Sellers: Don`t outsmart yourselves in a Short Sale,especially in this market!

Majority of our business is dealing with "Short Sales and Foreclosures". Most people who are behind in their mortgage payments fully realize the lenders will finalize a sales price. There seems to be some confusion when it comes to accepting an offer. Some sellers feel that when they receive an offer they should counter. They feel the back will frown upon a "low ball"offer so it`s wise to "Think for the Bank"... Don`t! Take the offer and let the bank decide for themselves if they`ll accept it. It` not feasible for you to negotiate for the lenders nor should you act as a liaison for them.

Last week, we showed a home to our buyer located in Plantation. The buyer decided to make an offer based on the Comps in the area. The home was listed for $329,000. We offered $265,000. Our buyer can close in less than 45 days and is putting down 30%.The seller decided to counter at $310,000 expressing they will refuse anymore offers under this price! The question is why? The home has been on the market for 1 year. The seller has gone through 2 other Realtors and refuses to grasp the market. Rather than accept our offer they counter, it makes no sense.

The lenders are at a point now where if the "Comparables are within the relam of reality they`ll accept them! Why are you fighting a battle you can`t possibly win? The buyer and I were both stunned at the sellers counter. I asked the other Realtor if we can speak to the seller and go over the offer.The seller refused. The home will in all probablity now sell on the court house steps in Foreclosure.

Sellers, don`t speak for the lenders, let the attorneys and Realtors who you`ve hired assist you in the Short Sale. It makes no sense for you to be negoating the sale price any further if you`re mortgage payment is in arrears.