant occupied rental & my buyer pulled out sat & we were about to close. i am not an agent & i am in desperate need of a buyer. any leads?

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Tess
I think that you are being taken advantage.
Most lenders will REQUIRE that you list your home with a REALTOR in order to execute a short sale.
Which makes me concerned for you. Why would your lender LET YOU try to sell on your own. Sorry, to me it makes no sense.
You need professional assistance. Your credit is on the line. Perhaps thousands of dollars. Ask a Realtor to help. If you need to find a Realtor, ask Trulia.

There is a saying in real estate: Time is of the essence.

So get cracking!
1 vote Thank Flag Link Mon Feb 18, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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I too like Carigs List but, would not recommend listing a short sale there or, on any "free" property site unless you like getting a thousand snake oil salesperson calling you offering up their latest "mortgage rescue" con. The foreclosure, short sale and distressed property market, as a whole, is loaded with fraudsters looking to steal whatever is left in the pockets of an unwitting and desperate seller. Be careful out there!
Good luck!
1 vote Thank Flag Link Mon Feb 18, 2008
thank you both so much. it just happened on sat. so i will tell the bank tomorrow & ask for an extension to find a buyer. i will search here for a good agent.
1 vote Thank Flag Link Mon Feb 18, 2008
Hi,
Maybe you should consider hiring an agent to sell the property. They can advertise it as a short sale, and it may just sell right away if it's a good deal. Otherwise, try some free sites like craigs list, trulia,etc. Just type in free classified ads in your search criteria and a lot of sites will come up.

Good luck!
Web Reference: http://www.idamccarthy.com
1 vote Thank Flag Link Mon Feb 18, 2008
Contact a good agent in the area. There are a few good ones that post here.....Good luck in any case. Remember that the lender, on an approved short sale, will be paying the commission so, it will cost you nothing to get a great agent, save some of your time and help make sure that the next time around, the buyers have the intention on closing. The short sale market everywhere is tough and you should have a great agent on your side to take some of the pressure off.
1 vote Thank Flag Link Mon Feb 18, 2008
you can email me at investorsdrean101@yahoo.com i'm a real estate investor that buys only short sales. i will make a cash offer to the lender and negotiate the short sale to get the short sale approved then resell the house for an under market value price for a quick sale.
0 votes Thank Flag Link Thu Jul 2, 2009
Get an agent right away,and hold an open house
Web Reference: http://chernovgroup.com
0 votes Thank Flag Link Mon Jun 1, 2009
Tess,

- you should have never stopped marketing the property for back up offers, just in case you lose one buyer for whatever reasons, you still have back up offers,

- you should re-list your property asap with a top marketing expert REALTOR specializing in short sale pre foreclosure listings in your area,

- a top property marketing expert can bring more prospective buyers and generate more offers than you can get on your own, plus they are better in qualifing buyers to weed out the weak ones.

- Lenders prefer to work with professional REALTORS specializing in Short Sales to ensure the property receives adequate marketing and exposure, instead of dealing directly with unlicensed individuals and investors looking for a quick profit from flipping the property.

- craigslist is ok, as long as you filter out the unqualified buyers,

- go for the cash buyers or the ones with 20% down payment,

- your buyer must be willing to wait 60-90 days for response to the offer and be able to close quickly, once the lender approves the short sale,

- if they are not willing to wait, move on to the next one,

- in your case, you already know what the lender wants, so it's much easier, and your buyers will not have to wait long for response,

Good luck!

Regards,

Michael Sorensen, Broker ASC, ABR
REMAX CITY REALTORS
Chicago, Illinois
"Short Sale & Pre Foreclosure Experts"

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Related Terms & Definitions.

Short Sale. (Pre Foreclosure Sale, Short Sell, Short Pay)
Definition: Short Sale is a Real Estate Sales transaction where the proceeds of the sale are lower than the property owner's outstanding real estate debt obligations (mortgage loans, real estate taxes, etc..).

A lender may agree to adjust the amount owed, and accept less than a full payment, by selling the property to a third party, and forgive the balance, if the seller is in financial hardship or must relocate.

Foreclosure.
Definition: Repossession of a real property. A legal process by which the lender forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage.

REO.
Definition: Real Estate Owned. Refers to Bank owned property aquired through foreclosure. If a property does not sell at the sheriff sale (auction), it goes back to the lender and becomes an REO.

BPO.
Definition: Broker Price Opinion.
0 votes Thank Flag Link Tue Jul 1, 2008
Thanks to you both i will try creonline for altanta as well.

i tried to list it with a relator while i was selling it on my own last year & we could not get the values. the area went down rapidly due to fraud. i contacted a short sale specialist who could not help me because of the low spread. i then negotiated it my myself.
0 votes Thank Flag Link Wed Feb 20, 2008
Contact a real estate investor. If the deal is good enough, they can close on it as soon as you want--literally in 48 hours, if the bank's already approved it.

Christopher is right; posting on something like CraigsList will produce a huge number of calls, mostly from unqualified buyers. And what you need now is a qualified buyer. I've posted a link below to Real Estate Investment Clubs in Illinois. Find the one (or two) closest to you. Then contact the club head and explain your situation. The head of the club will know qualified investors who can act immediately. What the investors will want to know is what the fair market value of the property is, and what the bank's agreed to. If there's a reasonable spread between the two, then you'll have no problem finding a new buyer who'll be able to complete the transaction in just a couple of days.

Hope that helps.
0 votes Thank Flag Link Mon Feb 18, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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