Getting the Best Bargain on Nevada Short Sale Homes
Las Vegas, NV – May 5, 2011 – (RealEstateRama) — As the inventory of Nevada short sale homes continues to increase, we are seeing, over and over again, agents who are not counseling their clients when submitting an offer on a short sale. Here is a quick list of questions you should ask your buyers before showing them short sale listings to ensure that a short sale will work for them.
1. Do you need to be in the home by a certain time? Short sales take time. While some banks have gotten better about the process, others are still lagging. It’s important to prepare your clients. If they need to be in a house in a specific time period, pursuing a short sale may not be in their best interest.
2. Are the buyers prepared, if the bank doesn’t agree to their offer, to either raise the price or walk away? Once the buyer has become invested in the short sale process, it is important for them to understand that the offer price submitted isn’t typically accepted. Sometimes, there isn’t any negotiation at all. The bank typically counters back and says, “We will accept X dollars and no less.” It’s important to counsel your buyers so that the offer presented to the bank is the strongest possible offer and not below the most recent comps. Placing an offer on a short sale property is not the time to be submitting a lowball offer. If your offer is below market value, the bank may simply foreclose and not present a counter offer.
3. Are you prepared to not be in control? The short sale process is one that is only controlled by the bank. The bank will control the price, the close of escrow date and almost every other aspect of the transaction. If your buyers need to have more control over the process, then a short sale is not for them. While buying a home is certainly a process that involves several parties, no matter if it is a short sale or not, we have found that buyers get more easily frustrated when the transaction is impersonal.
4. Can your buyer afford repairs? Most banks are not going to pay for repairs on the property. So if your buyers don’t have enough additional funds for repairs, they may be better off with a traditional sale. Most short sales have at least some differed maintenance.
If your buyers can answer these questions and is comfortable moving forward, then you have an opportunity to become a hero by helping them score a great deal on their dream home. However, if there is concern over any of the above questions, you should speak frankly with them about the process and check their comfort level. Otherwise, you may be wasting your time and frustrating your buyers.
The Myers Team with the Caliber Realty Group is nationally recognized as one of the most influential figures in real estate today. Bill and Francoise Myers, owners of The Myers Team, have successfully sold more short sale listings than any Realtor or Broker in Nevada.
For more information, please visit the Myers Team web site at: http://www.nevadashortsaleinfo.com
