Short Sale Tips by Mark Velasco (So Cal)

Short Sale Tips by Mark Velasco (So Cal)

(Part 1 of a 4 part series)

1. Know your area prices

Many Short Sale properties are priced well below market prices to attract lots of Buyers. With lots of Buyers, comes many bids and then comes the multiple counter. Most Short Sale properties do give Buyers a 5-10% discount for waiting 3-6 months for an answer from the Bank.

2. Call BEFORE showing

Many “active” listings already have an offer that has already been presented to the Bank. However, the property is not officially Pending until the offer is accepted by the Bank. This will save you and your clients time. Also, ask the listing agent if they have already presented offers to the Bank. Otherwise you may unwittingly become just another Back Up offer.

3. Ask about the Property’s activity level

Some properties are a real waste of time. If there has been no offers in a month’s time or even two week’s time…then something is usually not right. Call and ask the listing agent why he/she thinks that there have been no offers. Their answer will help you decide whether the property is worth showing.

If the property has just been listed, then it is likely ready for the right Buyer and Realtor to come and whisk away the next Deal. Up for next week:

4. Ask how strong the current offers are

5. Ask when offers will be presented

6. Presenting the BEST offer that gets ACCEPTED

If you know of clients who may need some help in the So California, feel free to send them to my site:

www.SearchSanGabrielValleyHomes.com

Be sure that you send me an e-mail with you and your clients’ name and information. I pay 25% for referrals…so let’s get to work. Thanks-- velascomark@yahoo.com (626) 392-9499 Direct